Understanding joint shareholdings is important for you and your co-owners to effectively manage and sell your shared assets. Joint shareholdings refer to shares owned collectively by more than one person such as spouses or family members.
It’s essential to comprehend the ownership structure and the percentage each person owns. This knowledge helps reduce conflicts and promotes individual financial planning.
When you’re ready to sell, you’d need to agree on the details of a strategy and prepare the necessary documentation. It’s important to evaluate market conditions, understand tax implications, and consider the impact on other shared assets.
Follow these simple steps to sell your jointly held shares:
The share sale form should only take a few minutes to complete and will ask you some basic questions such as
Each shareholder will need to complete a short online ID check to confirm their identity. When this is done we can move ahead to the sale.
Before you finalise the sale date of your joint shares you’ll want to weigh up several key considerations.
Consider the impact on other joint assets and financial arrangements. It’s also crucial to determine the fair value of the shares and negotiate a selling price.
Disagreements over timing or method of selling can pose challenges, so ensure all parties are in agreement. Lastly, don’t underestimate the emotional attachment or sentimental value associated with holding the shares.
Keep these considerations in mind to ensure a successful sale.
Generally, after all registered joint shareholders have completed the online ID check and the form, the sale process can be pretty swift. If you opt for an express share sale, it could be completed the same day. With our standard service, expect it to take 1-2 business days.
Once sold, the funds are transferred to the joint bank account, typically within three business days. For joint shares, we will need to transfer the funds to a joint bank account held by the joint shareholders.
To get your sales sold in the easiest possible way, you can get started with us for as low as $50 or 0.5% of the sale value. More premium services, like express same-day sales, for example, could cost up to $150 or 1.5%.
In the process of selling your jointly held shares, remember to factor in the associated costs, which can vary based on the level of service you choose. These costs are deducted from the sale proceeds.
Your final takeaway will depend on the market price and conditions, the selling price paid, and the fees incurred. So, before you decide to sell, ensure you’ve considered these costs to avoid any unpleasant surprises.
Selling your joint shares can offer several significant benefits.
Minimize conflicts and avoid disagreements: Co-owners can sometimes disagree about the management and use of assets. Selling joint shares facilitates individual financial decision-making and gives you more control over your investments.
Provides immediate funds: These funds can be used for other investments or emergencies. This immediate access to liquidity can be highly advantageous for individuals looking to make strategic financial moves.
A strategic move for tax purposes: By considering the tax implications of the sale, you can potentially reduce your tax liability. This aspect of selling holdings of joint shares adds another layer of benefit to any investment strategies in your portfolio.
When you’re looking to sell shares held by joint persons, you might encounter certain challenges that can complicate the process. Disagreements over the selling strategy, diverging financial goals, and legal complexities can create a tough environment for decision-making.
If one joint shareholder doesn’t agree to sell, you’re in a bind. You can’t just sell your shares without their consent. It’s best to negotiate or seek legal advice to resolve the disagreement and proceed with the sale.
You can’t usually sell your part of the shares independently if you’re a joint shareholder. All parties typically need to agree to sell, but it’s best to consult legal advice in your specific situation.
When you and another person jointly sell shares, capital gains tax is typically divided based on your ownership percentages. It’s crucial to consult a tax professional for accurate advice tailored to your situation.
If one joint shareholder passes away before the shares are sold, you’ll need to handle the estate’s legal aspects. It’s typically transferred to the deceased estate or beneficiary, which can complicate the sale process.
Yes, you can choose to donate your jointly held shares to charity. You’d initiate the process by contacting your broker or share registrar, who’ll guide you through the donation and transfer procedures.