Bank account issues... (re Mgt Co)

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    Bank account issues... (re Mgt Co)

    I have a major problem...

    I have been trying to open a bank account recently for our Mgt Co and all shareholders of 25% or more have to be disclosed and credit checks carried out.

    One of the shareholders (ergo leaseholder) has failed his check. The bank won't explain why (as their software simply says "yes" or "no") and won't open an account.

    Annoyingly we only have 4 flats, so there will always be a need to check each of the shareholders/leaseholders as they will always hold 25%....

    My thought was that the offending shareholder could transfer his share to his wife (presuming they half owns the flat) and then get them to research in her name??

    Any other bright ideas? I guess all banks will check 25% shareholders?

    Thanks

    BB

    #2
    Try another bank which understands opening a "trust account" for collection and spending of service charge on a block of flats and make sure the problem flat is not an authorised account signatory.

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      #3
      the bank you are dealing with are complete donuts. Try an area manager.

      Try Barclays or Natwest "we need an account similar to those that managing agents ( NOT letting agents) have called Trust Accounts for service charges".
      Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

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        #4
        Thanks all

        The bank I first used was Natwest. I have since searched the LTSB website and found that they had the mobile numbers for a couple of property bods, so spoke to one of them who fully undestood my requirements.

        Maybe this will move forward...!

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