Joint Account - Help please

london_33

Hi

I purchased a house with a friend in 1995 and set up a joint account for all the bills etc.  I sold the house to them left the joint account open (not sure why!).  I finally decided to close the account but the bank (Natwest who I have my own account with) have advised they need both account holders to advise this.  The issue is the house was sold in 2016 and I have no way of contacting the account holder who I believe has gone abroad.  

Would anyone know how I can resolve the issue please?

Mark_d

Is there anything to be gained by closing this account?  I guess it doesn't have any kind of borrowing/overdraft facility so what are the risks of leaving it open?
It nice to hear that you bought a house with a friend, sold it to them and then they sole the house again some years  later.  Is this related to the issue of you trying to close a joint account?

PRAISETHESUN

As long as the joint account exists, OP is financially linked to this other person. Their credit history (good or bad) can be factored when OP applies for new credit in future. With a potentially thin file by virtue of having moved abroad, it could cause OP issues.

Could be worth asking the bank if they will remove OP as a named account holder if they won't close the account. At the very least I would want to have the account frozen, to ensure that nothing can be done by the other party that could affect the OP.

london_33

Thanks for the comments. 

Mark_d: The account is a current account so the money (as few hundred pounds) has been sitting there for at least 15 years is doing nothing so at least the ability to do something with the funds would be good.  It is no longer required so ideally closing the account would be the best option.

PRAISETHESUN:  That is a very good point and there is no reason to have a financial link anymore.  

DullGreyGuy

If you can't find them then employ a tracing agent to help find them? 

Ergates

It shouldn't require agreement from both parties to remove yourself from the account - then just leave it open (as it would no longer be your problem)

DullGreyGuy

Ergates said:

It shouldn't require agreement from both parties to remove yourself from the account - then just leave it open (as it would no longer be your problem)

Given that current accounts can go negative banks generally won't allow one party to lump the other with debt without their explicit agreement and without themselves checking they are happy with the other party being solely liable for any debt

retiredbanker1

If the account has remained untouched for 15 years it is almost certainly dormant.

To reactivate it both parties would need to be re-identified.

sheramber

london_33 said:

Thanks for the comments. 

Mark_d: The account is a current account so the money (as few hundred pounds) has been sitting there for at least 15 years is doing nothing so at least the ability to do something with the funds would be good.  It is no longer required so ideally closing the account would be the best option.

PRAISETHESUN:  That is a very good point and there is no reason to have a financial link anymore.  

Can you not withdraw the money in the account or does it need both signatures?

Shakin_Steve

I've just checked with the two joint accounts I hold, Monzo and Barclays. In the T&C's it says either account holder can close the account unless it's in dispute.

london_33

DullGreyGuy said:

If you can't find them then employ a tracing agent to help find them? 

Thanks - I'll look into that.