.....the term that they refered to in that case was only put in sometime in the 1990's and that not all mortgages have that term included therefore not everybody is potentially liable for 12 years......(posted 8559 days ago)Exactly. Most repossessee's are of the opinion that the lender has just 6 years or they're statute barred, and its not surprising since the CML members have "agreed" to the 6 year limitation. But at the end of the day, depending on the mortgage document you have, you could still be faced with a 12 year limitation.
Everyone's case is different. Understandably, some people are assuming that what has happened with one person, will be the same with them, and thats not necessarily true. The mortgage document itself, does appear to hold some of the answers.
The next question that I ask now is, when you purchase a house, your solicitor will go through the mortgage papers, amongst other things to ensure that all is okay. Why then, do they not spell out to you what happens if you're repossessed, and what the mortgage document says regarding shortfall etc? Any other legal document would be gone through with a fine toothcomb, clarifying and reclarifying every little point, why not then with house purchase?
Pendle