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Response to Need help quoting Acts for 6 year rule please.

from Melody again (mbc109@york.ac.uk)
Hmmm...if you look at the Limitation Act 1980, it does indeed say "No action shall be brought...after the expiration of 12 years from the date on which the right to receive the money accrued." But where does the idea that the right accrues on 'first contact' come from? Surely their right to receive the money is earlier than that...they certainly wouldn't refuse if you offered a cheque for any shortfall immediately after the sale - like, in the auction room??? Can anyone throw any light on this?

Subsection (5) of Section 20 of the Act also seems to say that any right lenders might have to claim mortgage arrears and interest on those arrears expires 6 years after they fall due. So you are no longer liable for any part of their original claim that was caused by arrears. Again - can anyone confirm this?

(posted 8187 days ago)

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