Response to How long do you have to wait after repossession to start afresh?

Halifax has six years and possibly 12 years from the date of default on the mortgage that ended in repossession in which to chase him.

If they buy somewhere then Halifax could - if it proves any future shortfall debt that it alleges as a result of this repossession - register a charge on the new house and take a profit on the sale of it.

In my opinion, therefore, buying a house is a dangerous option for him.

He should either wait 12 years to be safe or she should buy the house and hold any mortgage in her name only.

However, in my opinion, nobody should be buying a house at the moment because prices in most places are looking unsustainably high.

I would like to set up some way for repossessees to rent-buy so that the property is not in their name until long after any previous shortfall debt has either expired or has really been settled. Unfortunately I don't have the cash!

Lee

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