Response to does the 12 years start from sale of property and mig payout

Joanne,

The 12 years usually runs from the 2nd or 3rd missed mortgage payment (see Bristol & West v Bartlett - July 2002), however, you need to check your mortgage terms & conditions to be certain, it could be, for example from the 1st missed mortgage payment. It does not start from the date of sale. What you need to be very careful about is not to acknowledge the alleged debt, or if it was a joint mortgage the partner does not acknowledge the debt, this can restart the limitation period. See previous postings on acknowledgements. Furthermore, you need to find out whether an MJO has been issued, if so, then (in theory) a lender can pursue you indefinitely, although I haven't heard of a single case where this has happened, yet. Have you got a copy of the MIG ? I believe there may be an issue regarding MIGS prior to '92, but I'm not sure about that. Good Luck.

Mark.

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