Thinking a little bit further.........(posted 8071 days ago)Looking at the Halifax statement all it actually says to me is that they have sat down and worked out what date to pick based on one criteria. When is the latest time we can start the 6/12 year clock rolling.
If you follow their way you can sit on a property for 20 years, sell it for next to nothing and then chase some poor person for another 6 years.
This is my statement based on discussion with a property lawyer and from much much reading:
The 6/12 year period begins from the date of default on the mortgage contract. That date is, as stated before, one of 2. Either from missed payments as set out in the mortgage agreement or, and almost always the case as the former is uncertain, from the date the property was repossessed.
If the lender does not sell for many years after that that is solely the responsibility of them.