[ Post New Message | Post Reply to this One | Send Private Email to M | Help ]

Response to Joint, but Seperate liable agreement ?

from M (Anderston828@aol.com)
Catherine

Moira here (Mark mentioned me)....I am in Scotland, house bought in Scotland and going through the same carry on.

Only recently I was advised by a solicitor that the lender must start action to recover any mortgage shortfall within a period of 5 years. It is important to note that this area of law is covered by the Prescription and Linitation (Scotland ) Act 1973.

As lenders read this and my lender will identify me I don't want to give them the privelege of knowing the exact Section of law so I will e mail you directly.

However it is the case that unless the lender makes a relevant claim* and the "debtor " has not acknowledged the debt the matter will be time barred under Scottish Law after 5 years.

The five years will start either at the date specified in the contract ( the mortgage deed - which usually the lender won't provide a copy of) or before which payment is due. If no such payment is specified in the contract the date for which a written demand for repayment of the sum or part of it, is made by the creditor to the debtor.

It is a bit complicated and there is more to it.

This info was given to me by a corporate solicitor but she is going to give me the name of a solicitor in Scotland who specialises in this. I should have it in a day or two and I'll send you their details.

Hope this helps and feel free to e mail me direct.

For once I think Scottish Law might come up trumps!!!

Moira

(posted 7463 days ago)

[ Previous | Next ]