repossesion time limits

I had a property in the late 80's fell into arrears and repossesed.
Since then have kept my nose clean and have a good credit rating.
I have lived in rented property since 1990.
Now looking to buy a property, but am nervous that the previous lender would be able to seek to recover against any new property I bought for the shortfall at the time of the repossension. (after selling they claim debt was £82k, twice what we paid and about half the then market value!!)
Is there a way of finding out if the lender has still got your file and is open etc.
Do nor want to contact htem as this would abvoiusly raise a flag on something over which I've had no contact on for 10 years.
There was no monay order granted at time of repossesion, just a pay arrears or property repossesed.
Any ideas from anyone?


  • bonnie_2
    bonnie_2 Posts: 1,463 Forumite
    i think they have 12 years to make a claim but i may be wrong
  • Hi, I'm not sure how long they have to make a claim, but I used to package mortgage applications for sub-prime lenders. When the question 'have you ever had a property that has been repossesed' was answered 'yes', clients had to provide proof that there were no outstanding liabilities from that last lender. That meant getting in touch with that last lender.
  • Malestrom
    Malestrom Posts: 983 Forumite
    Lots of very relevant info here if you live in England/Wales.

    If you live in Scotland, then its quite different, more info here
    He huihuinga taangata he pukenga whakaaro – A meeting of people; a wellspring of ideas (Maori proverb)
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