Limitations Act & Charges

[Neeruam]

I bought a house thru a bank 19 yrs ago, only have an original letter offering the loan/mortgage with details to follow.. Not paid anything or heard from the bank since(Strange but true) anyway can only assume they bought the house etc and then lost the file. So given I will have to write to them, as I believe they will have to come up with the original terms, as if Im right, this is a requirement of the properties act.this then leads to the limitations act ie over 12 years etc, their is also the standard 1st charge, I know the charge stays in place, but can the bank come at me for the money via the charge or do they have to wait until I sell the property and would it revolve around the original loan amount. I would like to know some idea of their legal position, any ideas?

[daisymay]

This all sounds very technical but I think I'd rather have paid my mortgage than be on tenter hooks for the last 19 years hoping the bank doesn't remember my existense! I'm also feeling somewhat ambivalent about this: on the one hand, given the way the banks have shafted us for heaven knows how long, I'd say good luck to you if you get away with it, on the other hand it also sounds rather dishonest - you know you still owe them the money, you should acknowledge the omission exists (which was your's as well - you have a duty to pay your debts) so morally you should pay up. If you intend to negotiate with the bank, go for today's interest rates, I think you'd get a shock it you looked back to what they were 19 years ago.

[Neeruam]

Dunno yet jeanijay, best ask the banks they bankrupted the world, doing just that , dont even go to the cyprus dash for cash

[Neeruam]

Dunno yet jeanijay, best ask the banks they bankrupted the world, doing just that , dont even go to the cyprus dash for cash, slippery moral path innit

[daisymay]

Interesting item in the Help section of the Observer today, seems to have been tailor made for you. After 6 years interest can't be claimed (although with caveat, 'under certain circumstances') and after 12 years the loan can't be recovered. Looks like you might have got away with it!