Previous Repossession

Posted on 13 August 2011 by shaun

Am I still responsible for a repossession from over 20 years ago?  I split up with my partner and have not seen her since she wanted to take over the flat and I didn't even know it was repossessed.


If you were a joint party to the mortgage at the time the property was repossessed then despite the fact you had split up and were not living there, you are still responsible for any of the mortgage debt that was cleared by the sale of the property.  You will also be responsible for any unpaid legal costs.  It is possible the your lender has claimed on an indemnity policy for any losses and in this instance the insurance company can pursue you for their loss.

With regards to obtaining a new mortgage or any other credit you will be committing fraud if you do not divulge the repossession and this could make it even harder, if not impossible for you to obtain any for of credit in the future.

I recommend that you take independent legal advice regarding your situation.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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