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Secured Loan 13 Years Old


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In the mid 90's I was involved in a business partnership and took out a secured loan (secured on my property), with Barclays Bank.

The house was jointly owned by myself and wife. She also signed the document relating to the charge on the property.

We did not actually live in the property and still don't.

In 2001 my wife died and the mortgage was paid off by the insurance element of the endowment. However the land registry obviously wouldn't release the deeds because of the charge.

It is 13 years since I have had any contact with Barclays, and I had hoped that the 12 year statute barred rule would kick in.

Having read the relevant part of the Limitations Act, I refer to the following;

(2) No foreclosure action in respect of mortgaged personal property shall be brought after the expiration of twelve years from the date on which the right to foreclose accrued.

But if the mortgagee was in possession of the mortgaged property after that date, the right to foreclose on the property which was in his possession shall not be treated as having accrued for the purposes of this subsection until the date on which his possession discontinued.

(3) The right to receive any principal sum of money secured by a mortgage or other charge and the right to foreclose on the property subject to the mortgage or charge shall not be treated as accruing so long as that property comprises any future interest or any life insurance policy which has not matured or been determined.


I take that to mean, so long as I have an interest in the property, the debt never becomes statute barred.

Can anyone confirm that my interpretation of that is correct?

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A secured mortgage is covered by completely different rules as far as Statute Barring is concerned, Statute Barring is almost always for UNSECURED lending, however I am not an expert on the subject.


I think your interpretation (much better word than assumption here) is accurate - the mortgage on the property cannot become statute barred.

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