8.— (1) Any household charge, late payment fee or late payment interest due and unpaid by an owner of residential property shall, subject to subsection (2), be and remain a charge on the property to which it relates.

(2) A residential property shall not, as against a bona fide purchaser for full consideration in money or money’s worth or a mortgagee, remain charged with or liable to the payment of a household charge, late payment fee or late payment interest referred to in subsection (1) after the expiration of 12 years from the date upon which the amount concerned fell due.