Tackling property fraud – an oz of prevention is price a pound of treatment

Over the previous yr, and as reported by the BBC, the UK has seen practically 600 claims made to the Land Registry in relation to id fraud leading to fraudulent property transactions which is an increase from 540 such claims made in 2020-2021.

The next conditions will enhance the chance of property fraud:

  • Your property isn’t registered with Land Registry (i. e. if the property hasn’t been offered since Nineteen Nineties)
  • You don’t reside within the property you personal and the property is both left empty or it’s set free
  • There isn’t any mortgage in your property
  • Your id has beforehand been stolen

How can I defend my property?

Since property fraud has been on the rise, each the Land Registry and the nationwide media/press have been warning the general public of the dangers concerned in having somebody’s id stolen as a way to promote or mortgage their property and the gravity of getting one’s home taken away from them.

The Authorities and the Land Registry have issued varied steering on how you can defend your land and property from fraud however a few of the options don’t go far sufficient and should still go away you uncovered.

While making certain any correspondence (letters or emails) or documentation containing your private knowledge is at all times safeguarded and discarded safely, you may take the next extra steps to guard your property from fraudsters:

  1. Register your property with the Land Registry – most properties will now be registered on the Land Registry but when not then that is the primary important step.
  2. Arrange a Property Alert account and signal as much as the Property Alert free service with the Land Registry – It’s a free property monitoring service and the Land Registry will notify you if somebody modified or tried to vary the small print of your property on-line (e.g. placing a mortgage in your property). Nonetheless, this could possibly be too late!
  3. Put a proper “restriction” in your title – that is probably the most really useful route and will be utilized for by anybody (particular person or firm) who owns a property within the UK in order that the Land Registry will probably be stopped from registering any sale or mortgage in your property until a conveyancer or solicitor certifies that the appliance to vary the title was made by you.

Taking all of the above steps ought to offer you cheap consolation. Nonetheless, while the Property Alert service is obtainable without cost, it’s merely a notification service which won’t essentially forestall fraudulent transaction from occurring.

We’d advocate that getting into a proper “restriction” on the title is the one only strategy to defend your property and we’d be pleased to help you and your loved ones or your corporation. We’re seeing an growing variety of requests for cover and we will make sure that the type of restriction ensures that you’re sufficiently protected.

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