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Fraud Threats for Property Transactions

We have all read the headlines recently of cases where someone has been a victim of property fraud.  There are certain things that you can do to protect yourself and your property against this.

People may be particularly at risk from fraudulent activity if: –

  • They no longer live in the property
  • They have already been the victim of identity fraud
  • They are a Personal Representative or an Executor responsible for a property where the owner has died and the property is to be sold

The Land Registry has identified certain types of properties which may also be considered vulnerable to fraud such as: –

  • Unoccupied properties
  • Tenanted properties
  • High value properties that do not have a Legal Charge registered against them
  • High value properties with a Legal Charge in favour of a person living overseas
  • Properties undergoing redevelopment

To minimise the risk, the Land Registry advises all owners to keep the address that it holds for them up to date.  If you are intending to leave your property empty for a significant period of time, then you should consider registering another address with the Land Registry.  If the Land Registry does not hold a correct address for you, you may not receive vital letters and notices from it.

The Land Registry suggests that a restriction is registered against the title to stop any transactions taking place without the consent of a solicitor.  There is a simple form that can be completed and we would be happy to assist with that.

We can provide advice on a wide variety of property transactions including the above and if you would like advice, please contact Julie Rowan on 01208 72328 or email <http://www.privatedaddy.com/?q=H0FzegZgXEIMHTBjLSthOyF4eThCZGU-3D_19>