PROTECT  YOURSELF FROM PROPERTY FRAUD

Property Fraud is on the rise. Over the last 10 years the Land Registry have paid out millions in compensation  under the Land Registry indemnity scheme because of forgeries. Do not become a victim of property  fraud and take these easy steps.

Step 1

Make sure your property is registered at HM Land Registry. Your property will be registered if you bought it or mortgaged it since 1998. If your property is registered and you are a victim of property fraud and you suffer financial loss, you will be compensated through the Land Registry indemnity scheme.

If your property is not currently registered with the Land Registry, you can apply voluntarily for this to be registered. The Land Registry charges a discounted fee for voluntary registrations.

Once your property is registered, keep your contact details up to date. You can include an email address or an address abroad. Keeping contact details up to date is particularly important if you do not live at the property and have moved addresses since the purchase. If you are a Landlord with Buy- to-Let properties do not forget to update your contact details if you move house yourself.

 

Step 2

Consider signing up to the Land Registry Property Alert Service which is completely free of charge www.gov.uk/property-alert. Once you have signed up to this service the Land Registry will notify you of certain applications affecting the property you have signed up to.

You will receive a notification for example for a new mortgage or change of ownership. You can monitor up to 10 registered properties in England and Wales. You don’t even have to
own the property which means that you can keep an eye on property for an elderly relative.

Alerts are normally sent by email but, you can still use the service if you are not online. If you receive an alert about an activity that seems suspicious you should contact the Land Registry Fraud Line immediately.

Step 3

Thirdly, if you feel that your property is particularly at risk from fraud then you can apply for a restriction to be placed on your property designed to help prevent forgery.

The restriction prevents the Land Registry registering a sale or mortgage on your property unless a conveyancer or solicitor certifies the application was made by you.

Don’t fall foul to property fraud and do what you can to protect your property.