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How to Protect Your Property From Fraud by Jane Mafham-Jackson, Solicitor

Your property is probably the most valuable asset you will own. You will have read in the papers of many cases of property fraud, which can be very worrying for home owners and investors. Fraudsters can, and do, target properties for fraud, the most common involving the theft of the owner’s identity. The fraudster will then try to sell or mortgage your property, pretending to be you, leaving you to deal with the consequences.

You are more at risk if:

  • Your property is left empty for long periods;
  • Your property is rented out;
  • Your property is not subject to a mortgage or charge;
  • Your property is not currently registered at H M Land Registry;
  • You live overseas;
  • Your identity has been stolen;

 

How can you reduce this risk?

Property Alert Service

Property owners should sign up to the Land Registry’s free Property Alert Service (www.gov.uk/property-alert). This alerts property owners to certain applications such as a new mortgage or change of ownership for up to ten registered properties in England and Wales. You don’t have to own the property, so you could monitor the property for an elderly relative. If you receive an alert about suspicious activity, you should take immediate action. Alerts are sent by email but you can still use the service if you are not online by telephoning the Land Registry Property Alert team on 0300 0060478.

Updating Your Contact Details

Ensure your contact details are up to date with the Land Registry. You can provide up to three addresses, one of which must be a postal address, but can also include an email and overseas address.

Apply for a Restriction on Your Title Deeds

A restriction can be placed on your title deeds to stop the Land Registry registering a sale or mortgage on your property, unless a conveyancer or solicitor certifies that the application was made by you. The Land Registry will charge a fee for this restriction, currently £40.00, and require a completed RX1 Form. For an additional fee, we would be able to assist with this and complete your application at the Land Registry.

Register Your Property

The vast majority of properties in England and Wales are now registered. The most unlikely to be registered are properties that have not changed ownership or been mortgaged since 1980. The cost of registering your property will vary depending on the value of your property. If your property is not currently registered at the Land Registry, there are a number of advantages in doing so:

  • To obtain greater protection against the possibility of fraud and against the possibility of losing title by adverse possession;
  • To reduce conveyancing costs in the future as it will simplify the title;
  • To obtain clarity, as you will receive a copy of your title and plan showing the extent of your property and land;
  • To obtain peace of mind that deeds can no longer be lost as your property will be registered at the Land Registry.

 

For a no obligation quotation, please contact the office on 01325 281111.

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