As well as more general fraud, there has been a notable increase in property fraud over the past few years. As your property is often the most valuable asset you have, keeping it protected against fraud is important.
The properties that tend to be most at risk from property fraud include those that are rented out, unoccupied, mortgage-free, and those that are owned by people living overseas
Additionally, properties which are not registered with HM Land Registry are also more vulnerable. People who have had their identity compromised are also at higher risk of experiencing property fraud.
Simple Ways to Protect Your Property From Fraud
1. Make sure that your details are up-to-date
Several places hold property details that you should make sure are kept up-to-date. This includes your solicitors, your bank or building society, and the Land Registry. Doing this reduces the chances that fraudsters can impersonate you and/or claim to own your property.
If you are renting out your property, you need to make sure that you update the title register so that important correspondence from the Land Registry (or anyone else) is sent to where you now live.
2. Place a restriction on your property
For extra protection, you can place a Form LL restriction against the property. This means that any disposition such as mortgaging or selling can only happen with a conveyancing solicitor’s approval and they have to confirm that the person doing it is the registered owner (i.e. you).
Many legal firms such as Parachute Law are able to assist with these – either by verifying your ID, or removing the restriction if required.
3. Sign up for Land Registry property alerts
The Land Registry’s property alert service is free and easy to use. You will receive an email alert whenever official searches and applications are requested on your property. This can be an indication that someone is trying to use your property for a mortgage application or trying to change the ownership details, both of which you need to know about!