The Land Registry have been warning that property fraud is on the rise and that there is an increased risk to property owners from professional fraudsters who look to sell or mortgage property to raise large sums of money.
Empty or buy-to-let properties and properties in which the owner does not live (such as commercial properties) are identified as the most at risk but the Land Registry have stressed that anyone can be caught out.
If your title is registered and you do suffer loss as a result of a fraudster’s actions, then you may be entitled to compensation but the amount may be reduced where the Land Registry considers that there has been a lack of proper care on the owner’s part.
The Land Registry is urging anyone who thinks that they have been a victim of property fraud to contact their local land registry immediately.
In addition, they have also issued guides with helpful hints and tips about what property owners can do to decrease the risk of becoming a victim in the future.
Everyday measures listed by the Land Registry include:-
• not signing any paperwork without checking it first
• making a protective registration of your credit details at CIFAS, a not-for-profit anti-fraud organisation. Their telephone number is 0870 010 2091 and their website address is www.cifas.org.uk.
• if you own a company, joining the Companies House PROOF scheme, details of which are given on their website – www.companieshouse.gov.uk.
In addition, there are number of legal protections that you can put in place to protect you such as:
• registering any title deeds that remain unregistered
• entering a restriction into your title deeds
• adding the address of your solicitor or accountant as an address for service.
If you would like to put these measures in place or are concerned about property fraud, then please call Katherine Cereghino today on (0116) 212 1148.
