News article published on: 3rd January 2020
Anybody who owns a property could be the subject of property fraud. The perpetrator may be a tenant of the property or a family member. The fraud could result in the property being sold or re-mortgaged without the owner’s knowledge. If your property is mortgage free and you do not live in the property then you are a prime target. So what steps can you take to safeguard your position.
Land Registry Property Alert
Many people are not aware of this service but the Land Registry have a property alert service which you can sign up to. This will notify you if the Land Registry receives any applications or official searches relating to your property. So for instance, if someone tries to register a transfer of your property then you will receive an email alert. It cannot stop the changes being made but it will allow you to take any necessary action quickly such as obtaining an injunction to prevent a sale or freezing any proceeds of sale. You can monitor up to 10 properties at a time so it is useful for landlords.
Registering a restriction
You can also apply for a restriction on the title which stops the Land Registry from registering a sale or mortgage on your property but you will have to pay a fee. If you do not live at the property but own it privately, it is free.
If you suspect your property is the subject of fraud then you should immediately alert the Land Registry who have a dedicated Property Fraud Line on 0300 006 7030.
Property Ligation and Dispute Resolution
Issues with your property, often a cherished home, can be very challenging, facing them head-on and dealing with them quickly is, more often than not, the key to effective resolution.
Blog post written by Shilpa Mathuradas