Understanding the risks and taking proactive measures
Property fraud has become increasingly prevalent, with fraudsters employing increasingly
sophisticated tactics. The high value of properties makes them prime targets for deception, leading to a rise in the number of victims.
Understanding the risks and taking proactive measures can help safeguard your valuable
assets. Individuals currently engaged in the process of purchasing a home are often more vulnerable to property fraud. However, certain factors elevate the risk for specific groups. Properties that are unoccupied or rented out are notably more susceptible. Additionally, properties not registered with the Land Registry or those without a mortgage present higher risks of fraudulent activities.
Properties unregistered since 1990—often those not sold or mortgaged during this period—are particularly vulnerable. To mitigate this risk, homeowners should verify their property’s status with the Land Registry and promptly report any discrepancies.
WHAT TO DO IF YOU THINK YOU’RE AT RISK
If you suspect your property may be at risk, consider signing up for the Land Registry’s Property Alerts. This free service provides email notifications for any searches or applications filed against the property you’re monitoring.
Such alerts can potentially notify you of unauthorised attempts to change the registered owner of your property. This service is especially beneficial for landlords as it allows them to monitor up to ten properties simultaneously without incurring costs.
ENHANCING PROPERTY PROTECTION
For an additional layer of security, homeowners can apply for a restriction on their property’s
title deeds. This measure ensures that no sale or mortgage can proceed without verification
from your solicitor or conveyancer, offering peace of mind. There is a nominal fee of
£40 for this service if you occupy the property, whereas it is free for non-resident owners.
SPOTTING COMMON SCAMS
Several scams circulating in the property market target unsuspecting individuals.
Investment scams are rampant; fraudsters lure victims to part with money by promising high returns. One common scheme involves buy-to let properties, where
fraudsters claim lucrative rental returns from homes that are, in reality, vacant and
in disrepair. Similarly, land banking scams involve selling plots advertised as investment
opportunities, which often turn out to be unsuitable for development or non-existent.
To protect yourself, conduct thorough research before investing. Be wary of enticing mail
marketing promising excellent returns. Verify the company’s legitimacy, ensuring they have a
physical address and contact number. Only invest once you have visited the land,
inquired about its history, reviewed development plans, and confirmed planning
permission status.
EMAIL SCAMS AND PRECAUTIONARY MEASURES
Email scams pose another significant threat, with fraudsters intercepting communications between buyers and solicitors to alter bank details and divert funds. To reduce this risk, always verify bank details through direct contact with solicitors rather than relying solely on email. Ensure all communications from your conveyancer are carefully scrutinised.
For added security, consider delivering your bank details in person.
CHOOSING A GENUINE CONVEYANCER
Selecting a reputable conveyancer or solicitor is crucial.
Verify their credentials against the lists provided by the Law Society or the Council
for Licensed Conveyancers. Be cautious of anyone pressuring you to act quickly; this is
a common tactic fraudsters use.
PROTECTING YOUR HOME
Homeowners concerned about potential fraudulent activity should contact the Land Registry immediately for expert guidance. The Property Fraud team is available to assist with any concerns and provide essential support to safeguard your home.
If you require further information on protecting your property from fraud, contact the
Land Registry’s dedicated team for assistance and talk to one of their trained staff for proper guidance – you can call their Property Fraud team on 0200 006 7030.
>> SEEKING EXPERT GUIDANCE
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Cedar Crest Ltd – telephone UK T: +44 (0) 203 883 1017,
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– email info@cedar-crest.co.uk
Your home may be repossessed if you do not keep up with repayments.
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