Property fraud occurs when criminals manage to convince third parties they are the owner or another interested party.
Property Fraud is where fraudsters first steal your identity and then sell or mortgage your property by pretending to be you. If it isn’t discovered promptly, you as the true property owner might find your property has been transferred or sold without your knowledge.
Now property and landowners are advised to protect themselves against property fraud after figures revealed around 25 per cent of land in England and Wales remains unregistered.
The criminals may claim to be the owner, a buyer, borrower, lender or conveyancer, or they may claim to be representing the owner through power of attorney.
Fraudulent property transactions are a threat for homeowners, especially if they are in one of the ‘at risk’ groups.
You could be at greater risk if:
- Your identity’s been stolen
- You rent out your property
- You are a resident overseas
- The property is empty
- The property is not mortgaged
- The property is not registered with HM Land Registry
How can I protect my property?
Properties bought or mortgaged since 1998 will be registered with HM Land Registry. If your property is not registered, you should immediately take steps to rectify this.
Land remaining unregistered requires the original paper deeds and documents to evidence ownership, which can easily be lost or misplaced meaning there are few safeguards available, increasing the risk of fraud during sales.
To check the information held about your property you should apply to HM Land Registry. You can do this online; however, there is a small fee for this service. You should inform HM Land Registry immediately if the information held is incorrect.
Sign up with HM Land Registry
If someone applies to change the register of your property, for example, if someone tries to use your property for a mortgage you can sign up to get property alerts
This will not automatically block any changes to the register but will alert you when something changes so that you can take action.
You can get alerts for up to 10 properties – there’s no fee.
Submit a restriction for your title
This allows you to prevent activity in respect of your property, such as an application for a mortgage. Owner occupiers must pay a fee for this service.
Business owners can request a restriction for company-owned properties. Owners who do not live permanently at the address can also apply for a restriction. For these applicants, the service is free.
Need help or advice with property fraud? Please contact us.