Identity fraud risks for property owners.

Terrible tales of fraudsters mortgaging or selling properties they do not own are increasingly common.

You are more at risk if you live overseas, or if your property is rented out, empty, not mortgaged or not registered. How can your solicitor minimise these risks for you? Consider all or any of the following options:-

  • Register any unregistered titles at the Land Registry.
  • Ensure your correspondence address is up to date at all times on the Title Registers of all properties you own.
  • Inspect the property regularly to ensure no unauthorised parties are in occupation and use managing agents to assist if it is tenanted.
  • Sign up to get property alerts from the Land Registry. This is a free service for up to 10 properties where you will be alerted if someone applies to change the register for your property (such as sale or mortgage) although it will not prevent the change.
  • Put a Restriction on your title to stop a sale or mortgage being registered for your property unless a conveyancer certifies to the Land Registry that the application was made by or for you.

Expect your solicitor to require certified copies of photographic and address evidence of identity for you at the outset of a transaction and to speak with you to confirm your bank details before sending out money to you rather than relying on email (which can be intercepted by fraudsters). Annoying at this may be, it is for your own protection!

The contents of this update are intended as guidance for readers. It can be no substitute for specific advice. Consequently we cannot accept responsibility for this information, errors or matters affected by subsequent changes in the law, or the content of any website referred to in this update. © Mundays LLP 2018.

Insights.

Need to Make/Update your Will?
30th March, 2020

In these difficult times individuals are recognising the importance of either making or updating their Wills, particularly those who are self-isolating.

Coronavirus Job Retention Scheme and Furlough Leave
27th March, 2020

The Government announced on 20 March 2020 that the state will subsidise employers to pay 80% of the wages of staff who are placed on “furlough” leave but remain employed,…

A note from Neale Andrews
27th March, 2020

These are perhaps some of the most challenging circumstances we have faced as a firm in our 60 year history. We are doing absolutely everything we can to protect our…

Combatting Covid-19 for Commercial Tenants
26th March, 2020

The pandemic is causing huge socioeconomic repercussions and the UK commercial property sector is not immune. So what is going to happen to property-overheads or running costs of commercial premises…