Your property is your most valuable asset, so it’s important to safeguard it. Property fraud is an alarming issue that can have devastating consequences for homeowners. As the value of properties continues to rise, so does the incentive for fraudsters to target homes across the UK.
Thankfully, there are a number of protective measures that you can take into your own hands to ensure that your property is safe from scammers. Here are some steps you can take to protect your property from fraud.
Ellis & Co’s agents are experts in property fraud prevention. If you believe you may be a target for property fraud, speak to your local branch immediately.
What is property fraud?
Properties can be targeted by fraudsters in a number of ways. By stealing your identity, they can try to sell or mortgage your property, leaving you to deal with the consequences.
Fraud can happen to anyone if precautions are not taken, so it’s important to do what you can to protect yourself.
Some examples of property fraud include:
Scammers attempting to sell your property without your knowing and transferring your property into their own name using false documents.
Quick-sale and too-good-to-be-true property investment scams.
A scammer targeting you as you are about to complete the purchase or sale of a property and intercepting funds.
A criminal pretending to be your conveyancing solicitor and getting you to unwittingly transfer money into their bank account.
Am I at risk of property fraud?
Since scammers are constantly coming up with more advanced ways to impersonate homeowners, anyone can be susceptible to property fraud. However, many attacks are specific and targeted to areas in which they find vulnerability.
For example, it’s easier to target an unmortgaged property because they do not have the added security of mortgage lenders conducting their own identification checks.
Your property may be at a higher risk of fraud if it is:
Rented out
Left empty
In a different country to its owner
Mortgage-free
Not registered with HM Land Registry.
How to avoid property fraud
Register your property with the Land Registry
First of all, it’s important to check if you are registered with the Land Registry and make sure that all information you find is correct and up-to-date. If not, you must immediately notify the Land Registry. Properties most likely to be unregistered are those that haven’t been mortgaged or sold since 1990.
The Land Registry is a Government agency that maintains records of property ownership in England and Wales. By registering your property, you establish a legal record of ownership that can serve as a powerful deterrent to criminals.
You can also set up a Property Alert service with the Land Registry, which notifies you if there is any suspicious activity involving your property.
Put a restriction on your property
Another way you can safeguard your property is by applying to place a restriction on the title deeds. This stops the Land Registry from registering any application for a sale or mortgage on your property unless it was certifiably made by you.
Secure important documents
Store your property-related documents in a secure location, such as a locked filing cabinet or a safe. This includes your title deeds, mortgage documents, and any other paperwork related to your property. Avoid leaving them in easily accessible places where they could be stolen or copied by fraudsters.
Related: What are title deeds and why are they important?
Be wary of unsolicited communications
Beware of unsolicited emails, phone calls, or letters regarding your property. Fraudsters often pose as legitimate institutions, such as banks or solicitors, to trick you into revealing sensitive information.
Always verify the identity of the person or organisation contacting you before sharing any details. If in doubt, contact the institution directly using their official contact information.
Check for suspicious activity
Regularly review your property's information on the Land Registry website. Look out for any unexpected changes, such as alterations to the registered owner or address. If you notice any discrepancies or suspicious activity, report it to the Land Registry immediately.
Consider property fraud protection insurance
Some insurance providers offer property fraud protection insurance. This type of insurance can provide financial protection in case you fall victim to property fraud. It may cover legal fees, losses incurred, and help you restore your property to its rightful ownership.
Educate yourself and others
Educating yourself and your family members about property fraud risks and prevention measures is essential. Make sure everyone in your household is aware of the potential dangers and knows how to respond to suspicious activity.
Are you thinking of moving? Contact your local Ellis & Co branch today
