There are many issues to consider when purchasing a property: which mortgage to go for, whether to have a survey, booking a removal company, to name just a few. In all the excitement and organising it can be easy to overlook the risk of property fraud after completion. You may not even realise it is an issue worth considering and you may not be aware of the threat.

Property scammers have become much more sophisticated in recent years and there are horror stories of con artists selling other people’s properties and absconding with the sale proceeds. The true owner only finds out when they go to visit their property and finds someone else living in it with proof it was sold to them!

You’re most at risk if:

  • You rent out your property
  • You live overseas
  • The property isn’t mortgaged
  • The property’s empty
  • Your identity’s been stolen
  • The property isn’t registered with the Land Registry

The good news is you can take steps to protect your property from being fraudulently sold or mortgaged.

You can ask your conveyancer to put a restriction on the register which will notify you if someone tries to register a change of ownership or a new mortgage, unless your conveyancer certifies the application was made by you. The good news is that the Land Registry do not charge a fee for this (unless you live at the property in which case there will be a small fee of £40, but the presence of the restriction would no doubt provide invaluable peace of mind.)

Aside from a restriction, make sure you tell the Land Registry if you change your contact address. You can also sign up to get property alerts for up to 10 properties, free of charge. You will receive an alert if someone applies to change the register of your property but it will not automatically block the application in the same way as a restriction would. However, the alert would allow you to take action sooner rather than later.

If you are thinking of buying a property and would like more information on protecting yourself against property fraud, I would be happy to discuss it further with you. You can either call me at our Swadlincote office on 01283 241231 or drop me an email to k.holmes@timms-law.com