Property fraud has been in the national news lately, including the distressing discovery by more than a few home owners that theirs have been 'hijacked' and apparently no longer belong to them. Read on for the Scott Bailey property laywers' words of wisdom to protect your property!
Could your property be at risk of fraud?
Property fraud is not something most homeowners expect to encounter, but it is an issue worth being aware of. While serious cases remain relatively rare, property is valuable, personal information is often publicly available, and fraudsters are becoming increasingly sophisticated.
The property lawyers at Scott Bailey have put together a guide to help owners take steps to protect their property.
It’s important to know that property fraud can take several forms. In some cases, a fraudster may attempt to impersonate a property owner in order to sell or mortgage a property. In others, criminals may try to intercept payment details, misuse identity documents, or take advantage of empty, rented or poorly monitored properties.
Certain properties can be more vulnerable than others. Mortgage-free homes, empty properties, buy-to-let properties and homes owned by people living overseas may all attract attention because unusual activity can be harder to spot quickly. This does not mean owners should panic, but it does mean that a little vigilance can go a long way.
One of the simplest steps property owners can take is to make sure their contact details at HM Land Registry are correct and up to date. HM Land Registry Property Alerts can also help owners monitor activity relating to their property. These alerts do not prevent fraud by themselves, but they can provide an early warning if someone tries to make certain changes.
Some owners may also consider an anti-fraud restriction, known as a Form LL restriction. This adds an extra layer of protection by requiring a conveyancer to certify that the person dealing with the property is the true owner before certain transactions can be registered.
There are also practical warning signs to look out for. Unexpected letters about your property, missing post, unusual Land Registry notifications, pressure to transfer money quickly, or requests to use unfamiliar bank details should all be treated with caution. In property transactions, bank details should always be verified carefully and independently, rather than relying solely on email.
Commercial properties can also be affected, particularly where premises are vacant, owned through a company, or form part of a wider investment portfolio. In those cases, careful checks on ownership, authority, occupation and tax issues are especially important.
You can read the full article on the Scott Bailey website here
About the Authors: (see photos below)
Daniel Ratcliff - Associate Partner and Chartered Legal Executive
Daniel advises on residential and commercial property transactions, including complex and unusual matters, transfers of equity, deeds of variation and equity release.
Roger Clayson - Commercial Property Solicitor
Roger advises on all aspects of commercial property law, including development, leases, financing and non-contentious construction law.
Both the residential and commercial property lawyers at Scott Bailey carry out detailed due diligence to help identify potential risks during property transactions. If you are worried about property fraud, or would like advice on preventative steps, it is sensible to seek legal advice early. The conveyancing team at Scott Bailey have an exceptional reputation locally, with individuals and businesses alike.
Reach out to the team today:
01590 676933 |
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About Scott Bailey LLP
Founded in 1930, Scott Bailey has grown to become a leading firm in the New Forest, providing a full range of legal services to private individuals and businesses. Services for individuals include Residential Conveyancing, Divorce, Family, Wills Trusts & Probate, Litigation & Disputes.
SME business legal services include Corporate, Commercial, Intellectual Property, Dispute Resolution, Landlord & Tenant, Insolvency and Employment Law. Scott Bailey LLP is one of only a very few firms based in the New Forest providing these specialist services.
The first firm in the region to receive the Law Society's prestigious LEXCEL award for high standards of practice management and customer care, Scott Bailey LLP promises top-quality, professional help from a team of expert solicitors who will put your best interests at the heart of their work.
Scott Bailey was delighted and proud to win "Business of the Year" at the 2023 New Forest Brilliance in Business Awards.
