3 Steps to Protect Your Property From Fraud
Property frauds are much more common than we might think. Many people suffer from this type of illicit activity every year, so a number of measures are needed to curb this. As property owners, three possible solutions are within our reach.
Keep the data up to date
It is very important to ensure that the information in the Land Registry is completely up to date. Many people buy a house or a flat and then put it up for rent. When they move to another property, they may forget to update the information in the Land Registry and not reflect the change of address.
The address in the Land Registry is where we will be sent any important notifications regarding a property. That is why we must be careful to ensure that the information in the Land Registry is correct.
The Land Registry Alert Service
An interesting option to protect the property from fraud can be to subscribe to the alert service of the Land Registry. All we need to register is an email and the zip code or title number of the property you wish to monitor.
Each time the property is searched, the Registry will send us a notification. Once we receive it, it is up to us to take the appropriate steps to check if we may be victims of possible fraud.
Recently, the Land Registry introduced a new system of restrictions, especially designed to prevent fraud. This law states that any transfer or other operation in which our property is involved cannot be carried out unless a lawyer certifies that we have given permission for it.
At ABC Solicitors we hope that this information has been useful to you and that it has resolved any doubts you may have.