Property Fraud - Don’t Become the Latest Victim

Unfortunately an increasing number of homeowners are finding that they are victims of property fraud. Indeed, one of our clients recently discovered that his identity had been stolen and the fraudster was attempting to sell his £4.4 million home without his knowledge; in another case, a client found out that a fraudster was attempting to sell her £7 million home for £4.5 million without her knowledge. Thankfully these frauds were uncovered before completion took place, but others might not be so lucky.

So, what is property fraud and what can you do to prevent it happening to you?

What is property fraud?

There are various different types of fraud. For example, a fraudster might use forged documents to try to convince the Land Registry that he is in fact the owner. He will then either sell the property, or raise a mortgage, and then steal the money.

Alternatively, the fraudster might use identity theft to impersonate a seller, and then sell to an innocent buyer. The fraudster then obtains the completion monies.

There have also been circumstances where bogus solicitors have been complicit in the fraud. They often impersonate genuine firms and then, when deposit/completion monies are transferred to their account, they disappear with the money.

Which properties are most at risk?

Empty properties - for example where the owner lives abroad, is in a care home, or the owners have separated Properties where there is no mortgage What can I do to protect my property?

The Land Registry is urging...