Your house is undoubtedly one of the most valuable assets you own, so what can you do to ensure you keep the fraudsters away?
Unfortunately, property fraud is on the rise and due to the variety of fraud methods nowadays, anyone can fall victim to these scams. Anyone who is a homeowner or is in the process of buying a property can be a target for scammers. Generally, you are more vulnerable if you are the sole owner if your property is rented or not mortgaged, as well as if your identity has been stolen.
Typically, criminals can impersonate anyone involved in a property transaction, from the buyer to the conveyancer helping with the purchase.
To make sure you don’t fall victim to property fraud and to avoid any risks, we’ve put together some handy tips on how you can best protect yourself and your house from fraud:
1. Check your property is registered
If you’re about to own a new property, you should make sure it is registered with the HM Land Registry. Alternatively, if you already own a house, you can check that the personal information submitted on the register is correct, especially your home address and your contact details.
If you think you are in danger of being defrauded, you can sign up for the Land Registry Property Alert monitoring service. Using this free service, you can monitor up to ten properties and receive email notifications when suspicious activity occurs on your property so you can take swift action if needed.
2. Register for anti-fraud restriction
An anti-fraud restriction against your property means that the Land Registry will be notified and they won’t register any sale or mortgage on the property unless a conveyancer is there to verify its authenticity of it. In other words, a solicitor will authenticate the origin of the sale and will certify whether it was made by the current owner.
For just £40 per property, the anti-fraud restriction can be a mindful step you can take to ensure your property is kept safe and away from any fraudulent activities.
3. Be aware of email hacking
As part of a more sophisticated scam, the fraudsters can hack into your emails and gain access to the email records between you and your conveyancing solicitor. Once they get full access to your emails, they can change the bank details and ensure the funds land in their account instead.
During any transaction, it’s recommended to communicate sensitive information, such as bank details, via telephone or face-to-face. In the event that is not possible, you should not use public Wi-Fi as that can be more easily hacked into, as well as double-check that the bank details you were given are correct.
4. Do your due diligence
To ensure you make a wise investment, it is indicated to seek professional advice from experienced property solicitors. By acting for the buyer in the conveyance of a registered freehold/leasehold property, our buying property solicitors will:
- Check the validity of the title to the property you’re buying
- Prepare the contract for the purchase
- Search for possible restrictions or problems attached to your new property
- Prepare all the transfer documents that give you legal ownership of the property
In addition, our specialists will make you aware of any property investment scams and they will work with you to best protect your interests. You should also do your due diligence regarding the house you’re interested in buying, as well as find more information about the property title deeds before you commit to an investment.
About Us
With 5 partners and over 90 staff, based in our Stockport offices, Gorvins Residential specialist legal teams work with private individuals and companies from all walks of life buying, selling, transferring or re-mortgaging their properties.
If you’re looking for a solicitor for buying a house or you need any further guidance on property fraud protection, please give us a call on 0161 930 5350 or e-mail us at enquiries@gorvinsresi.com.
