Identity fraud is on the rise and property fraud is a growing concern. Not only can property fraud cost someone their home, it can jeopardise their financial stability and their emotional health.
What is property fraud?
There are varying types of property fraud, including identity theft, whereby criminals use stolen personal information to acquire or sell property that does not belong to them, or to rent out properties that do not belong to them.
How can you protect yourself against property fraud?
There are several options available to homeowners who are concerned that they could become a victim of property fraud. They can:
- Sign up for HM Land Registry’s free Property Alert service.
This will notify them of any action involving the title deeds of their property, allowing them to block and report the action as fraudulent before they are disadvantaged.
- Apply for a Form LL restriction.
A Form LL restriction is a legally enforceable addition to a property’s title which prevents a sale from proceeding. This restriction can only be applied or removed by a lawyer, such as Parachute Law, who will verify the identity of the person wishing to sell the property to ensure they are the correct, legal owner.
- Report your suspicions.
If you have any concerns that you may be the victim of property fraud, you should report this to the Property Fraud Hotline on 0300 006 7030 at the earliest opportunity. They will advise you on how to proceed and what actions you should take to minimise the risk.
Who is most at risk of property fraud?
Fraudsters prey on the vulnerable and the busy, so the people most at risk are the elderly and infirm, who may be pressured into revealing personal information which could compromise their identity, and people that own property as an investment or second home, as these properties may be advertised on lettings websites, be visibly empty for much of the year, or otherwise indicate a vulnerability to fraudsters.
These people in particular should act now to protect their property against fraud.