Property Title Fraud
By Gerard Davis
Figures recently released by the Land Registry have shown that the amount of compensation that the Registry has had to pay out to victims of property fraud increased to £4.78m in 20014/15.
Property fraud is generally committed by criminals who impersonate an owner of a property by using false identification documents. They then secure a mortgage on the property or sell it without the true owner knowing. Buy to let investors are often particularly susceptible to this type of fraud as they do not live in their investment properties and are often unaware of the fraud until they come to remortgage or sell their property.
Sarginsons would advise clients to ensure that their contact details are always up to date with the Land Registry. The Land Registry allows owners of properties to register up to three contact addresses with them which can include email addresses. Up to date contact details help to reduce fraud.