UK Land Registry launches campaign against property fraud
2/23/2012
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Property is usually the most valuable asset people own. It can be sold and mortgaged to raise money and is therefore an attractive target for fraudsters, the UK land registry is warning.
The properties most vulnerable to fraud are usually empty, tenanted or mortgage free and individuals at a higher risk of fraud include owners who are absent such as living abroad, buy to let landlords and the elderly not living in their properties because they may be in long term hospital or residential care.
It advises owners to make sure their property is registered. ‘If you become an innocent victim of fraud and suffer a financial loss as a consequence, you will be compensated,’ it points out in a new report.
Once registered owners should make sure their contact details are up to date. Owners who feel their property might be at risk can have a restriction entered on their property which is designed to help prevent forgery by requiring a solicitor or conveyancer to certify they are satisfied that the person selling or mortgaging the property is the true owner.
Source: PropertyWire.com