{"id":5228,"date":"2024-01-22T10:12:31","date_gmt":"2024-01-22T10:12:31","guid":{"rendered":"https:\/\/www.tayloremmet.co.uk\/blogs\/?p=5228"},"modified":"2024-01-22T10:13:49","modified_gmt":"2024-01-22T10:13:49","slug":"property-fraud-are-empty-homes-at-higher-risk","status":"publish","type":"post","link":"https:\/\/www.tayloremmet.co.uk\/blogs\/property-fraud-are-empty-homes-at-higher-risk\/","title":{"rendered":"Property Fraud \u2013 Are empty homes at\u00a0higher risk?"},"content":{"rendered":"

Fraud is an ongoing issue in today\u2019s society and with a person\u2019s property often being their most valuable asset, property fraud cases continue to be on the rise. It is important to recognise how the fraudsters attempt to scam people; whether your property might be at risk and ways to try and prevent falling victim to fraudsters.<\/h4>\n

There are different types of property fraud including, for example, the interception of emails to scam individuals into sending fraudsters money instead of their solicitors; fake landlords and lettings; and mortgage fraud.<\/p>\n

How does property fraud work?<\/h3>\n

Most properties are \u2018registered properties\u2019 meaning there is a digital trace of the property at HM Land Registry. Registration of properties with the Land Registry was initially voluntary but a change in the law required all properties be registered when they were purchased or transferred into the name of someone new. If you have purchased a property since 1990, this should be registered at the Land Registry. Properties purchased before this date may have been registered as part of the gradual introduction of the scheme.<\/p>\n

When a property is registered with the Land Registry, a property is given a title number and the title deeds for that property are a public document containing important information that was previously found in the hard copy deeds. Although some people still keep their original deeds, when a property is registered these are not needed to prove ownership and in some cases, the Land Registry may have destroyed these documents when the property was registered.<\/p>\n

Fraudsters will try and claim ownership of a property in different ways. They may impersonate the legal owner and sell the property, claiming the sale proceeds for themselves. Alternatively, they could try and transfer the property into their own name by either trying to show the true owner has gifted it to them or they have purchased it from the true owner. In both situations, the fraudsters will likely commit identify theft proving to third parties that they are the legal owner of the property. It is important to note that this can also be a risk for genuine buyers purchasing a property. If a fraudster is able to claim a property as their own, this could result in them being able to sell the property to a genuine buyer who parts with their cash.<\/p>\n

Are high risk properties at higher risk of property fraud?<\/h3>\n

Properties that are empty<\/a>, for example the owner has died, moved into care or spends a lot of time abroad, are often a higher risk of being targeted for this type of property fraud. Fraudsters are able to take advantage of owners not constantly being at the property in a number of ways and could even arrange post to the property in their own name and breaking into the property to recover this. If an owner does notice this break in, they may not see it as anything more than thieves searching for valuables when in fact a property fraud is going on.<\/p>\n

If a property is mortgage free, this makes it easier for fraudsters to transfer the property into their own name as there are no additional lender checks to be carried out.<\/p>\n

Unregistered properties can also be at risk. If a property is not registered, an owner would need the deeds to register the property for the first time with the Land Registry. \u00a0This opens the process up to fraud as someone could try and recreate deeds for a property proving them as the legal owner instead of the true owner.<\/p>\n

How to protect yourself from property fraud<\/h3>\n