How to protect your property from fraud

Property fraud is a growing problem. Property and land are probably the most valuable assets you will own. Sadly, this makes them attractive targets for fraudsters. These scams could see your identity stolen and your land and property sold without your knowledge. It is a frightening thought, so what can you do to protect yourself and your most valuable assets?

Coodes’ Associate in Residential Property, Kerry Tresidder, explains how to protect yourself against the latest property scams.

Unfortunately, there are now a whole range of property fraud scams. Typically, these involve fraudsters stealing someone’s identity to sell or mortgage a property they do not own. There are also scams, such as non-existent investment schemes or ‘quick sale’ companies, which offer to buy houses in as little as seven days.

What are the most common types of property fraud?

As a property owner, you are more at risk of property fraud if your home is rented out, is empty because you live away, if you are mortgage free or if your property is not registered with the Land Registry.

The good news is that there are steps you can take to prevent this from happening to you.

Register your assets

Some properties are unregistered which means that the deeds may consist of a bundle of documents. We recommend registering property or land with the Land Registry to give yourself a state guarantee and proof of ownership. This also makes it more difficult for people to sell or claim your assets without your knowledge.

Keep everything up to date

Once your property is registered, keep your contact details updated so you can easily be contacted by the Land Registry. You can now sign up for the free Land Registry alert service. This guards against fraud by contacting you if there is activity on your account, for example, if someone tries to apply for a new mortgage for your property.

Beware of fraudulent emails

Sadly, cybercrime directly targeting solicitors and their home-buying clients is on the rise. A case reported in the news saw a first time buyer lose £67,000 when fraudsters hacked into emails sent between him and his conveyancing solicitor.

Be cautious of emails requesting payment details or sensitive information that seem to come from your solicitor or estate agent. Always verify directly with the office via phone or secure channels.  Fraudsters often create emails that closely resemble legitimate ones but have subtle differences.

What can you do if you are worried about property fraud or cybercrime?

Solicitors will carry out checks on your behalf when you are buying property. At Coodes, we check the identity of everyone we deal with and, crucially, the bank accounts for the solicitors before money is transferred. One of the best methods law firms use to combat fraudsters is Lawyer Checker, which checks the history of a seller’s conveyancer, to warn of the possibility of them being bogus.

Awareness is key. Always avoid sending an email with sensitive information, including account numbers and sort codes. Talk to your solicitor to ensure you are comfortable with where your money is going.

You can also visit the National Cyber Security Centre website to familiarise yourself with their top tips for staying secure online.  

For more information on how to secure your assets and for any other residential queries, contact Coodes Solicitors Residential Property team using the online contact form here or call 0800 328 3282.