The Land Registry’s new tool….
The Land Registry has introduced another tool to guard against property fraud by increasing the number of properties that can be included in its Property Alert service from three to ten.
Companies owning registered properties should always be alert to the risk of fraud but those thought to be most vulnerable are properties that are tenanted, unoccupied or mortgage-free.
The Property Alert service is a free monitoring service in which the Land Registry sends email alerts to registered owners upon receipt of searches and applications against their properties. If a fraudster is attempting to acquire ownership of the property or raise finance against it, the owner is then able to stop them before they succeed.
Another counter-fraud initiative of the Land Registry is a restriction that can be registered on up to three titles free of charge. The effect of a restriction is that upon any attempt to register a transfer or mortgage of the property, a solicitor or other professional conveyancer is required to certify that they are satisfied that the company is indeed the registered proprietor of the property. They are also required to certify that reasonable steps have been taken to establish that the individual executing the deed on behalf of the company held that position at the time of execution.
Property fraud is on the increase and any tools to guard against it should be gratefully received. We can assist you with information and advice on how protect your property