The land registry in the UK fighting fraud in real estate

After a successful pilot project, the land registry of England and Wales introduced a program aimed against fraud in real estate in the UK.

It is believed that rented, unoccupied or mortgage-free properties are particularly at risk of becoming the subject of fraud.

For example, fraudsters can pass the object in rent on forged documents, pretending to be the owner, and then disappear, leaving the owner alone to deal with the defrauded tenants.

Documented cases of fraud in real estate not only fraud among individuals. Owners of commercial property are also often subject to fraud.

In 2009 the legal Department of the Land Cadastre prevented more than 160 cases of fraud amounting to more than £70 million pounds.

To prevent fraud on the website of the Land Cadastre is hosting a special form that you are requested to complete the property owner. Form certified by a lawyer and it carefully verifies all data. In case of taking any legally significant actions with specific property, these actions may only be executed by the registered owner.

If actions are taken in power of attorney, there are a number of requirements, how to verify the legitimacy of the person who engaged in the transaction.

The basic rule, which should be observed – the property must be registered in the Land registry. If the owner of the registered property will still become a victim of fraud, he can expect to be compensated for their financial losses.

In the framework of the fight against fraud, the property owners can sign up for the free service, the prevention and the notification about unwanted transactions. Each owner can use the service for up to 10 properties. The program against fraud has helped to prevent many cases of fraud and the results some people have already been convicted.

® Alice Morgan 09.02.2015 G.

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