HOW TO PROTECT YOURSELF FROM TITLE FRAUD There are some simple steps you can take to protect what is probably your most valuable asset – or that of a vulnerable relative.
1: REGISTER YOUR PROPERTY If your property isn’t already registered with the Land Registry, registering it offers the potential safety net of financial compensation in case of title fraud. Most UK properties are already registered. The only ones that won’t be are those that haven’t been sold or mortgaged since 1990. On the Land Registry site, you can learn more about registering a property for the first time. You will need to provide documents proving your ownership and pay a fee, the size of which depends on the value of the property.
2: SIGN UP FOR PROPERTY ALERTS Register for the Land Registry’s free Property Alert service, which will let you know of any activity, such as mortgage applications or change of ownership, on a property. You don’t have to be the property owner to register an address, so you can monitor vulnerable relatives’ property and your own. In fact, you can register up to ten addresses with the service. You will receive email alerts if there is any activity with your nominated properties.
Private companies such as Title Guardian provide a more comprehensive property protection and alert service for homeowners and landlords.
3: APPLY FOR A FORM LL RESTRICTION property, which will make it harder for potential fraudsters to take out a mortgage against, or sell, your property. The restriction will also mean that you yourself will have to prove who you are any time you want to sell or mortgage your property. This will usually entail having your identity verified by a solicitor.
This obviously would make it harder for a fraudster to target your property, but it will also make it more time-consuming and expensive for you to mortgage or sell your home. But, if you don’t live at your property, are a landlord, or are going to be away for some time, it offers an extra layer of protection and might be something worth considering. You can find out more and apply for a restriction on the Land Registry website.
4: PROTECT YOURSELF AGAINST ID THEFT Title fraud relies on criminals being able to steal your ID. But there are several things you can do to protect yourself against ID theft. These include:
Keep your ID documents, and any others that could be used by
fraudsters – eg driving licence, passport, bank statements, utility bills, credit card receipts – in a secure place
Shred old documents before throwing them away so that nothing showing your name, address or other personal details can be stolen from your bin
Check your credit report, credit card and bank regularly
If you move house, remember to give your new address to your bank, credit card company, phone company, utility companies, TV licensing, doctor, dentist etc. You don’t want whoever moves into your house to get hold of any of your personal details. Redirect your mail too using the Royal Mail’s redirection service.
When you shop online, only use secure websites that you trust. Know what to look out for to protect yourself from fake websites and phishing emails
You can find more about preventing ID fraud on the Information Commissioner’s Office website.
2: REPORT FRAUD
If you think you may have been a victim of property fraud, act quickly and contact the police and the Land Registry property fraud team. Email
reportafraud@landregistry.gov.uk Or phone 0300 006 7030, Monday to Friday, 8am to 5pm.
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For further information please contact Peter Hunt on: 0121 503 0961
www.moneywatchfinance.com
Peter is one of the panel experts for the Grand Designs live TV show and has been recognised in the Times Vouched For guide to the UK’s top rated financial advisers every year since 2019
LIVE24-SEVEN.COM
THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE
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