Land Registry increase homeowner protection

Posted in 'Identity Theft' by Richard Catlin

02 February 2012

The Land Registry has this week taken steps to help homeowners better protect their property against fraudsters.

Land Registry is the largest database of its kind, with some 23 million land titles. In addition to releasing a series of “top tips” aimed at informing homeowners of the steps they can take to guard against property theft, it has also removed the Land Registry fee for homeowners who do not live at the property they wish to protect.

Properties that are left empty for long periods of time - for example second homes, those owned by people working overseas or by people in residential care - are far more likely to be targeted by fraudsters, as is property occupied by tenants.

By filling out a Form LL, non-resident homeowners can add an extra layer of protection, by placing a restriction that requires a solicitor or conveyancer to certify that they are satisfied that the person selling or mortgaging the property is the true owner. Owner occupiers will have to continue to pay the £50 fee if they wish to place the same restriction on their property.

Land Registry also advise that homeowners 'register' their property. This means that if you do become an innocent victim of fraud, you will be eligible for compensation. 71 compensation claims were paid by Land Registry in 2010, totalling £7.3m.

Making sure that your registered details up are to date is essential. You are allowed to register up to three contact addresses as well as an email address, meaning that even if you are not in the country, you can be alerted to a potential fraud sooner, rather than later.

Offering the restriction service for free is a welcome move that could help reduce the amount of property fraud, but there are additional steps that homeowners can take to protect themselves. Filing a Form N allows you to request that a specific firm of solicitors must give their consent to any sale – adding a further layer of protection, especially since solicitors and conveyancers should take steps to check the authenticity of any sale request as standard.

If you own a property that you don’t live at, you could also choose to have any post sent to you via a service address, rather than have it redirected or simply pile up on the doormat. ScanMyPost offers a service address that includes post scanning from just £11.50 a year, allowing you to view your post online, and get email or SMS notifications whenever you receive a new item.

Finally, careful monitoring of your credit file is also a good way of spotting the warning signs of fraud or strange account activity in your name. You can view your Multi Agency Credit Report online free for 30 days, and it costs just £9.99 a month should you choose to subscribe.