Do you know that you can sign up your property to the Land Registry's Property Alert service and receive an alert if there is activity noted at the Land Registry in respect of your property?
Property fraud cases when fraudsters steal a property owner's identity and then sell or mortgage the property by passing themselves off as the lawful owner, have been known to make the national press and never fail to shock given that our home is invariably the most valuable asset we possess. A Land Registry blog of 13 November 2018 sets out that properties which are empty or let out and/or are mortgage-free are the most at risk of property fraud.
The Land Registry is highlighting its Property Alert service as a measure which alerts subscribers of significant activity on a property which has been signed up for monitoring. This will enable a property owner to investigate which might even prevent the fraudulent transfer or mortgage from taking place or at least will enable the rightful owner to react early by alerting the Land Registry and reporting the fraud to the police.
You can sign up free and can monitor up to 10 properties. The properties must be registered and registration is a way in itself of reducing the risk of property fraud.
The Land Registry wants to see many more registered property owners signed up for the Property Alert service as they say that only 1 in 100 is currently signed up.
Property Alert is one of our most effective fraud prevention measures, sending email alerts to subscribers whenever there is significant activity on a property they are monitoring, such as a new mortgage being taken out. Since Property Alert’s launch in 2014 160,000 accounts have been created. The journey needs to continue at pace because with more than 24.8m registered properties across England and Wales, around 1 in 100 currently have an alert in place.