Fraudsters are clever and specialise in building trust in their victims so that they can swindle them out of their hard-earned money. One of the most shocking frauds, though, is that of identity theft, in which fraudsters assume the identity of their chosen target to infiltrate their bank accounts and potentially deprive them of their home.
In this crime, fraudsters use forged identification documents to either transfer the property’s title deeds into their own name or impersonate the seller and initiate a sale, pocketing the proceeds and leaving the true owner homeless. Luckily, there are safeguards in place to prevent most fraudsters from succeeding in their goals. However, those with second homes, rentals or holiday homes or who have responsibility for a family member’s vacant property are most at risk of falling victim to this type of fraud.
Action Needed for People at Risk of Fraud
The first thing that anybody that falls into a high-risk category should do is to engage the services of a solicitor such as https://www.parachutelaw.co.uk/form-ll-land-registry-restriction to place a Form ll restriction on the title deeds of their property.
You should also set up a free Property Alert with the Land Registry for your property, as by doing so you will be notified should any attempt be made to amend the title deeds of your property, enabling you to respond swiftly, take proactive action and protect your investment.
What to Do If You Are a Victim of Fraud
If you are unlucky enough to fall victim to fraudsters, the first thing that you must do is notify your bank, mortgage lender, Action Fraud and the HM Land Registry’s property fraud line. The quicker that you report your suspicions, the better your chances of preventing or reversing a property sale and protecting your assets and finances.
There are various organisations that can provide free and impartial advice to victims of fraud, including Citizens Advice, Victim Support, Social Services and Think Jessica. These organisations can help you to make sense of the crime that you have suffered, provide emotional support and help you to put in place safeguards to prevent you from becoming a victim again in the future.
