Free fraud alerts to protect your rental properties
Could your property fall prey to fraudsters? Property scams are becoming increasingly sophisticated, with some elements of the buy-to-let sector particularly vulnerable.
With this in mind HM Land Registry is encouraging landlords to sign up for its free Property Alerts, letting you know of any suspicious activity related to homes in your portfolio.
How does it work?
The service monitors your properties for any suspicious activity, sending immediate email alerts when someone applies to change ownership, transfer the property, or secure a mortgage against it.
Landlords will receive full details including an outline of what's happening, who's applying, and when the application was received.
You can monitor up to ten properties through a single account – useful for landlords with multiple rental properties – and the system also sends six-monthly summaries confirming which properties you're tracking and highlighting any alerts generated.
In the 12 months to March this year, the Land Registry said the service had prevented more than £59 million worth of fraudulent property transactions.
Am I more likely to be targeted by fraudsters as a landlord?
Rental properties can be more attractive opportunities for fraudsters because landlords don't live at the property address, making it easier for criminals to intercept official correspondence or even assume false identities using the rental address.
With property values still high and transactions often complex, a successful fraud can net criminals hundreds of thousands of pounds.
A real-world example
The Land Registry recently identified a fraudulent attempt to transfer ownership of a bungalow for £360,000, a price significantly below market value for the area.
The genuine owners, who had signed up for Property Alerts, were immediately informed and, on visiting the property, discovered fraudsters had changed the locks and erected a for-sale sign. Land Registry cancelled the application before the criminals could complete their theft.
How do I sign up?
To register visit the HM Registry site here. There you can create your account and add the properties you would like to monitor. The service then operates automatically, only contacting you when there's genuine cause for concern.
More information
- For more information on how to avoid fake landlord scams, click here
- NRLA partner Title Guardian also offers a – paid for – service allowing you to monitor your rentals and alerting you if a property has been listed for sale, if home-buyer searches are being conducted, or if a bogus company has been registered to the property, as well as (like the Land Registry) if a new title application is being registered. Exclusive discounts are available for NRLA members. For more information click here.
