Sometimes scammers re-mortgage homes without a homeowner’s knowledge. Therefore, it is important to know all you can about this this type of fraud. In fact, people in the UK are increasingly feeling the impact of this illegal activity that can defraud them of their most expensive assets.
Whilst a number of frauds are performed by scammers in the UK, the most common activity is re-mortgaging. The scammer re-mortgages a property and leaves the homeowner to deal with the resulting issues.
Properties That Are Re-Mortgaged Through Scams
Some of the properties that are more at risk for defrauding include:
- Properties that are mortgage-free
- Properties that have not been registered
- Vacant properties
- Properties that are not occupied by the owner (either they are rented or the owner does not inhabit the structure regularly)
According to conveyancing solicitors in Bradford, a scammer has an easier time targeting the above-listed properties than properties that are mortgaged or occupied and registered at the Land Registry. In fact, the Land Registry proves to be an excellent safeguard in this respect.
Monitoring Your Properties
You can take advantage of the Registry’s monitoring service that can establish alerts for as many as ten properties. Plus, you do not have to be the owner of the property to enrol in the tracking service. If any type of activity happens on a monitored property, the registrant is alerted by e-mail.
Needless to say, any re-mortgaging or transaction with respect to property holdings should be handled by solicitors who specialise in conveyancing. You do not want to leave anything to chance when you are conducting this type of business.
When you work with solicitors in buying, mortgaging, or selling property, you can streamline transactions and make the communications amongst all parties easier. In addition, working with solicitors enables you meet certain risk and compliance obligations, all of which keeps conveyancing in step with the pace of the 21st century.
Today, online portals make it easier for solicitors to work with clients. These portals not only speed up communications but embrace technology in a significant way. Streamlining the process of conveyancing is important as it pulls solicitors away from their dependence on paper and allows them to deliver a less cumbersome service to their clients.
So, when you partner with a solicitor who takes care of conveyancing transactions, make sure that you align yourself with a firm that is not only technologically savvy but one that is known for its straightforward reputation in the legal marketplace.
In an actual re-mortgage procedure, properties that are registered by the Land Registry are re-mortgaged by obtaining the associated documentation and checking the legal title. Searches are carried out and “no search” indemnity insurance is arranged. The completion of the re-mortgage involves the redemption of the current mortgage and providing an accounting to the borrowers for the balance. The process is followed up by registering the property at the Land Registry.
As you can see, it pays to know a solicitor who is adept in this area. When a property is registered and occupied, it becomes less susceptible to a fraudulent attack.