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> Could
your home be stolen? |
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As reported in the Sunday Express on Sunday 6th March
2011.
Criminals
are taking advantage of changes in the law to transfer
the ownership of land and property to themselves.
They are easily able to do this because land certificates
have been abolished and all property titles in England
and Wales are published online. It is believed the
problem was “substantial” and growing.
By changing an owners’ address for official
correspondence, a fraudster can take out a mortgage
and even sell the property.
Anyone owning an interest in property can be the victim
of property fraud. The most likely victims are the
elderly, particularly those in care homes or hospital,
homeowners who live abroad, absent landlords, where
a relationship breaks down, people owning properties
outright, where a property is empty or is bought to
let. "Fraudsters often target properties where
there is no mortgage or the owner lives elsewhere.
They may attempt to acquire the title by using a forged
transfer or impersonating the owner."
Could
it not also be possible for Banks/lenders/fraudsters
to hire third parties to sell an investors property
in the event of a dispute instead of resolving it
and going through the courts? This would be an example
of a relationship that has broken down and we all
know that banks are under pressure to get rid of debt
and have more Cash on account, by whatever means necessary,
due to their high leverage and insolvency (which required
Government bailout with your money.) Remember white
collar criminals are on the rise in these challenging
times and prepared to go to more extreme lengths to
make a 'profit'. You can search the internet and media
for complaints against private banks, nationalised
banks and part government owned banks - in the US,
UK and worldwide.
"How
can I prove ownership of my house if I don’t
have a Land Certificate?" The register of your
ownership is exactly the same, as are all the entries
on your register. We will issue an official copy of
your register and a Title Information Document instead
of a certificate; this explains why we have issued
it and how to get copies of your register in the future.
All the information is held electronically. It is
a safer way of holding the information and reduces
the risk of fraud." - Land Registry
So
as far as the Land Registry is concerned, there is
less risk having got rid of Certificates! As usual,
the Land Registry/Government are not there to help
- so it is once again up to you to protect yourself.
Whereas many discuss the problems, I like to search
out solutions to these problems as well, wherever
I can find them.
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Fortunately you can get your free guide on How
to Safeguard against Property Fraud here. Download
it now from the Land Registry site:
www1.landregistry.gov.uk/propertyfraud
Here
you will find suggestions to add more addresses
for service, including a solicitor and putting
a restriction on the title. And be careful what
you sign - as mentioned white collar crime appears
to be on the increase with more litigation, where
the only winners seem to be lawyers and large
corporations.
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Read
the full article from the Sunday Express below and on
their site.
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"CRIMINALS are taking advantage of changes in the
law to transfer the ownership of land and property to
themselves. They are easily able to do this because
land certificates have been abolished and all property
titles in England and Wales are published online. Many
home owners may not even be aware that a fraudster who
has impersonated them in a form of identity theft has
stolen the rights to their property until it is too
late. Solicitor Patrick McCloy, said yesterday: "I
have come across four cases of this in the last year
alone.” He added that he believed the problem
was “substantial” and growing. By changing
an owners’ address for official correspondence,
a fraudster can take out a mortgage and even sell the
property. The most likely victims are the elderly, particularly
those in care homes or hospital, homeowners who live
abroad, absent landlords and people owning properties
outright. Criminals are using changes in the law to
transfer the ownership of property to themselves People
in these categories often own properties without a mortgage,
making them easier targets. In 2009-10, the Land Registry,
the state body which holds all records of UK properties,
paid £4.9million for 53 claims arising from fraud
and forgery, a tenfold increase on the £491,656
for 15 claims in 2004-05. The scam typically sees fraudsters
take out a mortgage using someone else’s identity.
They put some of it into an account to make some repayments
and pocket the rest. The lender only finds out when
the bank account runs dry, with the real property deed
holder left liable for the debt. In 2009 Simon and Christine
Rowntree thought selling their large family home in
Birmingham to move to a smaller property would be straightforward
but to their amazement, the Land Registry told them
they no longer owned their house. Christine said: “We
couldn’t believe it. We didn’t have a mortgage,
we owned it outright. It was just unbelievable.”
Trevor Guy, who owns land in Manchester, had his property
stolen by fraudsters who took out a mortgage for more
than £100million. He took the case to court, but
while the court did not dispute he was the rightful
owner, he was deemed liable for the debt charge run
up by the crooks. Mr Guy continues to fight his case.
Ben Francis, of estate agents Sullivan Thomas in Parsons
Green, west London, recently foiled a fraud when a tenant
warned him that the flat he was renting had been “sold”
by a fraudster.
Wiltshire
solicitor Mr McCloy has teamed up with other lawyers
to launch Gatekeeper Protection, a service designed
to guard against theft by placing restrictions against
an owner’s title. The Land Registry website offers
guidance and reassurance that it will compensate victims,
but there is no guaranteed entitlement. The Land Registry
has said that increased investment in counter-fraud
has already prevented fraud attempts of an estimated
£20million. A spokeswoman said: “Homeowners
have to be on the ball all the time.” Last night
Jamey Johnson, head of watchdog Action Fraud, said:
“Victims should report fraud by visiting our website
actionfraud.org.uk or by phoning 0300 123 2040.”
Article
By Tracey Boles on Sunday March 6,2011
Read more at: http://www.express.co.uk/posts/view/232866/Your-home-could-be-stolen
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Bobby
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For
those of you that know Bobby Gill, no introduction
is necessary.
For
those of you that don't - Bobby has been
on the property scene for 10 years.
He has always had his ear to the ground
and been ready to help those with less experience.
If you're familiar with Parmdeep Vadesha's
Tycoon Forum, he was a big contributor there.
He has covered (and has personal experience)
in renting, auctions, letting and estate
agents, HMO's, student lets, Banking, Solicitors,
Bank Receivers to name a few areas of property.
He
likes to learn about and get immersed in
various subjects and has more recently been
involved in social media, wealth creation
and personal development events.
He
doesn't claim to be an expert or guru but
does have a lot of knowledge in various
areas. He's also not afraid to voice his
opinion or speak the truth - so whether
people agree with him or not, you can be
sure he will say it as it is.
Bobby Gill will be writing for MPPT to provide
you with an alternative viewpoint on what
you hear at all the seminars.
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