Way to combat property fraud?
This results with the ‘seller’ making off with a large amount of money and the buyer being left out of pocket with no return for the cash that he has paid. Of course there is a duty on conveyancers to ensure that they have identified their clients to the best of their ability which involves the usual tedious but important task of asking their client for various forms of identification (which isn’t always fool proof in any event).
The latest initiative by the Land Registry shows that they are taking steps to combat property fraud. Title deeds to property are kept in electronic form at the Land Registry nowadays and contain the official record of who owns what property. You are able to place what is known as a ‘Restriction’ on a property’s title deeds to restrict that property being sold, leased or otherwise disposed of without certain preconditions being met.
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