Expat buy to let investors urged to register them against property fraud

Expat landlords are being warned by the UK’s Land Registry Office over property fraud.

Many UK expats working overseas have invested in Britain’s buy-to-let market in order to provide not only extra income but also property price appreciation in the long run. However, it’s fairly easy for fraudsters to steal absentee owners’ identity in order to sell or transfer title to an investment property unless preventative measures are put in place. Properties most at risk are those held empty, rented out, mortgage-free or unregistered with the Land Registry Office. Property fraud of this type is relatively rare, but can be devastating for the investor.

The most important defence against the financial loss caused by property fraud is to register your property with the Land Registry. If property fraud occurs and you suffer a financial loss as a result, registration gives the possibility of financial compensation. If you’re moving around for work purposes, updating your current address is important, with three separate addresses able to be entered on the registration form. Signing up for the Land Registry’s free property alert notification service gives advance notice of any unusual activity linked with your property, such as a person attempting to register a mortgage.

If the property owner feels it’s necessary, a restriction on any activity related to it can be set up, ensuring mortgaging or transferring ownership can’t happen unless a named lawyer or conveyancer confirms the application was made by the property’s certified owner. There’s no fee for this service, and peace of mind is guaranteed. If your buy to let operations are in company form, restrictions can be placed on up to three properties ensuring that, should an attempt be made to lease, mortgage or transfer ownership, nothing can take place without a lawyer’s certification that the company requesting the changes is the registered owner’s business. Your lawyer must also certify all reasonable steps have been taken to ensure anyone executing a deed on behalf of your company was employed by the company at the time.