- November 7, 2014
- No comments
AV Rillo clients will be used to taking precautions to protect their money and valuables, but few people think about the danger of losing their most valuable possession, their house, to fraudsters. However, property fraud does happen, and AV Rillo clients need to know how it happens, and how to prevent it.
A dangerous type of property fraud – AV Rillo and fraudulent title transfer
In properties where the owner is absent, for example if the property is rented out, or the owner is in hospital residential care, fraudsters may attempt to gain access to the property in order to use the address for correspondence. They are then in a position to forge letters to the Land Registry, transferring title to their own name. In a recent case, an organised gang of title fraudsters successfully obtained £3.5 million and were in the process of stealing three million more when arrested by police. They used the title deeds to raise loans.
Fighting title fraud; help from the Land Registry and AV Rillo
The Land Registry is attempting to help property owners such as AV Rillo clients to avoid title fraud by supplying up-to-date ‘addresses for service’. With these it can get in touch with addressees to confirm that a request to transfer title is genuine. Up to three addresses can be supplied, two of which can now be email addresses, so AV Rillo clients who are absentees can ensure that no unauthorised title transfer takes place.
AV Rillo and fraudulent solicitors and conveyancers
Another type of property fraud which has caused concern to genuine firms such as AV Rillo in recent years is the impersonation of solicitors or conveyancers. These fraudsters may purport to be a conveyancer in their own right, or to work for an authorised practice. The Law Society suggests that property buyers and sellers should ensure that, like AV Rillo, the practice is registered with an appropriate professional body, all of which maintain lists which are readily available to the public.