News
Channel Five investigation exposes huge surge in property fraud
Friday 1st March 2024
Robyn Hall
Property ownership is a cornerstone of financial stability for millions of people yet the threat of property fraud remains largely underestimated, says TV show.
Channel Five's TV show 'Scams: Don't Get Caught Out' has revealed a staggering 84% rise of digitally-driven property fraud targeting home owners and landlords.
Stuart Forsdike (main picture, left), Adviser at Title Guardian and founding partner at PCS Legal, joined host Alexis Conran (main picture, right) to delve into the mechanics of the crime on Wednesday night.
Throughout the programme Conran shed light on the multifaceted nature of identity theft and property fraud, with Forsdike explaining the devastating threat of title deed fraud that can result in the theft and illicit sale of properties.
Forsdike told the show: "Fraudsters target your property due to its value. They only need one successful hit to accrue an asset that's large in value."
He highlighted how scammers exploit various circumstances, including properties not yet registered with Land Registry, vacant properties and those rented out, before explaining: "Everyone is a target because anyone can have their ID defrauded, therefore anyone can impersonate being a seller."
A fraudster may be a rogue tenant or have no connection to a target address. The name, address and mortgage status of a property owner is easily available via HM Land Registry for a nominal fee. Using this information, they can clone the owner's identity documents to illegitimately transfer property ownership.
Financial gain
Once in control, they can sell the property, take out loans or use it for their own financial gain - all without the legitimate owner's knowledge until after the crime has been committed.
"If a landlord lets out a property, there is nothing to stop their tenant going to a lawyer and changing their name officially by deed poll," he explained.
"They would then have a new passport, new driving licence, bank statements, utility bills sent to that property address in their new name, which is the same as the landlord.
"At this point they can walk into a law firm, pass ID checks, they could go to a selling agent, put the property on the market and effectively sell it.
"It's possible because there are no ways to restrict this happening".
Who doesn't want an agent up to date with current legislation? Contact Affinity today!