24 hour helpline:
The service enables you to monitor up to 10 properties and notifies proprietors by email or letter of any significant activity, such as a new charge or transfer of the freehold or leasehold being registered. Up to 3 contact addresses (postal and/or email) may be given per property and it is obviously important to keep these up to date. It is also preferable for at least one of these contact addresses to be email, due to the urgency of any action, which may be required if a fraud is in progress. Those subscribing to the Property Alert Service should also ensure any emails from the Land Registry are not filtered into their spam Outlook folder or that such folder is checked regularly.
Clearly, the service is dependent on properties being registered, so the Land Registry advises owners of unregistered properties to consider applying for first registration as one method of protecting against fraud. As well as enabling use of tools such as the Property Alert Service, registered proprietors also benefit from the Land Registry indemnity, which compensates innocent victims for financial loss suffered due to property fraud.
Ideally, however, use of the service will preempt a fraud from taking place, or at least, from resulting in transfer of the legal title or registration of a charge, as prompt action by the owner on receipt of information from the Property Alert Service can enable the Land Registry to reject an application for registration, with far less serious consequences to owners.
Properties which the Land Registry considers to be particularly vulnerable to fraud include:
Client Relationship Manager
T: 0113 385 4483
M: 07432 695 289
The Law Society has issued a practice note about the risks to solicitors posed by this new legislation, which came into force on 30 September.
The SRA has urged all practices to check HM Treasury’s consolidated list of asset freeze targets, which lists designated persons subject to financial sanction under EU or UK legislation.
The practising certificate renewal period opened on Monday 2 October.
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