The Land Registry is trialling a new initiative designed to assist property owners by protecting their empty or tenanted properties from being sold or mortgaged by a fraudster.
The initiative, which runs for an initial six month period from the beginning of February, enables homeowners who do not live (and do not intend to live) at their property to apply to register a restriction against the title to their property which prevents any disposition of the property from being registered without a conveyancer’s certificate which must confirm that the conveyancer is satisfied that the person who executed the document is the actual owner.
The Land Registry has confirmed that the application, which is free of charge, is not appropriate for use in respect of commercial property or development land or where residential property is owned by a company (as opposed to an individual). Property owners who are not entitled to use the new procedure, including owner occupiers, may still apply for a restriction under a similar procedure but must pay an application fee of £50.
Blaser Mills wholeheartedly supports the new initiative and can assist property owners with their application. For more information please speak to one of our property lawyers on 0845 604 2847or email us at email@example.com