Types of Property Fraud & Scams in the United Kingdom
Property fraud is on the rise; in 2020 alone, The Land Registry ended up paying £4.5 million – the second highest figure on record – in compensation to people who were victims of property fraud. Predominantly property title fraud, the potential of being caught out was highlighted by luxury developers, the Candy Brothers, when they believed they were purchasing a 47-acre estate in Sunninghill from four pensioners only to find that they weren’t the actual owners. The property was owned by a billionaire Saudi sheikh and Land Registry ended up paying more than £6.5 million in compensation. Awareness of property fraud and scams has increased in recent years. However, this type of fraud comes in various disguises and can involve buyers, sellers and the legal profession. So, what are the types of property fraud and scams ? How can you spot them and avoid becoming a victim?