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Property Fraud Prevention Fee (when buying a new property)
SpanishBlue
Posts: 662 Forumite
We are close to exchanging contracts on our new home we are buying.
Our solicitor has suggested we pay him an additional fee of £120 so that an extra sentence can be added to the title of our new home, which basically states that it can’t be sold or have a mortgage placed on it in the future without a solicitor checking our identity first.
Is this just scaremongering or is it worth paying for this “service”?
Once we’ve bought the property, could we not just register at https://www.gov.uk/guidance/property-alert and save ourselves the £120 fee?
Our solicitor has suggested we pay him an additional fee of £120 so that an extra sentence can be added to the title of our new home, which basically states that it can’t be sold or have a mortgage placed on it in the future without a solicitor checking our identity first.
Is this just scaremongering or is it worth paying for this “service”?
Once we’ve bought the property, could we not just register at https://www.gov.uk/guidance/property-alert and save ourselves the £120 fee?
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If you think you are at risk of fraud, for example if there are some fraudsters in the family, or addictive gamblers or scam artists with a grudge against you, then it might be worth it.
Otherwise I wouldn't botherChanging the world, one sarcastic comment at a time.0 -
Ummm what. Shouldn!!!8217;t they be checking the identity anyway?0
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Surely you've read about identity theft? It does happen, and people do get scammed - even to the point of losing property.beckysheffield wrote: »Ummm what. Shouldn!!!8217;t they be checking the identity anyway?
With a property, it's a much bigger risk if you don't live in it eg 2nd home, BTL etc (paperwork may go to the property).
But the free LR service I linked above is a good protection.0 -
Thanks everyone for your input.
We have decided to sign up to the Land Registry's free service (thanks G_M:)) and not bother with the Solicitor's £120 fee for their service.0
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