Identity fraud is on the rise and given the high value of residential property, vulnerable people and those with investment properties would be wise to implement appropriate safeguards. One way in which they can do this is to have an anti-fraud Form LL restriction placed upon their property’s title with the Land Registry.
How a Form LL restriction works
When selling a property with a Form LL restriction on it, the property owner must have their identification independently verified by a conveyancing solicitor such as https://www.parachutelaw.co.uk/form-ll-land-registry-restriction. The solicitor will meet with them either in person or by video call, review their photo ID and check their signature to assure themselves that they are indeed the legal owner of the property in question.
By placing such a restriction upon a property, owners who do not live in their property or who are concerned that they may be vulnerable to identity fraud are protected from criminals who may otherwise attempt to sell their property without rightful permission.
Who should consider a Form LL restriction?
Second home owners who either rent out their property or only live in it for part of the year should consider signing up to HM Land Registry’s free Property Alert service or placing a Form LL restriction upon the title deeds of their property.
Likewise, anybody with Power of Attorney over an elderly or infirm relative that they do not live with should consider whether there is merit in seeking a Form LL restriction for their home to prevent fraudsters from deceitfully acquiring the rights to their property and causing them stress, financial harm or in the worst case, depriving them of their property.
Drawbacks of instigating a Form LL restriction
As a Form LL restriction is an anti-fraud mechanism, it introduces necessary complexity into the conveyancing process as additional checks are required to ensure that the proposed seller is the legal owner of the property and within their rights to sell it.
This additional layer of checks often increases the cost of the conveyancing process and can also extend its duration.
Recommendation
It is recommended that anybody whose property has a Form LL restriction has it removed prior to offering their property for sale. This too will require ID verification by a conveyancing solicitor and could take several weeks to be processed by the Land Registry, and should therefore be factored into the planning process.
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