Property update during the unknown with COVID-19. These are very unsettling times and we would like you to take a read if you are going through with a property transaction.

In my last blog, I discussed the reason why solicitors require your ID and bank statements when you are buying and selling property, the natural progression from that is how property fraud happens and what can you do to prevent it. The Land Registry has stated that “Since 2009 we have prevented 279 fraudulent registrations with a combined property value of £133.4 million, ensuring the accuracy and integrity of our register.” In 2014 alone property fraud in the UK totalled almost £10 million and is on the increase.

So many clients ask this question when buying and selling property, it is common to hear “I have just given all this to the estate agents and my mortgage broker it is such a pain”. The short answer is to protect you and us. Money laundering is a problem for the UK, with trillions of pounds thought to be laundered through banks and properties. It has been pinpointed as a target for the government, with the economic secretary to the Treasury John Glen saying that “Money laundering regulation exists to help protect an honest business, so anyone who flaunts the law should know that swift action will be taken.”

There was a time when Stamp Duty payable on the purchase of the property was simple in that there was a fixed percentage payable on all types of property if the purchase price exceeded a threshold which was intermittently raised with inflation.

Another question I am often asked.... Why do I need to insure my property on the exchange of contracts instead of the date of completion? Good question. It can be a common misconception with buyers of property that a Conveyancer actually acts for the mortgage lender as well as them.