As part of its programme to help tackle and prevent property fraud, the Land Registry has launched a new Form RQ(Co) allowing a company to register a counter-fraud restriction on its registered titles.
Under this innovative security measure, the restriction will safeguard against forgery, particularly forged signatures on a transfer, lease or mortgage of the property in relation to the title concerned.
How it works
By submitting a Form RQ(Co) a restriction will be entered onto the property’s registered title, limiting the powers of a registered owner in dealing with or disposing of the land. The restriction will require a solicitor or other professional to certify that they are satisfied the company transferring or mortgaging the property is the same as the company that owns it. In order to complete this, the conveyancer must certify that reasonable steps have been taken to establish that anyone who executed the deed on behalf of the company held the stated office at the time of execution.
Form RQ(Co) can be used for three of a company’s properties free of charge. If more are required, a fee of £40 for each title protected is payable.
In using the new form, companies will need to be aware that they will probably need to supply their lawyer with additional information on any dealing with the property and that it will make it very difficult to deal with an affected property in any way that requires registration – for example, a new mortgage – without using a lawyer.
Protect your property
Property fraud is a serious issue with detrimental effects should you fall victim. Over the last five years the Land Registry has stopped almost 150 fraudulent applications on properties worth over £62 million in total.
Take the time now to ensure you minimise any risk and protect your company’s property by entering a restriction on up to three of your registered titles. Endeavour Partnership can work with you to put in place these security measures and help you prevent forgery. For more information please contact Simon Wake on 01642 610336 or at email@example.com
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This article is a general summary and should not be relied upon in the place of seeking professional advice in respect of any specific situation.
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