The Law Society is warning home owners not to waste money on some of the so-called fraud protection policies on their homes now being aggressively marketed by some insurance companies.
The warning comes after the publication of title theft protection insurance adverts claiming to protect home owners from property fraud. The Law Society says that in reality the insurance does little to protect them.
The adverts have prompted the Land Registry to post a message on its website distancing itself from claims made in third party title theft protection adverts.
Law Society President Linda Lee said that the adverts are merely scaremongering and the policies were ineffective in the fight against fraud.
She said: “These particular insurance products create no barrier between home owners and fraudsters. There are much more effective measures home owners can take to guard against fraud.
“These kinds of adverts are claiming that this kind of insurance is necessary, especially if a home does not have a mortgage. With many non-mortgaged properties likely to be owned by elderly home owners, this type of sales tactic is particularly concerning.
“The Land Registry provides guidance aimed at guarding against property fraud and has worked collaboratively with the Law Society and other organisations specifically to tackle property and mortgage fraud.
“Only last year, Land Registry and the Law Society produced a practice note for solicitors specifically aimed at tackling fraud.
“If anyone has concerns about title theft or property fraud in general they should contact their solicitor rather than waste money on what is an ineffective insurance product.”
.png)
Comments
Probably because lawyers don't know any monosyllabic words?
So why doesn't the Law Soc work closer with the estate agency profession and vice versa and produce a really useful, easy to understand guide?