Building and owning a home is difficult, especially in the UK. With steep real estate prices, increasing inflation rates, and strict legislation, owning a property is a big deal. Despite all the hurdles, if you do build your home, you might feel the battle is won.
However, this is far from over.
You need to protect your home, not just in your lifetime but also make provisions for it from beyond your grave. Property scams have become extremely common, where you might be hoodwinked of your assets if you are not careful. When dealing with inheritance and beneficiaries, there’s another set of rules and legalities you need to be aware of.
Let’s discuss how you can protect your property and ensure its safety.
Don’t Keep Your Property Vacant
You shouldn’t keep your property vacant or you might find squatters occupying your home. Squatting in residential properties is illegal, however, it is not a criminal offence and falls under civil law. The authorities cannot remove a squatter from your home without court orders.
Here is what you can do:
- Do not keep your property empty for a long time
- You can rent out your property if you live somewhere else
- Install CCTV cameras and security locks and change them frequently
- Post warning signs across your property
Sign Up For Property Alert
Property fraud has become increasingly common in the UK, with attempted property scams increasing by 84% in the last five years. Whether you have a single property or a large portfolio, signing up for HM Land Registry’s Property Alert Service is necessary. Register your property first and then you can apply for this scheme.
This is a preemptive measure in which you will receive alerts on your email if certain activities are noticed on your register, allowing you to immediately act, and preventing any major issues. You can monitor up to 10 properties through this service.
Apply for Form LL Restriction
Identity theft leading to property scams is another thing you must be aware of. A tenant or property caretaker with access to your home can impersonate you and then try to sell or mortgage your property.
The Form LL Restriction is often known as the counter-fraud restriction in which, even as an owner you’ll have limited ability to deal with the property. It can come in handy if you are someone who doesn’t live on the property or when your property will remain unoccupied for a long time.
Form LL Restriction can be a hindrance if you genuinely want to sell, rent or mortgage your property. That said, it can also safeguard your home from fraudulent activities.
Property Protection Trust
It is not easy to foretell what will happen in the future. However, you should always make provisions by imagining the worst-case scenario. When you are old, you might need to be placed in a care home and that can be expensive. On average, it will cost you around £1,160 per week. Therefore, if you outlive your savings, your family might be forced to sell your home to pay for your care.
Anyone who has property worth more than £23,250 is not eligible to receive help from the state for residential care. By placing your home in the property protection trust you ensure your beneficiaries, children, spouse or grandchildren’s right to home remains protected.
As your home is placed in a trust and technically, you are only a trustee and not an owner, it cannot be considered as collateral for residential care fees. Moreover, with your home placed in a trust, you can also safeguard it from marital disputes, bankruptcy and the onslaught of inheritance tax.
Physically Protect Your Home
It is important to physically protect your real estate. This includes constructing a boundary wall around your home or plot to prevent trespassers from entering. To protect your assets from burglars and to be able to make insurance claims in case of a robbery, make a note of all the valuable items in your home. This can include written notes along with photographs. It can come in handy when filing for a claim or to check if anything is amiss.
If you are travelling or not staying in your home for an extended period, then you must lock every door, window, garage door and shed. You can board up the windows and remove any tool or ladder which can be used to enter your home. Remember to change the locks after every tenant if you have leased your property.
Summary
This was all about protecting your property from squatters, burglars, impersonators, fraudsters and even from the law. A home is often the result of years of hard work and sweat and to see it get swindled away from you can be heartbreaking.
We hope our advice comes in handy in protecting your home, its contents and the people in it!
