9:51 AM, 10th August 2015, About 7 years ago 13
If I buy a property and it turns out that the property was fraudulently sold without the owners knowledge ie. son impersonating as father or tenant impersonating as the owner with a fake passport and driving licence do I lose my money for purchasing such a property?
I asked my solicitor about this and it seems they think I would be and it would be up to me to recover the money from the fraudster. The solicitor who did the transaction would not be liable under their indemnity policy to pay out as long as they checked the identity (passport) and proof of address. But as my solicitor mentioned to me they have no idea what a fake looks like so this type of fraud is not difficult to perpetrate.
Has anyone here got any ideas how to safeguard against this? My understanding would be that even if I bought the property with a 85% loan, I would still be liable to pay the lender back their money owed.
Appreciate any help that anyone can give.
Many thanks and have a nice day all.