Don’t be caught by conveyancing scams

Conveyancing fraud is becoming increasingly common, with 159 homebuyers losing their deposits to fraudsters last year, up 85% on 2015.

Crimestoppers, the crime-fighting charity, is partnering with the Safe Buyer Scheme, a fraud-prevention tool, to raise awareness of conveyancing fraud. This type of scam is increasingly common in the UK, with 159 homebuyers losing their deposits to fraudsters last year, up 85% on 2015.

There are several types of property fraud, but the most common is known as "buyer deposit redirection fraud". This type occurs when correspondence between a buyer and their conveyancer is intercepted, with the fraudster then impersonating the firm, and providing fake bank details. The buyer then transfers their deposit money to this fraudulent account, thinking they have been liaising with their conveyancer. By the time anyone has detected any suspicious activity, such as the conveyancer chasing the transfer of the funds, the money has been withdrawn or transferred. This leaves the buyer out of pocket and without their new house.

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Emma Lunn

Emma Lunn is a multi-award-winning journalist who specialises in personal finance and consumer issues. With more than 18 years’ experience in personal finance, Emma has covered topics including mortgages, first-time buyers, leasehold, banking, debt, budgeting, broadband, energy, pensions and investments. Emma’s one of the most prolific freelance personal finance journalists with a back catalogue of work in newspapers such as The Guardian, The Independent, The Daily Telegraph, the Mail on Sunday and the Mirror. As a freelancer she has also completed various in-house contracts at The Guardian, The Independent, Mortgage Solutions, Orange and Moneywise. 

She also writes regularly for specialist magazines and websites such as Property Hub, Mortgage Strategy and YourMoney.com. She’s particularly proud of her work writing about the leasehold sector and a Guardian front-page story about a dodgy landlord. She has a real passion for helping people learn about money – especially when many people are struggling to get by in today’s challenging economic climate – and prides herself on simplifying complex subjects.