Customer Service and Operations
Indemnity
This year £2,661,998 was paid for 799 claims compared with £2,507,854
for 712 claims last year.
The largest payment was in excess of £194,000 (including interest) in
respect of loss arising from a forged transfer of a registered property. The
title was not rectified to reinstate the true owner, a company incorporated
in Gibraltar, because by the time the forgery came to light the property had
passed into the hands of innocent third parties who were in possession of it.
The true owner was, however, entitled to be indemnified under section 83 of
the Land Registration Act 1925. The whereabouts of the persons who committed
the fraud are unknown, and the police have been unable to trace them. We have
not, therefore, been able to try to recover the money from them.
We recovered £5,950 under our statutory rights of recourse (down from
£83,621).
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