IndemnityThis year £3,516,061 was paid for 914 claims, compared with £3,928,258 for 894 claims last year. The largest payment was in excess of £8 million (including legal costs) in respect of losses arising from the registration of a fraudulent transfer of a large, valuable property. The property was registered in the name of an overseas company and a transfer from that company was forged and subsequently registered. The resulting dispute and claim was the subject of litigation which was settled following mediation. The overseas company was restored as proprietor of the land. A police investigation into the crime is continuing and Land Registry is pursuing the recovery of the money it has paid. We have reviewed our procedures on forgeries as a result of this case.
We have recovered £178,809 under our statutory right of recourse, compared with £28,360 last year. |
