How do you claim abandoned property?
Despite the housing market slump, property is still regarded by many as one of the safest long term investments you can make. However, as mortgages are fewer and farther between, it is becoming more difficult to be able to afford to purchase property. There is a way though to increase the size of your property portfolio without the need to apply for a mortgage, or even to purchase a property.
Roughly 40% of the land in England and Wales isn’t registered to anyone, and this is made up of land or property that has never been registered or has been abandoned. This doesn’t mean that the property isn’t actually owned by anyone, as all land is technically owned.
Claiming abandoned property
though is possible, as often the owners can’t be traced. If you find an abandoned property that looks like it could be claimed, research the property by viewing the Land Registry website and asking neighbours.
If no owners are found you are able to begin occupying or using the property. Make yourself known to the neighbours and be seen on the property. It’s advisable not to spend any money on the property as should the real owners return they could claim it back from you.
Once you have occupied or utilised the abandoned property for a period of twelve years you are then able to apply for ownership and have the property registered in your name.
Article Tags: claim, England, housing, land, market, mortgage, property, slump, Wales
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