Lifetime planning at Merseyside law firm Maxwell Hodge are warning people to beware of cold callers operating in the region, who are attempting to get homeowners to sign over their properties.
The department has become aware of older people being targeted by unregulated companies in an effort to transfer their properties over to a property protection trust. The companies also insist on providing unnecessary documentation, including wills, at some expense.
Michael Yates, managing partner at Maxwell Hodge, uncovered the practice when a client requested him to witness a document. The client had no family or next of kin and lived in an inherited house. Realising the document was a property transfer form and the new ‘trustees’ were people the client barely knew, Michael refused to witness it and arranged to discuss things properly.
It transpired that the client had received a cold call and as a result had been talked into transferring his property into a property protection trust for the benefit of his family – of which he had none -- in the future. He was also talked into preparing a will, spending more than £1,000 in the process.
Maxwell Hodge was able to revoke the new will and prevent the property being taken out of the client’s name.
Michael Yates said: “Sadly, this kind of thing is unlikely to be an isolated incident. Being put into this kind of situation can be very distressing for clients, as the callers make themselves sound reputable and are very good salesmen. In fact they are usually completely unregulated and unqualified.
“However, it is incredibly worrying these firms are recommending property transfers without knowing anything about a person's financial needs or family arrangements.
“We would not advise using one of these companies, or giving personal information to cold callers. Anyone looking to transfer a property into another name, or write or update a will should always seek professional legal advice.”
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