Buy-to-let landlords across the Midlands and beyond are being warned of the dangers of a potential rise in fraud during the often-busy summer selling season.
This alert has been raised by property lawyer Javed Ahmed who has observed that owners could see themselves conned out of thousands of pounds by fraudsters.
Cloning
Mr Ahmed warns that people are having their identities cloned and are having flats and houses sold from underneath their nose.
A member of Midlands law firm mfg Solicitors, Ahmed has raised concerns over this cloning and has called on owners to act quickly to protect themselves.
Fraudsters are fooling both estate agents and lawyers by posing as the owner of the property- then subsequently managing to take out loans or even mortgage the accommodation.
Landlords warned to be vigilant against property fraud
Attractive
Commenting on his warning, Mr Ahmed said: ‘Property is usually the most valuable asset people will own and it’s a hugely attractive target for fraudsters who want to sell it and pocket the money. It is something people think will never happen to them but it is a very real threat and people here in the Midlands must guard against it. Those who are most at risk are people who rent out their property, or whose property is vacant.’[1]
‘It’s also an issue for those who own the property outright without a mortgage but one of the best steps is for owners to arrange a restriction on their title to prevent the Land Registry registering a sale without the identities being verified. It’s a process best taken care of by a professional to ensure every box is ticked,’ he added.[1]
[1] http://www.propertyreporter.co.uk/landlords/landlords-warned-of-potential-rise-in-property-fraud.html