Landlords – protect against fraud!

It is estimated by the National Fraud Authority that fraud costs the UK economy £73 billion a year, with mortgage fraud accounting for £1 billion of that.

Mortgage fraud can take place in a number of different ways but for landlords with buy-to-let properties the threat comes from fraudsters who seek to sell or mortgage the property as their own.

Whilst there are many checks that Solicitors will undertake to ensure the identity of the people instructing them there is now further protection available for landlords from the Land Registry.

Since February 2012 it has been possible for non-occupying owners, such as landlords, to register a restriction against their property to require a Solicitor to certify that they are satisfied that the person selling or mortgaging the property is the true owner.

Andrew Duncan, Head of Residential Conveyancing says: “It is vital that property owners, especially those who don’t occupy their own properties, understand that fraud is a very real threat. As Solicitors, we are regulated and obliged to undertake a number of checks when we are approached but I welcome any provision that provides additional support and would recommend that landlords take up this opportunity to protect their property”.