London\u2019s leading letting agents, Benham & Reeves Residential Lettings, today issued a\u00a0warning to the capital\u2019s landlords to protect themselves against property fraud. A\u00a0growing problem in the UK, the deceit typically involves fraudsters forging a property\u00a0owner\u2019s documents and using them to transfer the property into a their own name with\u00a0the Land Registry. The fraudster then applies for a mortgage against the house or flat\u00a0and absconds with the cash.<\/p>\n
So-called \u2018absent landlords\u2019 who are based outside of the capital are particularly\u00a0vulnerable as the fraudster typically needs access to the property to commit the fraud.\u00a0The crime can also be a problem in communal blocks of flats where post is simply\u00a0deposited in a central location. Once the fraud has been committed, it is very difficult to\u00a0prosecute although the effects can be devastating.<\/p>\n
In a landmark 2008 case, a landlord who discovered a fraud on his property sought to\u00a0overturn the Land Registration. While the court ruled that the property rightfully\u00a0belonged to the landlord, it ruled that the charge made against the property by the\u00a0mortgage lender must remain. The court stated that the mortgage company should be\u00a0able to assume information from the Land Registry was correct. The mortgage company\u00a0then forced a sale of the property to recovery the amount it had lent against the home.<\/p>\n
\u201cWhile the consequences of property fraud are obviously catastrophic, it can be easily\u00a0prevented,\u201d explains Marc von Grundherr of Benham & Reeves Residential Lettings. \u201cA\u00a0landlord simply needs to provide Land Registry with three sets of up-to-date contact\u00a0details including an email address. Should a fraudster attempt to transfer the title, the\u00a0landlord would be notified immediately and would be able to act. The service is free but\u00a0unfortunately, so few landlords are aware of the issue that they fail to take this simple
\nstep.\u201d
\n-ENDS-<\/p>\n","protected":false},"excerpt":{"rendered":"
London\u2019s leading letting agents, Benham & Reeves Residential Lettings, today issued a\u00a0warning to the capital\u2019s landlords to protect themselves against property fraud. A\u00a0growing problem in the UK, the deceit typically involves fraudsters forging a property\u00a0owner\u2019s documents and using them to transfer the property into a their own name with\u00a0the Land Registry. The fraudster then applies … <\/p>\n