Do you own rental property? If so, the number of property scams you need to be aware of are increasing on a regular basis. July is Scam Awareness Month and to emphasise just how much of an increase there has been in property related scams, the Land Registry have launched their own “Property Scam Awareness Month” in an attempt to help property owners who may be at risk.
Regrettably, property owners are readily the target of fraudsters and identity fraud is widespread within the property market. If you own rental property which is not registered at the Land Registry, is not subject to mortgage finance or perhaps just a long way from your own home, you may be a prime target for the latest scams.
A scenario where landlords may be at risk is where a tenant acquires a tenancy of a rental property having used fraudulent documentation and therefore under a fabricated identity. They then proceed to generate false documentation for the landlord and pose as the landlord to enable them to put the property on the market for sale. Alternatively, the “tenants” may be in a position where they attempt to raise finance against the property, again posing as the landlord under false identification. The finance may never be repaid allowing debts to mount up against the property.
Whilst this all may sound alarming and it is of course best to be vigilant of such scams, there are ways in which you can give yourself reassurance that your property is safeguarded in the best possible way:
The ever increasing scams serve as a reminder that it is essential to remain vigilant as a property owner. Prevention is better than cure and it is vital to pay close attention to your property (whether that may be your own home and/or investment property) as well as paying close attention to those who it may be rented to, to ensure serious consequences are avoided.