Beware this £26m property fraud

publication date: Jun 16, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Beware this £26m Property Fraud

Kate Faulkner, MD of Designs on Property continually battles against fraudsters in the property market. Up until now, most of her efforts have been focused on warning against property investment scams, such as some land banking companies offering to sell plots of land for up to £20k in the hope that one day planning permission will be granted to build, and this investment will turn into hundreds of thousands of pounds!

Recently, the police and finance industry are becoming more aware of property investment deals where people are encouraged to do 'no money down deals' where the deal isn't transparent to the mortgage lender.

This latest article highlights more potential fraud for property owners thanks to the government publishing title deeds and ownership details of properties online. This information is accessible to anyone who pays a small fee of under £5. This payment gives anybody access to the owner's details, the mortgage company that funded the property and if no mortgage company appears, lets potential fraudsters know that the property is owned outright.

This information can be useful, for example, it can speed up house buying and selling and if tenants want to make sure that they are renting from a real rather than fake landlord, for this small fee they can check the landlord really is the owner of the property.

However, as this article shows opening up this information to the general public has cost in excess of £26m. No doubt yet another bill picked up by the taxpayer!?

We suggest any property owner reads this article carefully and ensures they take the suggested steps to protect themselves from potential fraud, especially as this method of fraud is now hitting the headlines and alerting more potential criminals to a new luctrative source of illegal earnings!

READ the full article HERE - Beware this £26m Property Fraud

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