A potential rise in fraud over the summer has led to buy-to-let landlords and homeowners being warned to take precautionary measures.Alerting property owners to this risk of fraud, Javed Ahmed drew attention to numerous cases where owners had lost significant amounts of money through having their property sold without their knowledge.
More common where the property is mortgage free or has been left empty, criminals will steal the identity of the owner, before putting the property on the market under these illegally obtained details.
Ahmed, a property lawyer for a Midlands based firm, drew attention to the increased volume of transactions during summer, in turn leading to fraud becoming more likely.
Warning property owners to protect their ‘most valuable asset’, Ahmed advised on the precautionary measures which homeowners should consider.
“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.
“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.”
