As a landlord, do you really know your tenants? A recent property scam in Wales involved a longstanding tenant who, by changing his name by Deed Poll to that of the landlord, was able to sell the rented house and pocket the sale proceeds amounting to £400,000.
Needless to say the matter is currently in the hands of the police, but what is apparent is both the solicitor and estate agent undertook all the required identification checks, so neither are deemed to be at fault.
However, at this point in time it is unclear whether the rightful owner will get the property back. Alternatively, if the Land Registry agrees to re-register the house in the landlord’s name, then the unwitting buyer will lose their new home and their money too.
Whilst this is a terrifying story, it can be avoided by using the Property Alert service provided by the HM Land Registry. This free service is aimed at anyone who feels a registered property could be at risk of fraud. It will notify the current owner of any activity on the property and would have alerted the landlord at the beginning of this scam if it had been used.
If you are a landlord horrified by this story and want to discuss how the implications may affect you, then please contact one of the lettings and management experts at the Newark office of Alasdair Morrison and Partners on 01636 670977.
