What is rental fraud?

Wednesday, 11 July 2012 3:25 PM

Rental fraud is when tenants are tricked into paying an upfront fee to rent a property only to find out it does not exist.
Or the property may be rented to several people at the same time and they never see the original fee again.
ID checking website 192.com is urging both landlords and renters to be aware of the impact of rental fraud on the industry.

According to the National Fraud Intelligence Bureau there has already been 353 separate cases of rental fraud in the UK this year. 

"Rental fraud is a re-occurring threat, with students, holidaymakers and attendees of major events being targeted in different ways but with the same overall objective; to steal from people who have booked a property in good faith, a bureau spokesman said.

“The criminals operate anonymously, advertising on the internet to lure in people in with victims losing thousands of pounds and being left in difficult and distressing positions."

Landlords need to be aware of this trend and avoid using agencies or websites associated with fraud.
Advertising your property for rent on a website that is a known hunting ground for fraudsters will severely decrease your chances of a tenancy.
A good idea is to sign up to a registered agency and always organise to be present at property inspections.
Fraudsters give the landlord industry a bad name.
 

Fraud in social housing networks may soon be a criminal offence.

Bill to criminalise tenancy fraud gets the backing of minister

Grant Shapps, minister for housing, has announced his support for the bill to criminalise tenancy fraud in the UK. The minister confirmed the government would back a new bill, introduced in Parliament today by Conservative MP for Watford Richard Harrington.

As a landlord, you're entitled to a bit of this.

What expenses can be claimed on a rental property?

As a landlord you are entitled to claim expenses incurred on a rental property... find out which expenses those are now.
Landlords should protect confidential data

Property title theft fraud 'costing thousands'

A record sum of money has been paid out by the Land Registry because landlords are failing to register properties online and adequately protect sensitive data, the Association of Residential Letting Agents has warned.

 When do landlords have a right to access a property?

What rights do landlords and agents have to access a rental property?

This week’s expert is Miles Turner, director of Mr. Landlord Eviction Services. He runs us through tenancy privacy and how landlords can access a property.

A lettings agent cam make advertising the property easier.

What are the pros and cons of using a lettings agency for your rental property?

Whether to go it alone or team up with a local letting agent is often one of the first questions a landlord will ask when taking on a buy-to-let investment.Today’s expert and Belvoir CEO Dorian Gonsalves runs us through the pros and cons.

Rents in London are expected to rise in spite of the anticipated slowdown. Image:Thinkstock

Rental rises to slow in 2013

Rents are unlikely to boom in the same manner as this and last year during 2013, according to the latest Rightmove rental statistics.
Landlords need to insure their property.

What needs to be insured by the landlord and what is a tenant's responsibility?

Today’s expert is Eddie Hooker, chief executive officer for Total Landlord Insurance and member of The Landlord Syndicate. He runs us through different types of landlord insurance and what needs to be covered.

Larger house shares are getting increasingly popular as a money saving tactic. Image:Thinkstock

Rental pressure swells house shares

House shares are getting progressively bigger as landlords react to increased demand for lower rents.

Most regions see house prices rise in 2011

Average house price 'is £164,785'

Nine out of 13 regions across Britain recorded property price increases last year, according to the Nationwide index. The average house price is now around £164,785, up by 1.1 per cent over 12 months and by 0.3 per cent over the past three months.

Record low rate to be held again, says Bank of England

The Bank will keep rates low for at least one more month

The Bank of England has once again voted to keep interest rates at their record low rate of 0.5 per cent, it was announced today. This historic low rate has now been maintained for 23 months.