The UK property rental market is one of the country’s biggest. Many of us will spend most of the wealth accumulated in our life time on either a mortgage, rent or home improvements of some kind. This is however proving to be a lucrative market for scammers and con-men who are using fake identities to coax landlords into providing them with housing.
Old Tricks
Identity fraud is a staple for a scammer. False papers can be provided to check references and fake deposits paid in. By the time the landlord has realised that the check has not gone through, the tenant is securely housed and cannot be moved easily. Eviction takes a number of months and can mean that tenants are being housed for free, they may also damage the house or steal electrical items, furniture and so on.
How to spot a scammer
The deposit bouncing is the first sign that your tenant may not be genuine. Ensure that a deposit has gone through before handing the keys over. Check references in depth, and question in detail various aspects. Talking to a tenant normally is also a good way to determine whether their intentions are honourable. If a tenant is uneasy, not willing to talk about their personal life or willing to go in depth on any matter, it could be suspicious.
Protect Yourself
Very few will have enough in the bank to keep on going without rental income coming through, so ensure you have landlords insurance in place. You will need the funds coming through if you are being conned, not only so that you can reclaim losses, but also so that you can put your efforts towards removing the tenant. Tell the police if you’ve been conned, as for many of these criminals it won’t have been their first time, and it won’t be their last.
Whilst in the UK, the risk of being a victim of fraud is comparatively minimal; however you don’t want to be complacent. Check all the references check the details and if you have an uneasy feeling, it may be best to follow your instinct. Being defrauded in this way is costly as well as emotionally damaging.