Tag Archives: Serious Fraud Office

New Move to Combat Buy to Let Fraudsters Buy to Let News, Cautionary Tales, Latest Articles, Property Market News

Street with 'To Let' signs outside most houses

"Precautions over buy to let fraud upped"

Buy to let lenders are making deals tougher for property investors who try and purchase off-plan or at below market value.

In the latest move to fight mortgage fraud, banks and building societies want builders to tell them about any price incentives that affect the value of the property.

Builders and developers must supply the information to the lender’s solicitor before conveyancing is completed and the buyer takes over ownership.

The new form is effective from October 1, 2011, and replaces an earlier version requiring less detail. Continue reading New Move to Combat Buy to Let Fraudsters

Two jailed for fraud of £50million Latest Articles, Property Investment News

Gavel on silk backgroundA £50million mortgage fraud said to be ‘off the scale in terms of the sentencing guidelines for fraud cases’ by a judge has resulted in a combined 20 years in prison for a property investor and a chartered surveyor.

Saghir Ahmed Afzal and Ian McGarry were charged in 2009 along with six others and plead guilty to six counts. Continue reading Two jailed for fraud of £50million

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