Date Published 22 April 2023
If you are a landlord, you may not be aware there has been a surge in fraudulent tenancy applications since the start of the pandemic.
According to referencing firms, there has been a 153% increase in fraudulent tenancy applications and more than £3.3 million worth of fraud has been stopped.
Fraudulent tenancy applications can cause serious financial losses and legal headaches for landlords, especially if they are not detected before signing a contract.
Fraudsters may use fake or stolen IDs, forged documents, or fake websites and emails to impersonate employers or references. They may also try to sublet the property without permission or default on the rent.
How can landlords protect themselves from fraudulent tenancy applications?
One way is to use a reputable letting agent service who can verify the identity, income, credit history, and previous landlord references of prospective tenants.
Another way is to ask for proof of funds, such as bank statements or payslips, and check them carefully for any signs of tampering.
Landlords should also be wary of tenants who offer to pay a large amount of rent in advance or who seem too eager to move in without viewing the property.
By being vigilant and thorough, landlords can avoid falling victim to fraudulent tenancy applications and find reliable and trustworthy tenants for their properties.
An empty property is better than the wrong tenant. Be safe out there folks!
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