The ease of booking accommodation online has led to a significant increase in recent years in the number of short-term lettings of private dwellings. Particularly popular with young people, websites such as ‘AirBnB’ make widely accessible the availability of houses and apartments for shorter periods. It’s a great way for a tenant to supplement their income but both landlords and tenants should be aware of the risks of this type of subletting.
Property fraud is estimated to cost the economy up to £70bn annually. HM Land Registry’s own data shows that since 2009 they have prevented frauds on over 160 applications on properties valued in excess of £70m. JB Leitch Head of Real Estate, Robert Denman gives his take on HM Land Registry’s new restriction registration service and how it can help prevent property fraud.