CASE STUDY: Protecting our lenders against fraudulent borrowers
Posted by: Titlesolv
What triggered the claim? The Lender was approached by Mr M for a short term loan to be secured as a second charge against the Property he jointly owned with his mother, Mrs Y. Once the loan was complete, Mrs Y would relinquish her interest in the property and Mr M would become the sole owner. Mr M was living at the property with his wife and Mrs Y and confirmed that they would be letting the property out and produced a tenancy agreement to reflect this. 6 months later, Mr M defaulted on the loan. The lender discovered that not only was Mr M still living at the property, but Mrs Y alleged that she had no idea why the property was no longer in her name, that she didn't know the solicitors who had acted on her behalf and that she did not understand the documents Mr M had asked her to sign.
Even the simplest of disputes can result in tens of thousands in compensation
Posted by: Titlesolv
A neighbouring property owner had constructed a hardstanding and erected sheds which subsequently encroached on the Insured's access to the property.
What are the hidden risks for lenders post purchase?
Posted by: Titlesolv
Whilst all land in England and Wales is required to be registered at HMLR, following any significant change in title, only around 85% of all land in England and Wales actually is.
Paper trails
Posted by: Titlesolv
A recent case at the High Court in Glasgow considered property fraud on an extraordinary scale. Perhaps most striking about the case was that it was the longest criminal trial in UK legal history, lasting over 320 days.
Consolidation and Innovation
Posted by: Titlesolv
Lenders will soon be represented by a new body, which is set to replace the six current bodies that regulate the financial sector.
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