Monthly Poll: Mortgage Fraud Risk

In a recent survey, mortgage lenders identified ‘solicitor negligence’ as the greatest risk to their businesses.

Mortgage fraud is a threat that is growing each year; in its 2013 Annual Fraud Indicator report, the National Fraud Authority estimated the annual loss attributed to mortgage fraud to be £1bn. Meanwhile, the SRA received 549 reports of bogus law firms in 2013, a 57 percent increase on the number from 2012.

With the threat of mortgage fraud increasing and the consequences becoming ever more dire for both lenders and law firms, we’re asking:

What measures do you employ to check if the law firm you’re dealing with during a property transaction is legitimate? >>

Thank you for taking part, we’ll let you know the results of the poll next month.