At a time when demand for housing is more than the supply, all around the world it is estimated that up to 50,000 homes are not rented out lawfully. Real estate agent Nick Millican explains that this amounts to more than 1 in 100 social homes. As the cost of rent continues to rise, some tenants may resort to deceitful practices in order to get a tenancy agreement for housing.
Commercial real estate expert Nick Millican explores the complexities of tenancy fraud while providing valuable insights for letting agents and helping them spot the signs that the tenant may not be entirely truthful.
What are some forms of tenancy fraud?
Tenants may make a right to buy or right to acquire applications and give false information to try to secure a home; obtaining a home by deception involves use of false information to gain a social housing property, Nick Millicana adds. For instance, tenants may give false information about who lives with them, false bank statements and references which may not be genuine. Landlordsmay be advised to ensure the documentation received is not false.
Illegal subletting is another form of tenancy fraud. This may involve where somebody lets out all or some of their home. In doing so, without the knowledge of the landlord, they could be committing tenancy fraud. And this is where real estate agent Nick Millican comes in.
These tenants tend to charge the subletter more than the rent pay thereby taking a larger payment from those subletting. Nick Millican points out the importance of approaching these situations lawfully with proper procedures. Consider seeking legal advice and following proper procedures for investigation.