Property Lawyer In Leeds Comments On New Regulations To Stop Mortgage Fraud
October 27th, 2009 | 
Author: When there is an area with a large amount of money constantly being pumped in and out of it, be it in business or any other part of life, there are always going to be those people who will look to make a quick buck, be it honestly or dishonestly.
This is an unfortunate fact of life, however it is a ill-guided and nave person who sees the world through rose-tinted spectacles, believing that everyone is as honest and pure as they may be that would never dream that anyone else would commit fraud.
Unfortunately, the conveyancing process is one of those areas, and there are those sharks, with flagrant disregard for the rules or the law who are swimming around in the property waters, looking to make an easy profit.
Luckily for all of those citizens who abide by the rules and pray that others would also, new laws have recently been introduced to stop these people from having such easy access to our hard-earned money; a Leeds conveyancing solicitor offers his opinions on the recent changes.
The new laws are aimed at preventing a problem that is rife within the country’s major cities, which is mortgage lenders falling victim to over-inflated property valuations. They state that developers and builders must reveal if they have offered anything from fitted bathrooms, free-plastered kitchens, cash backs or legal fees thrown in gratis, which is known in the industry as ‘buyers incentives’.
The Leeds conveyancing solicitor works for one of the city’s leading law firms and claims that Leeds has witnessed a slump in the amount of house-hunters in a viable position to buy new flats, due to the fact that money lenders are not wanting to become involved with such a deal; this is because of the fraudulent activities that have happened in the past and has caused them to be wary of lending to people aiming to invest in a new, city-centre flat.
He states that because sellers simply cannot find anyone to purchase them for the original asking price, many of the Leeds’s city centre flats are being left vacant or being undersold, at detriment to the city’s economy.
If you are in the market for a new flat, or even a new house and would like some top quality legal advice on the conveyancing process, then contact a Leeds conveyancing solicitor today and see if you can find the bargain that you desire.
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