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Landlords Challenge Rogue Solicators and Valuers

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Landlords Challenge Rogue Solicators and Valuers

Written by Caroline Barnes

Tuesday, 05 February 2008

The Residential Landlords Association has called on national bodies, representing professional solicitors and valuers, to bring rogue members to account over the fraudulent practice of inflating property values and potential rental income. The Residential Landlords Association has called on national bodies, representing professional solicitors and valuers, to bring rogue members to account over the fraudulent practice of inflating property values and potential rental income. The practice was highlighted last night in a BBC Panorama investigation ‘Bursting the house price bubble’. Buy-to-let investors, attracted to new city-centre flats, are being stung by developers who are accused of encouraging mortgage fraud by inflating values - often by using incentives, such as cash-back offers, free holidays or payment of legal fees and stamp duty, as part of the asking price. “This has now prompted calls for more regulation of the industry,” says Lee Dribben, chairman of the Residential Landlords Association - whose members own over 100,000 private rented properties throughout the UK. “But the regulations are already there and have obviously been breached by rogue valuers and solicitors who are working in the best interests of developers instead of buyers. “Professional associations such as The Royal Institution of Chartered Surveyors and the Law Society should be calling these members to account for their actions.

“Investors can also help themselves avoid manipulation in two ways. Firstly by seeking independent research into the claimed value of a property and its rental return. Secondly by making sure that the value of any incentives comes off the inflated price so the true property value can be seen more clearly.”

The Residential Landlords Association is a leading national organisation with members owning over 100,000 properties in the UK’s professional private rented sector. The range of members’ services - on www.rla.org.uk - includes legal advice, insurance, financial services, credit referencing and training. For tenants there is www.tenantdocs.co.uk – where tips include a download of the RLA’s award-winning Plain English tenancy agreement. The RLA operates a web-based property search on www.homes2rent.net and publishes the bi-monthly Residential Property Investor magazine.

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For further press information and interviews please contact Powell Communications:Brian Johnson - tel: 0161 828 5400, fax: 0161 839 5414; e-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Graham King – tel: 0161 976 2729, mobile 07850 280213; e-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

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