Kent Solicitors

The Law Society issued a newsletter to all firms in December 2007 reminding them to be on their guard against mortgage fraud. If the mortgage has been obtained by fraud, then completing a purchase using it is a principal money laundering offence. The court will consider a solicitor to have a high level of knowledge and education and will not be sympathetic to a plea of unwitting involvement, given the due diligence obligations of the profession. The obvious telltale signs are if the property has been owned for less than six months, if its value has significantly increased, is this a normal transaction for the client, is the mortgage for the full value or if the deposit is being paid by a third party and finally if there is a request to enter a price on the title greater than that being paid. All conveyancers should be on their guard.

Labels: Fraud Mortgage Laundering Due Diligence