First digitised property transaction completes in just 11 days
Date: 7th January, 2020
Instant property transactions are a click closer, as Yourkeys completes the first fully digitised end-to-end property transaction in just 11 days.
The company, backed by The Mortgage Advice Bureau amongst others, ties together all of the major stakeholders in the transaction using blockchain-esque technology. Conveyancers, mortgage brokers, lenders, housebuilders and estate agents and all bound together on an indelible piece of digital ledger.
The technology has slashed the time to reach exchange of contracts from the industry average of 63 days, down to just 11 days.
Yourkeys CEO, Riccardo Iannucci-Dawson, said: “The problem is that there are lots of companies involved in each transaction and their systems don’t talk to each other. We saw the opportunity to build a data layer that pulls together inputs from everyone involved in the process.”
No easy feat when you consider that there are thousands of legal firms and financial advisors nationally. “This was a huge challenge but working with our partners, we achieved it and now have over 2,500 companies directly integrated into the platform.” he added.
The technology pulls together over 200 data sets from multiple sources to reduce buyer onboarding time from weeks to just minutes.
With the Yourkeys tech in place, ID verification, anti-money laundering checks, mortgage applications and dozens of different documents are pulled together in minutes which can be instantly passed down the supply chain. The result is a dramatic acceleration of the process and a better customer experience all round.
Yourkeys pulled together some major companies from the sector, including The Conveyancing Association, The Mortgage Advice Bureau, HMLR (Land Registry), Search Acumen, LEAP, Redbrick Solutions, Convey Choice, UK Finance and many more to make the magic happen.
Dawson said, “We knew we needed to work with the most forward-thinking partners to completely revolutionise the process, an innovation long overdue!”.
Peter Beard, Sales Director of MBU Capital, who performed the first transaction on their development in Stevenage added: “This is revolutionary, not only for us but for the market in general. The problem with the sales process has always been that there are too many people involved with no oversight of what’s happening. Yourkeys stitches all the pieces together to give complete transparency to all involved without any additional work or input of information.”