Technology Gets Buyers To Exchange Of Contracts In Just 7 Days!
Source: Today’s Conveyancer
Date: 18 February 2020
Tech innovator Yourkeys has partnered with MBU Capital, Dezrez Legal and case management platform provider, Convey Choice, to make history in the sale of new build homes. This partnership has accelerated the conveyancing process to regularly achieve exchange of contracts in just 7 days, for MBU’s Park Place Development in Stevenage. Yourkeys hit the headlines in early January with the first transaction on the Stevenage scheme reaching exchange in 11 days. Since then, they have achieved 7 days on 3 separate occasions by utilising the Yourkeys technology.
Justin Morris, CEO of Dezrez Legal stated:
“Yourkeys has access to over 200+ different data sources and instantly delivers much of the early stage checks, searches, and personal data requests that could typically take us a few weeks. It’s my opinion that this solution is an incredible breakthrough giving housebuilders the ability to collate all the upfront information we need to accelerate the sale.”
Riccardo Iannucci-Dawson, CEO of Yourkeys stated:
“Our solution automatically pulls together all the upfront data required to process a transaction and then passes that data via API down the supply chain into the brokers, conveyancers and ultimately lenders. This removes ambiguity and gives everyone complete visibility of the makeup of a transaction which then accelerates the time to exchange dramatically. Convey Choice, as well as many other case management systems including LEAP and Redbrick Solutions have now signed up to the Yourkeys network recognising the enormous benefits for their conveyancer and mortgage broker.”
Dawson also stated: “We recognise that these transactions are proceedable purchases that are not in chains, which makes it slightly easier. However, given that the average transaction time on these types of purchases are around 63 days, it’s a great step forward. We’re currently working on a solution to help accelerate transactions within chains too, more on this to come later this year!”
Renu Kiran, Managing Director, Convey Choice, said:
“We’re incredibly happy to be a part of the network which is helping improve the currently fragmented process. These first digitised transactions mark a massive step towards dramatically changing the way property is bought and sold. Following this, Yourkeys are set to bring the digitised conveyancing process to the second-hand market by Q3 2020.”
Peter Beard the Marketing Lead of MBU Capital, stated:
“Yourkeys have massively accelerated the time to reach exchange of contracts and 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 without any additional work or input of information with the upside that it can help reduce fall through numbers as the client is way more invested in the process. Communication is key, as it should always be in managing the transaction journey. In a really dated market desperate for disruption, Yourkeys has finally delivered a 21st century solution.”
This article was submitted to be published by Convey Choice as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.