Tech firm completes fully digital house purchase
Source: Mortgage Strategy
Date: 7th January 2020
Yourkeys has launched a new system that enables the house-buying process to be fully digitised and has completed the first purchase using the technology.
The company, which is backed by Mortgage Advice Bureau among other investors, has brought together all the major stakeholders in the house-buying process including conveyancers, brokers, lenders, housebuilders and estate agents to enable the whole transaction to take place in 11 days, down from an average of 63 days.
The Yourkeys system pulls together over 200 data sets from multiple sources to reduce the time it takes to get buyers’ details inputted and carry out the necessary checks.
In order to help collate information quickly and without the need for paperwork, Yourkeys has worked with The Conveyancing Association, Mortgage Advice Bureau, HM Land Registry, Search Acumen, LEAP, Redbrick Solutions, Convey Choice and UK Finance to make the process digital.
The process enables identity verification, anti-money laundering checks and the mortgage application to be carried out online.
It is integrated with all 343 local authorities in the UK in order to immediately pull in property search data which normally takes weeks.
Yourkeys chief executive Riccardo Iannucci-Dawson says he realised there was an opportunity to modernise the fragmented house-buying process in 2017.
He says: “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.
“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.”
Investment bank MBU Capital was the first to test the new system on the sale of a property on its development in Stevenage.
Sales director Peter Beard says: “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.”
Yourkeys is currently focussing on the new build sector, but Dawson says that the technology will be ready to process sales of older properties by the second quarter of this year.
He adds: “We are aiming to complete 10,000 transactions nationally in 2020 with at least 60 per cent coverage of all legal firms and IFAs, and that includes the second-hand market.”