Completed last week, the digitised property transaction reduced time to exchange of contracts from an industry average of 63 days to just 11 days and marks a turning point in terms of revolutionising the conveyancing process.
Frustrated by the current antiquated process of how property is bought and sold, Yourkeys identified an opportunity for change through the creation of a digital platform which would bring together all of the key stakeholders within a property transaction, including conveyancers, mortgage brokers, lenders, housebuilders and estate agents.
Convey Choice were delighted to work alongside Yourkeys and leading forward-thinking industry partners including The Conveyancing Association, Mortgage Advice Bureau, HM Land Registry, Search Acumen, LEAP, Redbrick Solutions, UK Finance and many more to feed into the development of the platform.
The new online platform combines data from all parties involved in the process, pulling in information from over 200 data sets. For example, digitisation of the onboarding process, including ID verification, anti-money laundering checks, mortgage applications, etc. has reduced time spent on this stage from weeks to just minutes, reducing pressure on the conveyancer as well as delivering obvious benefits to the buyer.
Convey Choice shares Yourkeys’ vision to embrace technology to create greater consistency, transparency and communication throughout the conveyancing journey for the benefit of the consumer and all parties involved. It fully supports the innovative step forwards which Yourkeys’ new platform and the delivery of this first digitised transaction provides for the industry.
Convey Choice work with specialist partners throughout the UK to offer a national solution to the market. Its own platform facilitates engagement between key experts and allows the consumer and other parties to feel connected and updated at every step. As a leading provider of expert conveyancing services, Convey Choice encourages collaboration with likeminded businesses and property experts, as shown by its support of the new RICS homebuyer survey guidelines, which it is embracing through collaboration with Propria. The company aims to be the brand of choice for collaboration to drive change for the benefit of consumers.
“Our relationship with Yourkeys is one that defines how key companies can work together to deliver a better landscape for the consumer. This is an exciting partnership that will together strive forward in 2020 with a clear focus on digital solutions that will contribute to a more efficient, modern process for the consumer. Our focus for this year is to streamline processes and efficiencies and aim to reduce conveyancing timescales for the benefit of both consumers and property professionals.”
Renu Kiran, Managing Director,
The first digitised transaction for MBU Capital, for a new build development in Stevenage marks 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 Q2 2020.
Riccardo Iannucci-Dawson, CEO of Yourkeys comments;
“We’re aiming to complete 10,000 transactions nationally in 2020 with at least 60% coverage of all legal firms and IFAs, and that includes the second-hand market. We already have some big nationwide companies ready to trial this new functionality, so it’s very exciting times.”