Lloyds Banking Group, Connells Group and LMS have come together to launch a ‘groundbreaking’ digital homebuying service they claim will reshape how property transactions are handled.

It brings lender, agent and conveyancer onto a single platform, shifts key steps to the start of the process and allows information to be shared between all parties.

At its core is LMS’s National Property Transaction Network (NPTN), which captures property, identity and financial information once and then makes it available throughout the transaction process.

Sellers are made “sale-ready” at the listing stage, with material information, ID verification and searches completed upfront, while buyers’ source-of-funds checks are carried out earlier to confirm their ability to proceed.

Shared data

By sharing that data across the network, the service prevents repeated requests for documents and reduces reliance on manual, email-driven workflows.

It has been designed “to eliminate the points of frustration and cut weeks of waiting and uncertainty from the process”, with customers benefiting from “a slicker, quicker, clearer, simpler process”.

The platform is supported by firms including Moverly, Credas and Armalytix, and will initially operate across transactions involving Connells branches, LMS panel conveyancers and Lloyds as lender in England and Wales.

Andrew Asaam, Homes Director at Lloyds Banking Group, said: “With this new digital service, we aim to cut the stress, increase the speed, reduce the workload for customers and limit the number of transactions that fall through. This could change the way we buy and sell homes.”

The industry has spent years diagnosing the problem. NPTN is infrastructure that delivers the solution.”

Chris Rosindale (main picture), Chief Operating Officer of Connells Group, said: “Society needs a faster, more reliable, fully digitised housing transaction system that increases certainty, reduces fall-throughs and supports housing mobility.”

Nick Chadbourne, Chief Executive of LMS, added: “The industry has spent years diagnosing the problem. NPTN is infrastructure that delivers the solution.”