The advent of super-fast digital-only house sales has taken a huge step forward after developer and property investment firm MBU Capital became the first to sell new-builds using a digitised end-to-end conveyancing process late last year at a Stevenage development (pictured).
MBU Capital has achieved this using the Yourkeys platform and says it has completed on several sales ranging from £170,00,00 for a studio to £365,000 for a two-bed flat.
Yourkeys says its business model is focussed on newbuilds and it hopes to facilitate 10,000 sales during 2020, although a version for resale properties is to launch later on.
The platform knits together conveyancing firms, mortgage brokers, lenders, housebuilders and estate agents and, it is claimed, reduces the sales process from an industry average of 63 to 11 days.
“There are lots of companies involved in each transaction and their systems don’t talk to each other,” says 27-year-old Yourkeys CEO Riccardo Iannucci-Dawson (left).
“We saw the opportunity to build a data layer that pulls together inputs from everyone involved.”
Founded by Dawson three years ago, Yourkeys has several backers including lending giant the Mortgage Advice Bureau.
“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,” says Dawson.
His platform pulls 200 data sets from multiple sources to reduce buyer onboarding time from weeks to just minutes including ID verification, anti-money laundering checks and mortgage applications.
Peter Beard (left), Sales Director of MBU Capital, 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.”
Read more about the digital conveyancing revolution.