Sales progression staff who regularly endure the nightmare of client completions delayed by the UK’s creaking mortgage and conveyancing systems may soon lead less stressful lives.
A new digital mortgage processing scheme launched today by conveyancing firm My Home Move and escrow account specialist Shieldpay promises to “transform moving day” for hundreds of thousands of transactions every year, and has already completed its first house sale.
Crucially for many agents, the system – which is claimed to improve transparency and both reduce costs and fraud during the sales progression and conveyancing processes – will offer buyers and sellers guaranteed sale completion and key collection times.
Fully regulated and authorised by the Financial Conduct Authority, Shieldpay’s payment solution also lessens the risk of property fraud by verifying the identity of all parties involved, holding funds securely and only releasing them when all sides agree they’re happy.
The system has the backing of Barclays, My Home Move’s in-house legal firm Premier Property Lawyers and conveyancing regulator, the Council for Licensed Conveyancers.
“For too long individuals and businesses have had to engage in unnecessary complexity when sending and receiving sizeable funds,” says Peter Janes, Founder and CEO of Shieldpay (pictured, left).
“Anyone who has ever bought or sold a home will know it’s probably the most important transaction of their lives but unfortunately, it’s also the most painful.
“They also suffer from a complete lack of transparency over the status of the transaction.”
Doug Crawford, CEO of My Home Move (pictured, right), says: “Having completed the first residential property transaction with Shieldpay, we can see the immediate benefits that their solution brings and how moving day could be revolutionised for many home movers.
“Clients waiting with the removal van in the afternoon for money to reach the lawyers could soon be a thing of the past.”