A new conveyancing platform that reduces the time it takes to progress from offer to exchange to three weeks is to launch on 20th January initially working with developers before offering its service to estate agents in late March.
Called Yourkeys and backed by £5 million in funding, the platform has been under development in beta mode for the past six months and is already in talks with many of the UK’s big-name estate agencies.
The company has initially signed up 19 house builders with a further 20 in the pipeline and will charge them £200 per transaction at the point of exchange.
Co-founder Craig Massey told The Negotiator that some 250 transactions have already been processed via nine pilot house builders and, while the best offer-to-exchange time achieved has been five days, three quarters of the transactions have taken 21 days.
“This is a huge improvement on the industry average of around two months,” he says.
The service achieves such jaw-droppingly short timescales by completing many of the conveyancing and sales progression tasks at the same time rather than in sequence using tech.
It checks some 200 sources of information to check a buyer’s ‘move readiness’ including completing local searches, verifying gifted deposits, confirming mortgage offers and compleinge Know Your Client due diligence.
“Customers are looking for several things when they buy a home: transparency across the parties, up to date and accurate information, and a pleasant customer journey,” says Massey.
“Yourkeys delivers all three of these outcomes as well as accelerating the time to exchange of contracts dramatically.”
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