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 by conveyancing firm My Home Move and the escrow account specialist Shieldpay, promises to ‘transform moving day’ for thousands of transactions every year – and has already completed its first house sale.
Crucially for many agents, the system 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, holding funds securely and only releasing them when all sides are 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.
Doug Crawford, CEO of My Home Move added, “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.”