Yourkeys has completed the first fully digitised end-to-end property transaction.
The company, backed by The Mortgage Advice Bureau amongst others, ties together all of the major stakeholders in a transaction including conveyancers, mortgage brokers, lenders, housebuilders and estate agents.
Putting the above transaction into context, Yourkeys has reduced the time to reach exchange of contracts from the industry average of 63 days, down to just 11 days
Riccardo Iannucci-Dawson, chief executive at Yourkeys, said: “The problem is that there are lots of companies involved in each transaction and their systems don’t talk to each other.
“We saw the opportunity to build a data layer that pulls together inputs from everyone involved in the process.
“No easy feat when you consider that there are thousands of legal firms and financial advisors nationally.
“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.
With the Yourkeys technology in place, ID verification, anti-money laundering checks, mortgage applications and other documents are pulled together in minutes.
Peter Beard, sales director of MBU Capital, who performed the first transaction on their development in Stevenage, said: “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.”
Yourkeys currently focuses on the new build sector however Dawson said that the technology will be adapted for the second-hand market by Q2.
He added: “We’re aiming to complete 10,000 transactions nationally in 2020 with at least 60% coverage of all legal firms and IFA’s, and that includes the second-hand market.
“We already have some big nationwide companies ready to trial this new functionality, so it’s very exciting times.”