Yourkeys have just taken a massive step towards dramatically changing the way property is bought and sold by completing the first fully digitised end-to-end property transaction.
The company, backed by The Mortgage Advice Bureau among others, ties together all of the major stakeholders in the transaction including conveyancers, mortgage brokers, lenders, housebuilders and estate agents.
Putting the above transaction into context, Yourkeys have reduced the time to reach exchange of contracts from the industry average of 63 days, down to just 11 days.
This milestone achievement by the Yourkeys team is a game-changer for the industry as a whole.
Yourkeys CEO, Riccardo Iannucci-Dawson is the pioneer behind this tech revolution and recognised back in 2017 that the house purchase process was completely fragmented.
“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. He added,
“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.”
Digging a little deeper into the magic behind Yourkeys, the technology pulls together over 200 data sets from multiple sources to reduce buyer onboarding time from weeks to just minutes. In practical terms, this is a huge leap forward for conveyancers who are tasked with collating a tonne of information at the start of the home purchase process. With the Yourkeys tech in place, ID verification, anti-money laundering checks, mortgage applications and dozens of different documents are pulled together in minutes which can be instantly passed down the supply chain. The result is a dramatic acceleration of the process and a better customer experience all round.
Yourkeys pulled together some major companies from the sector, including The Conveyancing Association, The Mortgage Advice Bureau, HMLR (Land Registry), Search Acumen, LEAP, Redbrick Solutions, Convey Choice, UK Finance and many more to make the magic happen. Dawson commented,
“We knew we needed to work with the most forward-thinking partners to completely revolutionise the process, an innovation long overdue!”.
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 are currently focussed on the new build sector however Dawson says that the technology will be adapted for the second-hand market by Q2 2020:
“We’re aiming to complete 10,000 transactions nationally in 2020 with at least 60 per cent 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.”