All the latest innovations brought together in a regular round up of news, updates and upgrades for conveyancing firms.
Material information free for every UK seller
Cardiff-based proptech openmoove has announced it will make material information free on its portal for sellers with no cost passed to the conveyancer, agent or the consumer.
The app, which is currently part of an initiative in Wales to use the proposals outlined in the governments home buying and selling response to demonstrate how up front information, shared data and improved communication can improve the home moving process in the principality. The pilot brings Openmoove together with FinTech Wales, PEXA, the Open Property Data Association (OPDA) and Legal News Wales.
The openmoove platform allows sellers to instruct a conveyancer and a mortgage broker directly in-app bringing all parties into a single environment. The result is all transaction data is gathered in one place, and professionals can act on it from day zero rather than waiting weeks for information to be assembled and re-keyed between firms said openmoove co-founder Ross McKenzie.
On making material information free of charge McKenzie said “it should never have become a revenue line in the first place” given its central role in compliance: “The consumer has to come first in all of this. The government reforms are asking the industry to front-load the transaction and give movers information earlier, and the response from parts of the market has been to work out how to charge for it. Material information is a compliance obligation. It is a given, not a product. Too many people are trying to commercialise something that should simply be part of doing the job properly, and every pound taken out of the consumer at that stage makes the transaction harder, not easier. We would rather remove the cost entirely and earn our revenue by providing a product, our communication app, that deserves it.”
The platform added it plans to introduce searches up front in the coming weeks.
ProConvey and Thirdfort expand partnership to end repeat ID checks in home moves
Conveyancing case management system ProConvey are working with client due diligence platform Thirdfort to integrate Thirdfort’s Identity verification into ProConvey’s Fast Track Sale for estate agents and conveyancers, completed by the seller at the point their property is listed. Using Thirdfort’s Secure Share function, that completed check is then made available to the conveyancer and other authorised professionals working on the same transaction, with access scoped strictly to the participants in that individual sale.
ProConvey said the partnership with enable “a single, bank-grade digital verification carried out at listing (which) can be relied upon throughout the transaction. Sellers arrive at their conveyancer sale-ready, firms cut duplicated compliance spend, and transactions start faster.”
ProConvey launched its Fast Track Sale for estate agents earlier this year, bringing together identity verification, title information and material information into a single digital pack prepared at the point of listing. Commenting on the tie up Chris Scantlebury, Founder, ProConvey said: “Repeat ID checks are one of the most pointless frustrations in moving house. From today, a seller using Fast Track Sale is verified once at listing and that single check is trusted across the whole transaction. It’s better for consumers, cheaper for firms, and it delivers the upfront, sale-ready model the Government’s reforms demand, live in the market now.”
Olly Thornton-Berry, CEO, Thirdfort added: “Thirdfort has long been driven by cutting needless duplication and delays in property transactions and by working with ProConvey we take an exciting step towards making the home buying and selling process even smoother for both consumers and conveyancers. Through this partnership we are cutting out needless duplication and repeated ID and AML checks across the transaction in one joined-up experience for agents and conveyancers.”
tmGroup adds GeoCerta to environmental search panel
Property search and due diligence service provider tmGroup has announced it has added newly launched GeoCerta to its panel of environmental search report providers, joining the existing suite of Groundsure, Landmark, Martello and Dye & Durham searches available to conveyancers.
GeoCerta’s environmental report delivers environmental and climate risk assessment within a single report, and adheres to the Conveyancing Information Executive Standards, backed by £10 million of professional indemnity insurance.
Commenting Matt Green, Chief Executive Officer at tmGroup, said: “Choice matters when it comes to property searches. Every transaction carries a different risk profile, and giving conveyancers access to a genuine range of trusted providers means they can choose the report that fits the property in front of them rather than a one-size-fits-all report. GeoCerta brings a fresh approach to environmental risk, and we’re pleased our customers can access it from day one.”
Dan Montagnani, Chief Executive Officer at GeoCerta, added: “GeoCerta was founded on a simple conviction: conveyancers shouldn’t have to choose between ease of use and data integrity. Our advanced environmental search products deliver significant time savings alongside the market’s most comprehensive data and analysis – consistently exceeding regulatory standards. We look forward to building a high-impact partnership with tmGroup and driving extraordinary value for their clients.”
What could the Fairer Share model mean for clients?
A new website which calculates for any home value, what the Fairer Share 0.48% model would cost per year, how that compares with the household’s current council tax, and the stamp duty a buyer would no longer pay has been launched.
Its founder explains it currently sits on a tracker page which is updated as the story develops, alongside a plain-English breakdown of the land value tax idea: https://buyland.co.uk/blog/land-value-tax-what-it-means-for-land-owners-and-buyers
