A collaboration designed to ease the stress of purchasing a home has been launched by mortgage giant Lloyds Banking Group, estate agency Connells Group and conveyancing provider LMS (Legal Marketing Services). Those behind the announcement said it will transform the way properties are bought and sold across England and Wales, with customers enjoying a more straightforward process.
The digital home-buying service has been developed to eliminate “points of frustration” such as duplicated checks and lengthy waiting times. Customers should experience a more seamless journey with fewer questions and less chasing, according to those spearheading the initiative.
The service aims to address issues with checks being carried out earlier and information shared digitally amongst relevant parties using LMS’s property transaction network, a shared data-exchange platform. It also seeks to tackle the problem of repetitive identity verification requests and reduce “late surprises” regarding properties.
The service operates on residential sale and purchase transactions within England and Wales, involving Connells branches, LMS‐panel conveyancers, and Lloyds Banking Group as the lender.
Housing Secretary Steve Reed said: “Too many people who have bought or sold a home will know this feeling all too well – months of waiting, chasing and worrying, with sales liable to fall through at any moment. It can quickly become a living nightmare. It doesn’t need to be this difficult and that is why we have set out bold proposals to shake up the home-buying and selling process.
“I’m pleased to see Lloyds Banking Group, Connells Group and LMS showing what’s possible by getting the right information to the right people earlier, cutting the delays and uncertainty that make moving home so stressful.”
Andrew Asaam, homes director, Lloyds Banking Group, said: “The process of buying or selling your home is too stressful, too slow, too laborious and often collapses through no fault of your own.
“With this new digital service, we aim to cut the stress, increase the speed, reduce the workload for customers and limit the number of transactions that fall through. This could change the way we buy and sell homes.”
Chris Rosindale, chief operating officer at Connells Group, which has more than 1,200 branches, said: “We believe in reform that makes the system faster, more transparent and more reliable and are excited to be part of transformation in the sector.”
Nick Chadbourne, chief executive at LMS, said: “This initiative signals a serious move away from siloed processes and toward genuine market-wide reform.”