New mortgage funds payment partnership promises an end to move-in day nightmares

first_imgSales 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 today by conveyancing firm My Home Move and escrow account specialist Shieldpay promises to “transform moving day” for hundreds of thousands of transactions every year, and has already completed its first house sale.Crucially for many agents, the system – which is claimed to improve transparency and both reduce costs and fraud during the sales progression and conveyancing processes – 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 involved, holding funds securely and only releasing them when all sides agree they’re happy.Mortgage fundsThe 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 (pictured, left).“Anyone who has ever bought or sold a home will know it’s probably the most important transaction of their lives but unfortunately, it’s also the most painful.“They also suffer from a complete lack of transparency over the status of the transaction.”Doug Crawford, CEO of My Home Move (pictured, right), says: “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.”Peter Janes My Home Move Premier Property Lawyers Barclays Shieldpay Council for Licensed Conveyancers Doug Crawford May 30, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » New mortgage funds payment partnership promises an end to move-in day nightmares previous nextProducts & ServicesNew mortgage funds payment partnership promises an end to move-in day nightmaresClients waiting with the removal van in the afternoon for money to reach the lawyers could soon be a thing of the past, claim My Home Move and Shieldpay.Nigel Lewis30th May 20180765 Viewslast_img read more