Tech firm Yourkeys has cut the conveyancing process down to seven days from offer to exchange of contracts.

Working in partnership with housing developer MBU Capital, solicitors Dezrez Legal and case management platform Convey Choice, it says that three separate sales have completed within a seven-day window using a fully digital process.

Each of the sales were of new-build properties on MBU’s Park Place Development in Stevenage.

In January, Yourkeys tested the new technology, achieving its first completion within 11 days.

Dezrez Legal chief executive Justin Morris says stated; “Yourkeys has access to over 200 different data sources and instantly delivers much of the early stage checks, searches, and personal data requests that could typically take us a few weeks.

“It’s my opinion that this solution is an incredible breakthrough giving housebuilders the ability to collate all the upfront information we need to accelerate the sale.”

Yourkeys chief executive Riccardo Iannucci-Dawson says: “Our solution automatically pulls together all the upfront data required to process a transaction and then passes that data via API [application programming interface] down the supply chain into the brokers, conveyancers and ultimately lenders. 

“This removes ambiguity and gives everyone complete visibility of the makeup of a transaction which then accelerates the time to exchange dramatically.”

Dawson concedes that the none of the transactions involved buyers or sellers who were in a chain.

But he says: “Given that the average transaction time on these types of purchases are around 63 days, it’s a great step forward.

“We’re currently working on a solution to help accelerate transactions within chains too, more on this to come later this year.”