Nearly two-thirds of UK homeowners say providing paper documents to a property professional such as an agent, broker, lawyer or lender would benefit from being digitised, a new survey shows.
Meanwhile 62% suggested providing ID documents to a property professional could be improved by digital tools. Some 60% cited undertaking credit checks with a lender.
The survey of 2,054 UK adults by YouGov also shows many homeowners have been adversely affected by delays. Just under a third – 27% – have experienced stress, while 16% have experienced the house or property chain falling through, and 15% needed to do more administration.
Despite this, 60% of property owners have yet to take advantage of digital tools to buy or sell a property. Just 11% have used digital tools to share bank statements, utility bills and payslips to a property professional. Only 10% have used digital ID tools to verify identity with a property professional. Just five per cent have used Open Banking to share bank details for funds or credit checks.
Olly Thornton-Berry, co-founder and managing director of Thirdfort, said: “Homebuying is an area that stands to be transformed by digital tools. This sea change has begun. Innovations now enable homebuyers to verify their ID digitally, helping cut the length of the transaction by up to a month while reducing the risk of fraud and money laundering.
“But our research shows that while UK homeowners agree digital tools can help, very few are using the tools available. As a result, they are experiencing increased stress, administration, and risk of the property chain falling through. Many estate agents, lawyers and lenders have adopted a digital approach to client verification. But we need more forward-looking property professionals to embrace the latest technology – for buyers, their businesses, and the economy.”
Overall, Thirdfort has verified more than 1m people on behalf of more than 1,000 conveyancers, lawyers, estate agents and other regulated professional services firms. This number accounts for around 2.5% of all adult smartphone users in the UK.
| Which digital tools have you ever used when buying or selling a property? | Total |
| Digital ID tools to verify identity with property professional (i.e., agent, broker, lawyer or lender) | 10% |
| Digital tools to share bank statements, utility bills and payslips to a property professional | 11% |
| Open Banking to share bank details for funds or credit check with a property professional | 5% |
| 3D camera to conduct a virtual home tour | 6% |
| Web portal to conduct an online mortgage application | 11% |
| Digital platform to make/ receive/ agree an offer | 6% |
| Online tool to conduct to online assessment of property values | 11% |
| Online payment portal or mobile app to securely transfer funds | 14% |
| Online buyer information pack | 8% |
| A digital mortgage broker | 3% |
| I have never used digital tools to buy or sell any property | 60% |
| Which aspects of home buying/selling would benefit from being digitised? | Total |
| Providing identity documents to a property professional (agent, broker, lawyer, lender) | 62% |
| Providing documents such as paper copies of bank statements, utility bills and payslips to a property professional | 64% |
| Credit checks with lender | 60% |
| Securing a mortgage | 55% |
| Making/receiving/agreeing an offer | 56% |
| Viewing property | 22% |
| Collating/providing buyer information | 51% |
| Payments | 54% |
| I don’t think any aspects of home buying/selling would benefit from being digitised | 4% |
| How have delays in the house buying process negatively impacted you? | Total |
| Stress | 27% |
| Increased administration | 15% |
| Loss of money | 10% |
| House/chain falling through | 16% |
| Loss of interest rate deal(s) | 6% |
| Having to extend rental agreements | 4% |
While you have solicitors still thinking they are too good to make a phone call….this doesn’t end.
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100% correct
plus working from home looking after kids
and spending a day or two on a golf course
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I used a solicitor in 2022 for what I thought would be a straightforward cash sale. I used Thirdfort for ID&V, and was told I could send all my documentation digitally, which duly did. The problem came with completing the various particulars forms. Being a joint sale with my co-owner living elsewhere, the digital system used did not allow for e-signing by 2 people at different email addresses. So, it was e-signed by one and then sent by post to the other. Weeks of delay.
Even with all the documentation sent digitally upfront, the sale still took 7 months. The problem was, the solicitor didn’t bother looking at the files, but kept asking questions to which they already had the answers if they bothered to look. I suspect they had taken on too much work, and it allowed them breathing space to delay asking questions, and then delay passing back the answers. Meanwhile, they had a firewall between client and solicitor to prevent me talking to her.
Digital isn’t the answer if the solicitor won’t take advantage of the benefits.
I’ve just bought a house and it took less than 2 months. This solicitor took full advantage of digital. I am using the same solicitor to sell, and the service is just as good. Happy to pass on their name.
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Dealing with as many conveyancing firms as I do each year, I conclude that the latest/fancy tech is far too often a mask worn by conveyancers who are not good enough at knowing the necessary conveyancing law and procedure. The owners of the firm/company simply buy up tech and hope that it creates quality where none existed before. Problem is, you give all bells I.T to mediocre conveyancers, and you then have mediocre conveyancers, now using all bells I.T.
Fancy tech is too often an advertising tool to try and ‘wow’ the public to instruct the organisation but without anyone realising that it masks inferior conveyancers.
Of course there are exceptions, a generalisation such as this article is exactly that too, so any reply will use generalisations…..but the only tech the very best conveyancers need is …..email. The rest is in their heads and so they make deals fly.
Sadly, the public do not know what makes a good conveyancer, or how to find one….and scariest of all how to spot legal mistakes made to their conveyancing….not for some time after they have paid their conveyancer, and perhaps not until they come to resell.
Take ‘tech’ with the suspicion it deserves. Instead, ask around the subject and find out a bit more about the conveyncers using it. How good are they at what THEY do.
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