The initiative of Harry Hill, founder of Rightmove and ex-chief executive of estate agency giants Countrywide, the service uses web-based and mobile technology to help homebuyers and sellers to track live progress of their property transaction as it happens – from instruction though to completion.
The In-Deed service features a price guarantee, a no completion-no fee promise and a team of carefully selected, highly experienced, regional property lawyers who commit to strict service standards. Homebuyers and sellers are updated proactively every two days at the very least and given access to their case-files via a secure, interactive dashboard where they can track live progress.
The law firms are appointed to the panels of all major UK lenders.
Commenting, Harry Hill said: “Buying and selling a home in the UK is always stressful. Feudal methods of property transfer still apply unfortunately, and in the last five years increased price competition to secure a shrinking market has driven service standards in conveyancing that are unacceptable in many cases. The consumer is left in the dark about one of the most important transactions in their life. It’s time for a new script.
“We can’t change the UK legal system. What we can do is continue to work with some of the best people in the industry to bring conveyancing up to date. Our use of modern technologies simplifies the process and gives consumers more control over their property transaction at a time when they need all the help they can get.”
Harry Hill’s co-founder is long-term investor Peter Gordon who has spent nearly two decades at 3i turning small businesses into valuable ones. The duo has assembled a team of property, legal, IT and marketing specialists to spearhead the business including Julie Williams, ex-head of Countrywide’s conveyancing panel, and Chris Harris former legal services director of outsourcing firm LMS who is retained as an adviser.
Philip Williamson – former Nationwide CEO and ex-chairman of the Council of Mortgage Lenders - joins In-Deed as a non-executive director.
The start up team have ambitions to take the highly fragmented online conveyancing market by storm and plan to become market leader within 3 years.
Commenting on the launch Williamson said: “In-Deed is innovating in a market that has seen very little change over the last 30 years. It will set service standards for others to aspire to which has to be a good thing for lenders and brokers as well as consumers.”
TV personality and home buying expert Phil Spencer will front the launch and a high profile marketing push, which kicks off in the autumn.
