The Sesame network has teamed up with investment service provider Aventria to launch a digital conveyancing tool to streamline the mortgage advice process.
The tool, which is driven by application programming interface (API) technology, provides real-time adviser and client status updates on any instruction, from any panel solicitor.
Is allocates adviser referrals through an algorithm and incentivises solicitors based on their performance, rather than capacity.
Advisers can also use the portal to quote, instruct and stay updated on a customer’s case as it moves through to completion.
Lauren Bagley, head of strategy and business enablement at Sesame Bankhall Group, said: “Conveyancing is the glue that holds the mortgage transaction together, but that also means it has the potential to disrupt the whole mortgage process. It’s often the element that creates the most friction and frustration for advisers and their customers.
“The average time from offer to completion in England and Wales currently stands somewhere between eight to 12 weeks, so there’s significant room for improvement.
“Aventria’s tech capability and API functionality makes our new partnership a good strategic fit, and will help us to deliver the future innovations our members need.”
Alan Young, chief commercial officer at Aventria, added: “[Sesame Bankhall Group] is very forward thinking in terms of the improved mortgage advice experience it’s looking to deliver, and we’re excited to be working with its members on this journey.
“I believe the conveyancing world has not evolved sufficiently in line with the innovation we are experiencing in other areas of the mortgage advice process.
“We’re dedicated to improving the home buying and selling process, utilising Aventria’s technology and solicitor integrations to create a more efficient and service-orientated conveyancing experience for customers.”
Daniel Bailey, principle at Middleton Finance, said: “Conveyancing has still to fully embrace the use of technology. There is not a day goes by where you see brokers complaining on social media about solicitors. From a client’s perspective they often don’t know where they are in the process, calls and emails don’t get returned for days which all fuels frustration and uncertainty.
“Many solicitors need to make use of technology and improve the process for clients, brokers and solicitors. This is a positive step and I would welcome more solicitors grasping the opportunities technology provides.”