Estate agents, licensed conveyancers, solicitors and mortgage intermediaries operating in London and Yorkshire are to trial a new digital identity trust scheme that aims to make home buying and selling a quicker and more secure digital process.
Firms in Battersea, Chiswick, Clapham, Putney, Wimbledon, Richmond, Kew, Cheltenham, Gloucester, Harrogate and York will start trailing the scheme, called MyIdentity, in October through to August 2022.
MyIdentity, is set to become the central hub for consumers, to help them prove who they are, once, in a more secure digital way, says Etive Limited, the company delivering the scheme.
Etive says that under the scheme, home buyers and sellers should no longer be repeatedly asked to provide their identity details to all the parties involved in the chain of transactions. The move means quicker completions and more control over how consumers share their identity details and who they share their identity details with.
‘Better home buying experience’
Housing Minister Christopher Pincher MP said it was good to see the progress being made on rolling out the scheme.
“We know that buyers and sellers are confused and frustrated by the current process where they have their identity checked multiple times. A single check which can be relied upon by multiple parties will help us to deliver a modernised and better home buying experience,” he said.
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Stuart Young, director of Etive said the firm was working with MHCLG and DCMS, as well as the necessary regulators and representative bodies.
“We are really pleased that the residential property industry has come together on this to work and improve such an important aspect of the home buying and selling process,” he said.
The following organisations are assisting this MyIdentity trial project:
Association of Mortgage Intermediaries, Bold Legal Group, Building Societies Association, Cifas, CILEx Regulation, Council for Licensed Conveyancers, Conveyancing Association, Guild of Property Professionals, Home Buying & Selling Group, HM Land Registry, Home Builders Federation, Intermediary Mortgage Lenders Association, the Law Society of England and Wales, National Trading Standards Estate & Letting Agency Team, Propertymark, RICS, RPSA, Society of Licensed Conveyancers, Solicitors Regulation Authority and UK Finance.
Etive says that for the residential property industry, the combined effect of reducing the number of identity verifications, that a consumer must go through, means happier customers and lighter administration processes together with a better way of mitigating the risk of property and mortgage fraud.