Vistry East Midlands has adopted paperless transactions in a move which will speed up the homebuying process for its customers.
The regional housebuilder, part of the Vistry Group which comprises Linden Homes, Bovis Homes and Vistry Partnerships, is now giving buyers the opportunity to complete property purchases by electronic signature.
The new method – which removes the requirement to print and sign paper documents for transfers of ownership, leases, mortgages and other property transactions – was approved for use by HM Land Registry last year. Vistry Group is already using this approach to enable its customers and suppliers to sign contracts via DocuSign.
It is estimated that the switch could reduce the wait time on mortgage approvals by several months, speeding up the housebuying process significantly.
Tanya Fairbrass, sales progressor at Vistry East Midlands, said: “We were extremely keen to embrace this new digital approach to property transactions, which will benefit everyone involved in the housebuying process, from our customers to the estate agents and solicitors that we work with.
“The introduction of paperless transactions will remove the need for back-and-forth physical signatures, making the process of buying a new home much easier, quicker and more efficient. It also offers enhanced security by eradicating the risk of legal documents being lost in the post, as well as an increased level of safety due to the lack of physical contact – a particularly important consideration at present given the current coronavirus restrictions.
“Reducing the need for printed paper will also have environmental benefits, something which is extremely important to us as a housebuilder. We will therefore be encouraging our buyers to use electronic signatures wherever possible, while still giving them the option to sign printed documents should they prefer.”
In a further sign of green credentials for the industry, solicitors or conveyancers are also using a similar electronic approach to cut down on physical paperwork by sending its Stamp Duty Land Tax documents electronically to HMRC on behalf of Vistry customers.
Vistry East Midlands is also supporting the campaign for greener living by delivering homes with a high energy-efficiency. All but one of its house types achieve an A-B energy rating, meaning that buyers can take advantage of high street lenders’ green mortgages, which offer preferential terms for borrowers whose homes meet certain environmental standards.
16 February 2021
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