Myhomemove gets £3m investment boost
Myhomemove has secured £3m worth of funding from Smedvig Capital.
The conveyancer will use the new funding from the London-based private equity firm as working capital to help develop the business and to enable it to explore acquisition opportunities.
Smedvig Capital initially made an investment in the holding company of myhomemove, The Move Factory, in 2005.
The latest round of funding follows the pilot launch of fastexchange, a conveyancing service designed to enable a faster exchange of contracts when combined with a standard Home Information Pack and provided that clients return key documentation quickly.
As part of the service, myhomemove will collate, review and check the information required by the buyer's lawyer within 24 hours of receiving a sale memo. This means that the necessary conveyancing documents are prepared or requested, such as a draft contract or requisition on title papers, within 24 hours of receipt of the memo.
Agents will receive 1400 myreward points for every sale of the new product, which they can then spend via the company's reward website www.mhmreward.com.
The reward points have no monetary value, but they can be exchanged for vouchers. Fastexchange requires an upfront deposit of £30 plus VAT for a freehold property and £40 plus VAT for a leasehold property to cover conveyancing costs, which is refunded on completion.
The new product is currently being piloted with Coventry and Rugby-based Newmans Estate Agents.
Sean Newman, senior partner at Newmans, says: "Sellers love the idea of fastexchange and it has helped me win new listings. We have also seen exchange times come down dramatically and this has not only saved us time by not having to chase the sale for weeks, but meant our cancelled sales rate has dropped significantly. Our clients are over the moon with the speed of the transaction and best of all we get paid quicker."