Home Sale Pack has received £100,000 funding from Business Enterprise Fund (BEF) and NPIF – BEF & FFE Microfinance, which is managed by BEF and FFE Microfinance, and is part of the Northern Powerhouse Investment Fund.
Designed to reduce the time it takes from offer to completion, the digital technology combines the expert knowledge of UK conveyancers with AI-led technology to source, analyse and present key documentation to provide up front information for houses sales before the property is marketed.
Co-founded by conveyancing lawyer Ruth Beeton who has more than 15 years’ experience in the legal sector, Home Sale Pack brings together all current trading standards regulation on material information, by utilising technology such as digital signatures, ahead of properties being listed. Using proprietary software developed by the business to reduce transaction timescales also allows sellers to share information with all stakeholders throughout the process.
Ruth comments: “Home Sale Pack is here to disrupt the property industry. Conveyancers work exceptionally hard to help home buyers and sellers complete their transactions, but existing processes can be cumbersome and time consuming. According to RightMove [1] figures, it can currently take on average 21.5 weeks between an offer being accepted to completion and much of this time is taken by solicitors on both sides of the transaction requesting and reviewing information.
“We’re here to allow the sharing of information and data to help significantly speed up the process and reduce the stress for all involved. Thanks to BEF and NPIF, we’ve been able to develop this industry-revolutionising technology, powered by our decades of conveyancing experience. Both estate agents and sellers can pre-register at HomeSalePack.com to be first in line to find out more.”
The funding has allowed Home Sale Pack to develop a digital product to enable both buyers and sellers to take control of the property sale process from the outlet, with an aim to reduce fall offs, costs and stress to the consumer.
Lee Vickers, investment manager at BEF North East, said: “Building on the Home Information Pack which was scrapped by the government in 2010, Home Sale Pack is aiming to move the residential property process in the direction government ministers are looking towards. Combining their expert conveyancing expertise and vast knowledge of property law with clever AI technology, we can’t wait to see how they revolutionise a much-outdated process for the UK market.”
Keira Shepperson, Director, British Business Bank, said: “There is a tremendous opportunity to digitalise traditional processes and to bring innovative new technology to transform certain areas of an industry. Home Sale Pack is doing exactly that in the property sector and, with the help of funding from the Northern Powerhouse Investment Fund, they are able to bring their new service to life. This investment shows how access to finance can help experienced professionals use their experience to bring new solutions to market.”
The current NPIF investment phase has now completed with the British Business Bank launching the Northern Powerhouse Investment Fund II in March 2024.
The Northern Powerhouse Investment Fund project (NPIF) is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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[1] https://www.rightmove.co.uk/news/articles/property-news/how-long-does-it-take-to-move-in-2022/
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