Some 15 lenders have committed to driving innovation in property transactions through the National Property Transaction Network (NPTN) sandbox by LMS to digitise transactions.
They include Gen H, HSBC UK, LiveMore, Lloyds Banking Group, Loughborough Building Society, Melton Building Society, Molo, NatWest, Newcastle Building Society, Skipton Building Society and TSB.
The firm said it wanted to simplify the home buying and selling process through data-driven innovation by bringing lenders, brokers, law firms, estate agents and technology providers together.
This will be backed by the principle of ‘horizontal digital integration’ (HDI), to allow the exchange of data across stakeholders. This aims to break down data silos and enable joined-up processes through a consistent and efficient experience across the chain.
The NPTN Sandbox will provide an environment to test and refine digital solutions in six-week innovation cycles, with each phase simulating real-world scenarios. LMS will collect feedback to improve the process before it is widely distributed.
This will be done by facilitating a single, reusable digital ID verification across all parties in a transaction, removing physical witnessing requirements by the use of qualified electronic signatures (QESs) and getting rid of manual, postal workflows.
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LMS will measure the success of the initiative by the acceptance of QES-enabled deeds by law firms, lenders and HM Land Registry, improvements in customer experience and transaction times, and the participation of all parties.
Digital identity and compliance technology product Verify365 will support digital verification. Mortgage application platform One Mortgage System (OMS) will simulate broker workflows to ensure the process works along the whole transaction journey.
Building trust and resilience in property transactions
Nick Chadbourne, CEO of LMS, said: “The NPTN Sandbox is a step forward in our mission to modernise the UK property market. By focusing our first innovation cycle on digital ID verification and QES, we’re addressing some of the most persistent friction points in the transaction process.
“A single, reusable ID and QES-enabled deeds can eliminate paper-based delays, reduce fraud risk, and significantly speed up completion times.”
He added: “This isn’t just about digitisation, it’s about building trust, resilience, and interoperability across the sector.”
Last year, LMS piloted cross-industry ‘digital sale-ready’ property listings with estate agencies and conveyancers. In May, LMS reported that this had resulted in fewer fall-throughs and quicker completions.