Mortgage purchase undertaken in super-quick time
A collection of partners – including ONP Solicitors (part of Movera), iamproperty Group and Connells Group – say they have completed a property transaction in only six days from receipt of the draft contract pack, marking the partnership’s fastest completion of a mortgage transaction.
The purchase involved a six-bedroom, five-bathroom terraced property in Swansea bought via the iamproperty modern method of auction.
ONP acted on behalf of both the purchaser and the mortgage lender – which itself required three days’ notice to release the funds – while Medway Law, part of iamproperty, acted on behalf of the seller.
Cutting transaction times
It comes as the UK works to reduce the time it takes to sell a home in the UK, which currently stands at 205 days, according to data from TwentyEA.
The modern method of auction has a set 56-day completion window from receipt of the draft contract pack.
The six-day completion was achieved thanks to the partnership of the firms, which was originally established in late 2024. ONP and Medway Law, part of iamproperty, are pairing conveyancers across shared Connells Group cases, enabling them to streamline working together.
This deal, parking the partnership’s fastest completion for a purchase requiring mortgage finance, follows a recent record three-day transaction for a cash purchase.
Charlie Darby, senior property lawyer at ONP, said: “Completing a purchase within six days where mortgage finance was required demonstrates what’s possible when teamwork comes together.”
Nick Hale, CEO at Movera, said: “Yet again, our partnership with Connells Group and iamproperty Group has demonstrated what it is possible to achieve if the industry aligns to improve the property transaction process.”
So far, the partnership has completed over 1,040 modern method of auction transactions with an average time from receipt of the draft contract pack to completion of just 51 days.
