Construction & Property

Published: May 10, 2022 | Updated: May 11, 2022

TPS Group joins Coadjute’s blockchain network aiming to transform the home-buying process

Steve Dawkins, Chief Relationship Officer, Coadjute. Picture: David Laslett Photography.
By Andrew Diprose, editor

Coadjute, the blockchain network for the UK property market that aims to transform the ease and speed of home purchasing, has welcomed on board Dorset-based TPS (Team Property Services) Group as its national rollout continues.

The addition of the conveyancing panel management service, which has a national reach, represents further growth of the Coadjute network.

It was launched to market in July last year and aims to transform the home-buying process.

Coadjute enables the existing software used by conveyancers, estate agents, mortgage brokers and lenders to become interoperable.

It allows all parties involved in a property transaction to synchronise and share progress updates, property information, digital identities and payments.

Established more than 20 years ago, TPS, which is based in Verwood, has been involved in more than 100,000 home moves, working with hundreds of independent estate agencies and law firms.

It will now benefit from joining the Coadjute network which uses a banking grade type of blockchain called Enterprise Distributed Ledger Technology.

Craig Campbell, pictured left, Managing Director at TPS, said: “This is one of the most far-reaching technological advances I have ever encountered in our market sector.

“I am, therefore, delighted to announce that we have been able to partner with Coadjute.

“Over the coming months, we will be rolling out their blockchain technology across our expanding network of estate agents and conveyancing firms.”

Matt Irving, pictured right, Finance and Operations Director at TPS, added: “I have been in the industry for more than 20 years and have seen quite a few ‘transformational’ propositions come and go.

“Coadjute’s, however, made the hairs on the back of my neck stand up.

“I knew straight away that TPS had to be involved from the start of this exciting journey into the future.”

The Coadjute network aims to create a seamless journey with improved security for all parties, transforming the experience for buyers and sellers, reducing administration costs and cutting the time it takes to move house.

Steve Dawkins, Chief Relationship Officer at Coadjute, said: “By collaborating with leading conveyancing panel management providers such as TPS, Coadjute will deliver to estate agents and conveyancers an accelerated process with significantly less administration.

“Our encrypted network will enable them to securely share information with ease and provide even greater transparency and efficiency for their customers.

“We are extremely proud to welcome TPS to the rapidly expanding Coadjute community.

“We are in the midst of rolling out the Coadjute network to conveyancers, estate agents and brokers throughout the UK, enabling them to work together from within their existing systems and TPS will further accelerate this process, producing tangible benefits across the profession.”

Coadjute is using funds secured from a £6m-investment funding round led by Manchester-based Praetura Venture to expand sales and marketing activities and its operational team, bringing mortgage brokers and lenders onto the network, and introducing new services such as the movement of digital identities, mortgage funds and property titles over the network.