The Thirdfort founders come from backgrounds in legal finance, software, property investment and banking.
We started Thirdfort after discovering our friend had been defrauded out of £25,000 whilst buying a flat. He never saw the money again.
We wanted to understand how this could happen and so spoke to house buyers, lawyers and regulators.
What we found shocked us. Not only is fraud a big problem but it growing rapidly, with the Land Registry reporting cases up almost 20x since 2015.
The industry has responded by introducing more onerous Know Your Client checks, creating layers of extra administration on top of the steep workload already demanded of property lawyers. Nevertheless, fraud rates continue to rise.
Meanwhile, for house buyers, the transaction remains complex and insecure.
We started Thirdfort to give the property buying experience the much needed modernisation it requires and make it faster and safer for everyone.