Digital property exchange platform PEXA has completed the UK’s first fully digital purchase transaction, with Hinckley & Rugby Building Society and Muve facilitating the milestone.
Hinckley & Rugby became the first UK lender to complete a mortgage using PEXA, with Muve acting as conveyancer for both the purchaser and lender. The transaction took place as part of the testing of PEXA’s Sale & Purchase proposition, ahead of a full market roll out later this year.
PEXA Pay, PEXA’s proprietary payment scheme, was used to enable the settlement of funds from the incoming lender’s account to the verified account of the seller’s conveyancer. The successful lodgement of title with HM Land Registry completed the transaction ‘promptly and securely’.
Joe Pepper, UK CEO of PEXA, said:
”Our mission has always been to help transform the property market for the benefit of consumers, lenders and conveyancers. Today’s completion of the UK’s first digital purchase transaction is a landmark achievement in this journey. By leveraging our platform and PEXA Pay scheme, we have demonstrated how technology can simplify and expedite what has traditionally been a complex and time-consuming process.”
The test transaction didn’t require additional funds from the purchaser, although PEXA says it can now receive funds directly from the consumer in its capacity as Third Party Managed Account provider to conveyancers.
Pepper added:
“This milestone is a testament to the collaborative spirit of the UK property market, particularly forward-thinking organisations like Hinckley & Rugby Building Society and Muve who were also the first industry players to test PEXA’s remortgage proposition. They have been early believers in the power of PEXA, and their commitment to innovation has been instrumental in making this breakthrough possible.
“The successful trial transaction is a precursor to the launch of our Sale & Purchase offering later this year. This is just the beginning, and we will continue to invest in the UK market to deliver better outcomes for all stakeholders, making property transactions faster, simpler and more secure.”
Laura Sneddon, head of sales and distribution at Hinckley & Rugby Building Society, said of the milestone:
“We are always eager to embrace innovation and work with partners who share our vision for a more efficient and modernised property market. PEXA’s fully digital Sale & Purchase platform represents a significant step forward in streamlining the mortgage and completion process, and we are proud to have been the first UK lender to complete a transaction using this ground breaking technology.
“Our team has worked closely with PEXA to test and implement this platform, and today’s successful transaction demonstrates the potential for this technology to transform the property market. We look forward to continuing our partnership with PEXA to deliver enhanced services for our customers and to lead the way in digital innovation within the lending industry.”
David Jabbari, founder and CEO of Muve, said the transaction showed PEXA’s ‘transformative potential’ to improve the conveyancing process. He added:
“Muve is committed to driving innovation in the legal sector, and this collaboration aligns perfectly with our mission to deliver cutting-edge solutions for our clients. We are proud to have played a key role in this historic transaction and look forward to working with PEXA to bring the benefits of digital conveyancing to more consumers across the UK.”
5 responses
How long from offer accepted or Memorandum of Sale issued to completion?
Was there a chain involved?
“Muve is committed to driving innovation in the legal sector, and this collaboration aligns perfectly with our mission to deliver cutting-edge solutions for our clients. We are proud to have played a key role in this historic transaction and look forward to working with PEXA to bring the benefits of digital conveyancing to more consumers across the UK.”
Comedy Gold.
Would that be the same Muve that employs unqualified Sri Lankans, based in Sri Lanka to do all the legal work? What could possibly go wrong?
That’s aside from the fact that if you cannot spell the word “move” you have no business being in a property business
Fantastic – way of the future
Why do you need a third paty to send funds from a lender to a solicitor? Doesn’t this happen directly from the lender to the solicitor now. What am I missing?