Sponsor Spotlight: PEXA

Sponsor Spotlight: PEXA

The British Conveyancing Awards, sponsored by Dye & Durham, simply would not happen without the support of the industry.

Thank you to all those who have entered and sponsored the event which this year is hosted as a hybrid event; with an in person ceremony at the stunning Church House in London, simultaneously live streamed via The British Conveyancing Awards website.

Our 2022 ceremony is a departure from the focus of the 2021 awards. To simply repeat the 2021 awards would miss the point of where the conveyancing industry is going. We are entering a different phase for conveyancers with a flatter market, increasing on and offline fraud risks, PII, the balance of flexible working and continued digitisation all presenting new and different challenges.

Our 2022 categories and supporters reflect this shift in emphasis and we’re delighted to introduce them through a series of Supporter in Focus pieces. Alongside Conveyancing Collaborator of the Year sponsors, PEXA, we look forward to recognising the very best our industry has to offer.

First of all, tell us who you are and what you do

PEXA is a world-first innovation. We are revolutionising the way people buy and sell property through software that leverages integrations with land registries, revenue offices and the central bank to digitise and orchestrate key components of conveyancing transactions.

This year, we will launch a remortgage product in England and Wales for lenders, lawyers and conveyancers, followed by a sale and purchase solution in 2024.

What prompted you to support The British Conveyancing Awards (again) this year?

PEXA is launching its remortgage platform to the market in 2022, following a big year of establishing a strong UK based team.

PEXA is excited to become part of the home buying, selling, and remortgaging process in the UK – it therefore made perfect sense to support these awards.

Partnering with industry for the betterment of consumers is in our DNA, and we hope to support the next stage of that evolution.

Why did Conveyancing Collaborators of the Year stand out for you as one to throw your support behind?

Collaboration is essential for a solution that is built by industry, for industry. We’re working closely with industry at the moment (lenders, lawyers, conveyancers, the Bank of England, and HM Land Registry, and others) to ensure our bespoke infrastructure is fit for the UK market.

When we roll out later this year, we’ll be working closely with our customers (lenders, lawyers, conveyancers) to ensure we understand what success using our solution looks like for them (and their clients), and working towards achieving that together.

How do you see the 2022 conveyancing market shaping up?

If the Omicron surge is anything to go by, we may well have another year of uncertainty ahead of us. Firms will be looking to increase their resilience and enhance their efficiency and capacity.

Firms will also be seeking opportunities to lower their risk profiles, whether through establishing or refining processes, or leveraging technology.

After the last couple of years, the human connection is more important than ever – so PEXA believes it can provide much of the administrative and less valuable components of conveyancing, to enable conveyancing professionals to focus on what they are really trained to do.

What changes or improvements do you see need to be made in the conveyancing sector over the next 12-18 months?

The UK conveyancing and property completion sector is highly fragmented, with many processes evolving very little over the last 150 years. The lack of a centralised, coordinated exchange platform has added significant time, risk, stress, costs and uncertainty for UK consumers wishing to buy and sell a home.

For any change to be effective, an all-of-industry approach is required – lenders, lawyers, conveyancers, their regulators, trade bodies, insurers and others need to be moving in the same direction.

What are you doing to lead or be part of that change?

PEXA will initially launch a remortgage platform for England and Wales towards the last quarter of CY 2022. A UK remortgage can take 6-8 weeks, and up to 12 weeks as a result of the backlog stemming from the pandemic. Remortgaging can save a homeowner an average of more than £800 across a fixed 5 year rate period, but many applicants drop out of the process because of delays.

Consultation and close engagement with industry, lenders and government remains critical.

PEXA will then look to deliver the sale/purchase solution in 2024, completely revolutionising the way property is bought and sold in England and Wales.

Do you have any messages for the sector and the firms and individuals entering this year’s awards?

There’s a lot to be excited about! The pandemic has opened the eyes of many to the opportunities that technology can provide – it’s important to keep that momentum going, and to remember why we’re all in this industry – to support consumers with the most important and exciting moments of their lives.

We wish all those entering the awards the very best of luck, and encourage not just the winners but all entrants to share with their peers what they are doing so we can uplift the entire experience.

PEXA is passionate about being a part of transforming the property experience in the United Kingdom, and is proud to sponsor this award.

Thank you to PEXA for their support at The British Conveyancing Awards 2022.

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