PEXA has completed the UK’s first fully digital property purchase, working with Hinckley & Rugby Building Society and national law firm Muve.
The transaction was part of the testing phase for PEXA’s sale and purchase product, which is set for wider release later this year.
The mortgage was completed by Hinckley & Rugby Building Society, with Muve acting as the conveyancer for both the buyer and the lender.
PEXA’s own payment system, PEXA Pay, was used to settle funds from the lender to the seller’s conveyancer and to register the title with HM Land Registry, all in a single process.
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.”
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.”
He said: “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 safes and distribution at Hinckley & Rugby Building Society, said: “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.”
Sneddon added: “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: “This achievement underscores the transformative potential of PEXA’s platform to improve the conveyancing process.
“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.”
