Muve supports the first digital remortgage transaction in the UK

Muve, the nationwide conveyancing law firm, has undertaken the very first digital remortgage transaction in the UK using PEXA’s entirely new digital exchange and payment platform.

Muve worked alongside Hinckley & Rugby Building Society, the first UK lender to complete a remortgage on the PEXA platform.

The transaction, which took place at approximately 11am on September 7th, deployed PEXA’s newly developed exchange platform and its payment scheme, PEXA Pay, to expedite the current laborious registration and financial settlement process.  

Muve has a track record of disruptive tech and product innovation in the conveyancing market, including its MuveFast guaranteed exchange date product, which leads the industry in terms of exchange timelines. 

PEXA, the fintech behind the world’s first digital property exchange process, sees the transaction as an important milestone in its mission to streamline the property remortgage and completion process. Using the PEXA platform, Muve and Hinckley & Rugby Building Society were able to orchestrate financial settlement directly from the incoming lender’s account and could seamlessly collaborate to lodge the application for registration with HM Land Registry. 

PEXA has facilitated over 13 million property transactions worth circa AUD $2 trillion in Australia. 

David Jabbari, Chief Executive Officer of Muve, said:

“We are delighted to be partnering with PEXA at the very start of their journey into the UK conveyancing market. 

“We are strong advocates of the advantages of digitisation within conveyancing, and we are keen to be at the forefront of any significant development in this area.

“Unlike many other claims of a digital revolution in conveyancing, PEXA’s track record of over 13 million property transactions in Australia speaks for itself.

“The PEXA platform has the technological and financial sophistication to change how conveyancing transactions are settled and registered in the UK. We are very proud to have worked on the first UK transaction.”

James Bawa, PEXA UK Chief Executive Officer, said:

“Our mission is to transform the property market for consumers, lenders and conveyancers. The completion of the UK’s first digitised remortgage transaction marks a major milestone in this journey and acts as a tangible proof of concept for the wider industry.” 

Kindly shared by Muve

Main article photo courtesy of Pixabay