Pexa completes UK's first fully digital property purchase
PEXA, the digital property exchange platform, today announces the completion of the UK's first fully digital Purchase transaction.
The transaction took place as part of the testing of PEXA's Sale & Purchase proposition ahead of its full launch and wider market roll out later this year. It marks an important milestone in PEXA's mission to streamline the home buying and selling journey.
Hinckley & Rugby Building Society was the first UK lender to complete a mortgage using PEXA, with national law firm Muve acting as the conveyancer within the PEXA workspace for both the purchaser and lender.
The transaction leveraged PEXA's proprietary payment scheme, PEXA Pay — the seventh net settlement payment scheme to clear through the Bank of England. The technology enabled the settlement of funds from the incoming lender’s account to the seller's conveyancers verified account together with successful lodgement of title with HM Land Registry to complete the transaction promptly and securely giving peace of mind that both lender and purchase are protected.
This test transaction did not require the purchaser to introduce additional funds, although following PEXA's recent FCA approval as an Authorised Payment Institution, PEXA can now receive funds directly from the consumer acting as a Third Party Managed Account (“TPMA") provider to conveyancers for property transactions.
PXA Price at posting:
$12.54 Sentiment: Buy Disclosure: Held
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