Digital property exchange platform PEXA has strengthened its partnership with conveyancing firm Muve to accelerate the modernisation of the UK’s homebuying process following the launch of PEXA’s full sale and purchase platform.
The collaboration will see Muve use PEXA’s technology for selected client completions and explore how its digital exchange system could be scaled across large law firms to improve security, speed and transparency.
The firms will also assess how digital settlement can reduce risk and insurance costs across the industry.
The partnership builds on a close working relationship that began in 2022, when Muve helped PEXA launch its UK remortgage platform and later completed the country’s first fully digital property transaction in June this year.
LIGHTSPEED CONVEYANCING
For Muve, the move forms part of its strategy to link its customer platform with major third-party systems such as PEXA’s, as it seeks to enhance its fast-track “Lightspeed” conveyancing service.
Joe Pepper, UK Chief Executive of PEXA, says: “Muve has a track record of supporting industry innovation, and its early support has been instrumental in our successful growth in the UK market.
“We share the same commitment to modernising the conveyancing process and unlocking the potential that digitisation brings.
“As we roll out our full proposition following the launch of our Sale & Purchase product, we aim to set new standards for efficiency and transparency in the property transaction process.”
CUT COMPLETION TIMES
David Jabbari, Chief Executive of Muve, adds: “PEXA is a serious force for transformation of outmoded practices in the conveyancing process. Building on our strong foundations together, I believe this deepened collaboration will deliver real benefits for clients and provide valuable insight into how digital settlement can drive improvements across the industry.”
PEXA, which dominates the Australian property market handling around 90% of transactions, is among several technology firms pushing to digitise the UK’s conveyancing sector – a process still heavily reliant on paper, manual checks and fragmented communication between parties.
Industry analysts believe the adoption of digital tools such as PEXA could help cut completion times and reduce the one-in-three transaction fall-through rate that costs buyers and sellers more than £400 million a year.
