Pexa Group acquires Optima Legal
The acquisition represents an ‘exciting’ opportunity to facilitate the adoption of the group’s digital platform and its associated benefits for the UK market
Pexa Group Limited, the operator of a digital property exchange platform, has announced the acquisition of the British remortgage processing firm Optima Legal from Capita.
The news follows the successful launch of Pexa Pay, the seventh net settlement payment scheme in the UK, developed in collaboration with leading global technology consultancy firm ThoughtWorks, with the Bank of England acting as the settlement agent.
Optima Legal is a remortgage processing firm headquartered in Leeds that provides legal services in the UK remortgage market as one of the largest mortgage processing firms in the UK, with approximately 22% share of the remortgage market and direct relationships with six of the UK’s top eight lenders.
It is reported that the acquisition represents an “exciting” opportunity to facilitate the adoption of the group’s digital platform and its associated benefits for the UK market.
In addition, its offering is a streamlined and automated solution that is integrated into Her Majesty’s Land Registry and the Bank of England, enabling “frictionless” remortgages and faster settlements, as well as consumers benefit from increased speed and certainty, greater transparency of the post-offer process, and better loan deals created by ease of switching.
Lenders also stand to benefit from reduced processing costs, decreased time to settlement and increased remortgage capacity. Additionally, Pexa provides conveyancers with a streamlined platform that delivers a higher quality of service for customers.
Glenn King, group managing director and CEO of Pexa Group, said: “The acquisition of Optima Legal presents a fantastic opportunity to facilitate the roll-out of digital property settlements in the UK.
“A recent consumer survey conducted by PEXA concluded that as many as one in five UK mortgage borrowers looking to remortgage in the past 24 months abandoned the process altogether.”
He added: “A digital settlement solution will deliver improved accuracy and efficiency while reducing costs. Given the significant volume of remortgaging activity in the UK market, more streamlined systems are urgently needed for the benefit of conveyancers, lenders and, ultimately, borrowers.”
