The conveyancing portal Veyo officially launches across England and Wales today, after originally assuring they would open in April. The portal has been created by the Law Society and IT firm Mastek (UK). They aim to combine on an online system all the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of any residential property.
Veyo intend to provide a secure environment by which conveyancers can conduct their vital work, and estate agents and home-movers can be kept in the know at every stage.
The press were only made aware of the launch late last week and Veyo have not yet announced what or how many companies will be involved.
Desmond Hudson, chairman of Veyo says “It’s crucial that we roll the product out strategically and our regional, targeted approach ensures that we can build a solid foundation …. Over 1,800 conveyancing firms in England and Wales having registered interest in using Veyo already, the company is set to transform the whole market”.
There has been discussion about whether the Land Registry and HMRC will be party to this, as the full effectiveness of Veyo would be challenging to judge and their cooperation will be necessary to enable a thorough assessment to clients.
The price to Conveyancers to use the portal will be £20 per transaction for residential conveyancing with an admin charge of £50 each user per year.
Veyo will also allow conveyancers using a case management systems will, subject to the collaboration of their provider, be able to incorporate their existing system into the vital features of Veyo’s services. For firms that currently have no CMS in place, Veyo provides a CMS tailored for residential conveyancing work. But why would a conveyancers with an existing system choose to use Veyo I hear you ask, well it has the backing of The Law society.
There is speculation within the conveyancing world as to how successful Veyo will do, but The Law Society says it is creating Veyo in order to help high street firms survive against the bigger players, with bigger budgets, who can afford expensive case management systems.
It seems this will be a case of individual firm’s trialing the system and see how it works for them.