Conveyancers optimistic about Veyo

An impressive half of all conveyancing firms, some 47 per cent, in England and Wales have now registered interest in the conveyancing portal Veyo.

The Law Society and Mastek have reported that the demographic of firms interested in their joint venture ranges from volume conveyancers to sole practitioners.

Earlier this month, Veyo announced its pricing strategy, which will see conveyancers ‘pay-per-portal’ at £20 per residential property transaction, along with an annual administration fee of £50.

Stefanie van den Haak, commercial director of Veyo, said the number of queries since the pricing was announced had been ‘phenomenal’, but that Veyo were not about to get complacent.

‘We know we are offering something that is unique and we need to continue to promote our USPs,’ she said. ‘We are
keen that conveyancers see for themselves that there is nothing comparable in the market. We want the professionals to evaluate the benefits of the system themselves and encourage those who are curious to take a look.

‘With a fully functioning CMS available, free AML and free conveyancing forms, in addition to the wide ranging benefits that will lead to business cost savings, it is clear to many that Veyo is priced very competitively. But the early adopter programme will provide potential customers with the added incentive to test us out.’

The portal, which has now been opened up to estate agents, will allow users to see the progress of a chain of transactions for homebuyers, estate agents, and conveyancers via a ‘Chain View’. It also claims users will be able to upload HMRC information and directly interface with the Land Registry.

Elliott Vigar, CEO of Veyo, claims the software will ‘transform the home buying process for not only conveyancers but estate agents and homebuyers. ’The portal also promises that with instantly uploaded information, and a secure platform for firms to deal online together, the length of time it takes to purchase or sell a home will be ‘substantially reduced’. 

Laura Clenshaw is managing editor of Solicitors Journal editorial@solicitorsjournal.co.uk | @L_Clenshaw