Conveyancing goes online with Law Society backed portal
Joint venture creates new way to simplify and speed up the house-buying process
A new home conveyancing portal is scheduled to be launched to the legal profession in Spring 2015.
The online service, called Veyo, is a joint venture between The Law Society and global IT solutions specialist, Mastek UK. It is designed to bring together all the processes, checks and documentation prepared by solicitors and licensed conveyancers in the sale and purchase of residential properties.
It is hoped that Veyo will make conveyancing more efficient, secure and a smarter way to service client needs.
All documentation for each transaction will be kept online, in a system that will track progress and issue automatic diary reminders of actions needing to be carried out.
Veyo will provide a clear audit trail of communications between all parties in the transaction, strengthening risk management and compliance.
An inbuilt Conveyancing Quality Scheme (CQS) endorsed protocol tracks all workflows and anti-money laundering and identity checks will ensure compliance with lenders' requirements.
The portal will also provide customers with a secure area to upload and review documents, check progress and view the status of the entire housing chain.
Elliott Vigar, chief executive officer of Veyo, said: "Veyo is a market changing product that will provide conveyancers with a comprehensive online tool to make conveyancing much more efficient and transparent, within a secure environment.
"It has been designed by conveyancers for conveyancers and we have carried out extensive research among conveyancers, and wider industry stakeholders, to ensure we deliver a product that meets the needs of all parties. We are encouraging members to register their interest in Veyo now, as we get ready for the launch next Spring. We're looking forward to the portal going live, an event which will bring long term and positive changes to the property market, making home buying both quicker and easier."
Managing director and Group CEO at Mastek Limited, Sudhakar Ram, added: "This innovative approach will empower conveyancing professionals with next-generation IT services. We made the decision to invest in this joint venture as we saw the unique value that this product had to completely transform the conveyancing market."