Law Society's online conveyancing portal takes off
Eighty anonymous law firms take part in initial launch phase as rest of the market waits for feedback on Veyo
The Law Society-backed online conveyancing portal, Veyo, starts its roll-out across England and Wales today after seven undisclosed law firms finished trialling the system.
The joint venture between the Law Society and IT firm Mastek aims to brings together all the processes, checks, and documentation prepared by solicitors and licensed conveyancers in the sale and purchase of residential properties.
The former chief executive of the Law Society, and now Veyo chairman, Des Hudson, said the launch marked the start of an 'exciting revolution' in the conveyancing market.
'As an industry-first it's crucial that we roll the product out strategically and our regional, targeted approach ensures that we can build a solid foundation in which the Veyo community can grow.'
Veyo's first users will be the 80 law firms which have already placed orders. A spokesperson for Veyo said it was unable disclose the names of the firms that had participated in the trials or those that had placed orders at this point. These anonymous firms will be followed by firms with a registered interest in the service.
Some 1,800 firms, almost half of all conveyancing firms in England and Wales, registered interest in the portal in March. The Law Society and Mastek have reported that the demographic of firms interested in Veyo ranges from volume conveyancers to sole practitioners.
Only once these firms have experienced the service will the rest of the market get the chance to trial it.
Conveyancers will be able to utilise the portal for residential conveyancing work at £20 per transaction, as well as an administration charge of £50 per user per year.