The national roll-out of Veyo, the conveyancing portal provided by the Law Society and IT company Mastek (UK) Ltd, has begun.
As of this week, the comprehensive portal will be installed across England and Wales. Veyo brings together electronically all the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of residential properties.
Its advantages, according to the Law Society and Mastek, are that it provides a full audit trail, operates within a secure “trusted community” of users, and allows professionals involved in the transaction to communicate easily with each other, saving time and money.
Many firms have already placed orders for the portal, and will be first in line to use it.
Desmond Hudson, chairman of Veyo, says: “This initial go-live of Veyo marks 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. With the home-buying process due to become much more efficient, secure and transparent, and 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.”
The portal costs £20 per transaction, plus an annual £50 administration charge.
