Conveyancing portal Veyo claims that just under a half of conveyancing firms in England and Wales have now registered on the system ahead of the launch next month.
Some 47 per cent of conveyancing firms are on board, ranging from volume conveyancers to sole practitioners.
The joint venture between The Law Society and IT firm Mastek (UK) says it will charge registered users £20 per transaction plus an annual administration charge of £50.
Veyo's promoters claim that the current average conveyancing time - 11.3 weeks - could be cut by up to two weeks if parties are on' the system and use it to its fullest degree.
Estate agents will be able to use the chain view' for each transaction which will show the exchange/completion status of each property in the chain online, and in detail, if firms on the other transactions have chosen to disclose them to the portal.
There is no firm launch date for the system although The Law Society says it will be in April.
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Comments
Very misleading indeed. The Veyo website itself says Register to keep up with the latest developments ..it has nothing to do with buying the product, just a chance to be curious about why there are so many advertising claims of the 'home of conveyancing.
As a fierce advocate of best quality conveyancing, the product is simply not on my radar. It holds no interest for me.
Why
Conveyancers are very skilled at knowing what will help them do their jobs better and more importantly the knock on benefit for their clients. Why are we so skilled Because we are constantly targeted with new sales products (e.g new silly searches we could do, new daft IT software we could buy etc etc) all claiming to be the next best way to help us do our job better. And we dismiss so many.
Why are we targeted with new products Do the mathsthere are thousands of conveyancing firms. If they all used the new product, or carried out a new conveyancing search etc, the owner of the product stands to make an enormous amount of money. Vast sums in fact.
(Nowimagine if conveyancers effectively had no choice but to buy a new product or commission a new search, whether it was pointless or not. That prospect for the selling business would be golden. Now whose ear would they bend to make that happen..but how appalling would that be, and embarrassing for anyone who mandated a product not wanted by the end user.)
That's why it is not on my radar.
So what IS on my radar Not IT products, we have enough IT. Instead, a higher standard of legal training (i.e actual knowledge of property law, probate law, trusts etc) for the actual human conveyancer. Law comes into play in a conveyancing property sale/purchase, and without decent legal training, errors can and do happen to the costly and sad result for the public and their property transaction. Nothing worse than talking to your lawyer who cannot make instant decisions, who does not know the answer, who is slow and out of their depth, who does not talk knowledgeably.
Indeed, are you even using a Solicitor firm for your property transaction. No Who profits from that decision.
Just gathering some facts and figures of my own first AlgarveInvestor:)
Sounds very optimistic to me. And, as others have said, more than a bit misleading. I look forward to Mr Hailstone's article tomorrow tearing these stats and assertions to pieces.
Leave us hanging, why don't you, Rob.
To be fair, the headline doesn't sound very likely. Where are they plucking that number from As Sceptical Agent says, there is a difference between expressing interest and actually being signed up. And, even if it is true, having only half the sector behind you isn't exactly something to shout about.
Nice little plug there Rob Hailstone. Very subtle. Haha!
My contact within Veyo has confirmed that these figures are definitely misleading. The factual position (as I'm led to believe) is that less than 10% will be using Veyo on launch, with 40% of the sector confirming interest in the platform but not committing to using it.
That means that nearly 50% of the conveyancing sector don't support this.
Surely Veyo will get caught out by these lies.
This headline is misleading and some of the content is also misleading. In my article due to be published tomorrow (Industry Views), I will explain why.