A new portal attempting to speed up and improve the transparency of conveyancing may eventually allow agents to check on the progress of individual sales and chains.
The portal, called Veyo, is a joint venture between the Law Society and IT firm Mastek UK and is being previewed today at a conference of conveyancers.
The first release of the system, which will be at the end of March, is likely to be restricted to conveyancers and their buyer and seller clients. If all the conveyancers in a chain join the system, it means progress can be monitored on where delays are located.
Conveyancers using the service will be presented with an on-screen dashboard that will show all active cases and their statuses. Each case will have a dedicated screen showing a detailed overview of each property transaction and the progress towards completion. A calendar will show scheduled tasks, key dates and reminders.
Other pages will provide users with an overview of all their transactions, plus messages and activity updates to help keep all cases on track.
Veyo's online deal room' for each case will allow the two conveyancers acting for the buyer and seller to submit and chase-up documents. There will be an automatic audit of all changes.
The chain view' for each transaction 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.
Automatic case management' systems will be set by the system, meaning it will identify what the next legal steps are in a chain and who needs to take them. Information will be transparent for conveyancers and their direct clients, but all conveyancers, sellers and buyers elsewhere in the chain will have some level of access to monitor progress elsewhere in the chain whilst still maintaining appropriate levels of confidentiality.
Land Registry applications will be available from the launch date, with the integration of searches and HMRC transactions within Veyo also planned for subsequent releases.
And in an interview with Estate Agent Today, Elliott Vigar, chief executive officer of Veyo, has revealed that by the end of 2015 there will be a further release of the portal which will allow limited access for estate agents to the conveyancing details of homes they sell.
We're going to consult with agents and their bodies and groups, and find out what information would help them progress a sale. We already plan to allow lenders some limited access as they are key stakeholders - estate agents are as well says Vigar.
Ultimately we hope there may be interfaces with local authority searches too he says.
One advantage of the system is that it will allow small conveyancing firms to have a level of IT support as good as larger rivals.
Comments
We would wholeheartedly support something that improves the Conveyancing process and helps it move into the digital age, but the following aspects of Veyo concern / irritate :
- absolute refusal of the Law Society / Joint Venture company to engage with the Estate Agency profession - ironically, enthusiastic estate agency backing could be an important element in getting support / adoption. We are not the enemy.
- ridiculous claims about how many weeks Veyo will shave off a a typical conveyancing transaction - this shows a desperate ignorance of what determines timescales on transactions, and supports the incorrect notion that "if only the lawyers acted quicker, we could exchange 2 weeks earlier"
- lack of indication on the commercials - and who pays The lawyers won't want to sacrifice margin.
- the focus of Veyo on small / medium sized practices which could deter larger firms, with the greatest IT capability, from adopting it.
I look forward to receiving an invite from Veyo to attend an Estate Agency working group, but I am not holding my breath !
It is a great idea but if you want something that's already done check out Hoowla. We have given access to Estate Agents right from the start as you're key to the whole transaction. We even have tools for you to manage your own panel of solicitors - http://www.hoowla.com | http://agents.hoowla.com
Don't hold out too much hope too quickly, what IT system gets delivered on time and works, how late is this already
Without all clients in the chains consent there cannot be visibility due to Data Protection
No hiding now what a great Idea ;)
This is a fantastic idea if implemented correctly! Anything that is able to increase the communication channel between not only the conveyancers but with clients will ensure sales are completed efficiently.
If Veyo does what it says on the packet, this could be really good. Anything that allows us to 'track' progress and see where conveyancing solicitors are falling down has got to be good. Had a system like this been in place last year when Mike and Dean Alexander crashed Alexander Lawyers (In Liquidation), we might have been able to quickly shift the files over to more established conveyancers without suffering damage to the deals.