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Next spring we are due to see the launch of the new Law Society conveyancing portal, Veyo. The Veyo hare symbol (below) and the name are now registered trademarks. The hare represents the speed and efficiency that the system will hopefully deliver and apparently, the name Veyo is derived from the Latin for conveyancing, veho, which means to carry or convey.

The marketing material says that Veyo is a comprehensive conveyancing portal, offering an efficient, secure, and smart way to manage property transactions - from client instruction to completion.

Some of the benefits are listed as being:

Saving time by streamlining businesses processes

Saving money by speeding up transactions

Providing transparency at every stage with up to the minute information on the status of the transaction

Enabling clearer communication with customers

Full integration with Land Registry

Being the smart way to service clients, providing a secure area to upload and review documents

A chain view

One conveyancing lawyer involved in the development of Veyo has said: The portal will offer more transparency not only for the solicitor but also for the client, and everyone else in the chain. I also find it very exciting that the system can be used remotely. The portal will be a game changer for conveyancers.

Elliott Vigar, the CEO of Veyo, says in an interview published in Today's Conveyancer this morning: "Veyo not only covers the entire chain comprehensively, securely and quickly, but most importantly it's unique because it allows conveyancers on both sides of the transaction to communicate in real time with each other, their clients and other stakeholders in the transaction. It has been designed with considerable input from licensed conveyancers as well as solicitors to ensure it meets the needs of the industry."

Now, having been involved in residential conveyancing for forty years and having seen no real reduction in the time transactions take and the stress levels it imposes on all involved, I welcome any system or process that will make our lives easier. However, I remain to be persuaded.

In my opinion, the project so far could have been handled differently, and without going into lengthy detail, feel that the driving forces behind the development have been presenting a picture that is perhaps rosier than it really is. Conversations with major lenders, case management providers and, to a degree, estate agents, rather than being concluded are ongoing and despite a specified launch date which is only months away, no live demo has yet taken place and the cost, to the conveyancer, of using Veyo has not been disclosed.

Despite my initial misgivings, I hope that Veyo comes into the market and delivers on the promises being made.

Next month, Veyo is due to be demonstrated, for the first time I believe, at a meeting of the Conveyancing Association. No doubt I, or the other author of this weekly blog, Eddie Goldsmith, will be able to throw more light on the matter after that. Hopefully we will be able to report that as D:Ream sang in the early 90s; Things can only get better!

If you want to watch an 80 second video about Veyo, you can do so here.

My question to you dear reader is this, is this what estate agents want

*Rob Hailstone is Founder of the Bold Legal Group

rh@boldgroup.co.uk www.boldgroup.co.uk

Comments

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    Very interested to see it when it launches. Seems to be very similar to a few offerings already live in the market. http://www.hoowla.com

    • 26 November 2014 13:53 PM
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