By using this website, you agree to our use of cookies to enhance your experience.

New conveyancing portal Veyo has answered critics saying it was too vague on its charges by stating that it will levy a fee of £20 per transaction.

Veyo, a joint venture between The Law Society and the IT firm Mastek (UK), is scheduled to launch next month. It claims to bring together electronically, all the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of residential properties.

It claims that based on a conveyancer's average hourly rate, the £20 transaction fee equates to just 12 minutes spent during an entire transaction. It says that given what it calls the inherent efficiencies gained through the system the £20 transaction fee will be more than self-funding on time savings alone. There would also be additional savings on postage.

There will be an administration charge of £50 per user per year. Pre-registered and early adopters are to receive preferential rates.

The managers behind Veyo are suggesting that the current average conveyancing time - 11.3 weeks - could be cut by up to two weeks if parties are on' Veyo and use it to its fullest degree.

Agents and conveyancers using the service will see 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.

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.

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.


  • icon

    Yep, I'm a little bit sceptical about this. Some of what they're offering seems a bit too good to be true.

    It could work very well if it's professionally run and efficient, but as things stand there does seem to be more questions than answers.

    • 03 March 2015 11:41 AM
  • icon

    Good idea in principle - people always seem to be complaining about how slow the whole conveyancing process is, what do the solicitors actually do for the high fees they quote, etc, etc. However, like with any of these new schemes, the proof of the pudding will be in the eating. And as Rob Hailstone says above, Veyo still invites more questions than answers.

    • 03 March 2015 11:08 AM
  • icon

    One of many questions for Veyo: Will the 'chain' view be available to estate agents (and others) when Veyo launches or at a later date

    • 03 March 2015 06:34 AM
MovePal MovePal MovePal