The conveyancing portal Veyo officially commences its roll-out across England and Wales today, after originally pledging to open in April.
Veyo is not stating how many companies will be involved, and only told the press on Friday afternoon that the launch would take place today. It says early users will be conveyancers which have already placed orders and suggests the roll out will be region by region.
“It’s crucial that we roll the product out strategically and our regional, targeted approach ensures that we can build a solid foundation .... 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” says Desmond Hudson, chairman of Veyo.
The portal, created by the Law Society and IT firm Mastek (UK), aims to bring together online all the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of residential property.
There has been scepticism amongst some conveyancers that without all parties to the conveyancing process - such as the Land Registrry and HMRC - being on board, the full effectiveness of Veyo may be difficult to judge. There is no date yet as to when estate agents will be on board.
Conveyancers will be able to use the portal for residential conveyancing for £20 per transaction with an administration charge of £50 per user per year.
Veyo says firms with existing case management systems will, subject to the collaboration of their provider, be able to integrate their existing system into the required elements of Veyo’s services. For firms that currently have no CMS in place, Veyo provides a CMS tailored for residential conveyancing work.