Almost half of conveyancing firms in England and Wales have registered with Veyo
As the launch soon approaches, Veyo announces that just under a half of conveyancing firms in England and Wales have now registered on the comprehensive conveyancing portal.
Since the pricing was recently announced, there has been a substantial increase in sales enquiries, with 47% of conveyancing firms, ranging from volume conveyancers to sole practitioners, submitting their order to benefit from the early adopter scheme. The joint venture between The Law Society and Mastek (UK) Ltd, a global IT Solutions company, will 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. Conveyancers can utilise the portal to conduct residential conveyancing work for only £20 per transaction.
The functions for this fee include:
- Ability to:
– upload search results
– transmit and receive key documents
– exchange contracts online via the ‘Deal Room’
– see the progress of a chain of transactions for homebuyers, estate agents and conveyancers via the ‘Chain View’
– communicate and interface with professionals and clients in an online environment
– transact residential property in a secure space
– upload HMRC information
– directly interface with Land Registry
- Secure audit trail
- Inbuilt free AML searches
- Free conveyancing Forms
- Fully functioning CMS
There will be an administration charge of £50 per user per year. Solicitors or licensed conveyancers that register with Veyo now will benefit from preferential rates, as well as ensure they are up and running as soon as the product comes to market.
Providing a full audit trail, and operating within a secure ‘trusted community’ of users, the system will allow professionals to better communicate with each other, home movers and other key stakeholders, to satisfy obligations more efficiently and to facilitate the conveyance of residential property through established preferred practice protocols. In doing so, it will ensure greater efficiency for conveyancers, therefore providing a significant reduction to business costs in terms of time spent on each transaction, whilst maximising client service.
Stefanie van den Haak, commercial director of Veyo, comments: “The number of enquiries since the pricing was announced has been phenomenal but we are not complacent. We know we are offering something that is unique and we need to continue to promote our USPs. We are keen that conveyancers see for themselves that there is nothing comparable in the market. We want the professionals to evaluate the benefits of the system themselves and encourage those who are curious to take a look. With a fully functioning CMS available, free AML and free conveyancing Forms, in addition to the wide ranging benefits that will lead to business cost savings, it is clear to many that Veyo is priced very competitively. But the early adopter programme will provide potential customers with the added incentive to test us out.”