Veyo, the new conveyancing portal that is majority owned by the Law Society, is running behind schedule.
The original date for launch was to have been last month. However, no launch date has yet been set and chief executive Elliott Vigar yesterday told Eye that it will be “a few more weeks”.
He said: “We certainly targeted the end of March, but this is a software build and it is better to deliver a good product that is late rather than one that is on time but not as good as it should be.”
Veyo, a joint venture between the Law Society and Mastek (UK), aims to be a hub which will bring together electronically all the processes, checks and documentation undertaken by solicitors and licensed conveyancers in residential property transactions.
But even before launch, it is proving controversial.
Vigar said that “a product like this would always have a touch of Marmite” about it, with some vocal critics wanting to protect their own interests.
However, he said a “significant number of firms” had registered their interest.
Veyo will operate on a per licence, per year basis, with individual conveyancers paying an annual £50 plus £20 per transaction.
For this, they will be able to operate almost entirely online with the ability to view other transactions in the chain. They will not, at launch, be able to exchange online, but the functionality is available to be switched on.
Nor will conveyancers be able to transfer funds online. However, Vigar does not rule out this ability in the future.
Conveyancers will also be able to give their clients their own log-ins, and home movers will be able to see how their own transactions are progressing. They will not, however, be able to see other transactions in the chain although their conveyance will be able to explain any third-party hold-ups.
Estate agents can also sign up to Veyo and so far 70 have registered interest. They will also be charged to use the service but Vigar says the amount will be “modest”.
The aim is for agents to be able to track transactions – and, potentially, whole chains – online without having to constantly chase up conveyancers.
“Veyo is very much around transparency,” said Vigar. “It is much more than a case management system, and is a shared platform.”
The Land Registry famously tried to get something similar, Chain Matrix, off the ground but in 2007 shelved the project after a reported spend of £4.6m.
Vigar said that the failure had not deterred Veyo’s ambitions: “Chain Matrix was not of its time and the technology has improved massively since then. It was the right idea but incorrectly executed.”
He believes Veyo will cut conveyancing times by a couple of weeks: “We can’t make a lender come up with a mortgage offer any quicker, but it should certainly speed up admin time and make communications far simpler.”
Will conveyancing firms – which often still prefer to use Royal Mail and see “actual” signatures on all documentation – take to Veyo?
“I see it as very much part of our mission to educate,” said Vigar. “This is a competitive environment and clients are much more demanding than they used to be.
“Veyo is designed to safeguard conveyancing practices in high streets and elsewhere.”
The website is here
This won’t speed up the process at all. We already have a fantastic case management system in place. However, waiting for a mortgage offer is the first thing to hold us up. Do we waste client’s money by starting searches before the offer is received or save them money, but cost them time, by starting searches after mortgage offer is received. No system will get round these problems or the problem of your own client, or someone else in the chain going away on holiday without informing anyone. No system can speed up the situation where a purchaser pretends to be a cash buyer and part way through announces that they do now need funding. These and many more issues that we deal with daily are down to human nature.
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Great comment with some real relevance!
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Better a delay than an early release and a flop.
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Let’s just hope the delayed product is “as good as it should be.”
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As head of a conveyancing team, it is simply not a product I can recommend to clients. I am not aware of any law firm remotely considering otherwise.
Anyone wish to name their law firm that is?
The real issue in the conveyancing market that should be addressed at the moment is improving legal knowledge. The legal training of the human doing the actual legal work needs to be the very best. With that comes confidence, and expert and instant decision making. Second rate disrespects the client and their property transaction. It causes the usual delays, it aborts deals, it results in legal defects, it leads to client complaints, and it frustrates the ability of more expert/dynamic conveyancers to do their jobs. Why should I still have to groan sometimes when I look at who the opposite conveyancing firm is on an estate agent memorandum.
The actual conveyancer needs to be legally trained to the highest standard. Invest in ways to secure that, and you receive my vote.
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Looking for a conveyancing case management system then check out Hoowla. We provide the majority of the features offered in Veyo and are already being used by Legal firms and Estate Agents across the country.
http://www.hoowla.com
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