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.
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Hmm, odds on how long they'll last?
I think they might surprise a few people. There's been a lot of scepticism about Veyo, even before they've been launched, but the idea is a good one and should be given time to develop. It might bomb like easyProperty or it might be an overwhelming success, let's wait and see.
If you'd like to take a look at a comparable service which already has access and tools for estate agents as well as conveyancers then take a look at Hoowla - www.hoowla.com
I'll give them a bit of time before I judge. Could be brilliant, could be a disaster. I certainly like the idea, and the price is far from eye-watering, but there are reasons to be sceptical too.
It's certainly innovative, and I've got a feeling they'll surprise a few people too. Could be wrong, but it does seem to have been written off rather prematurely.
From what I have seen so far, it looks like an excellent product. There is certainly nothing like it in the market today. Where else could you get this kind of information on the entire chain? I think Hoowla are missing the point completely if they think they are even in the same league. Good luck Veyo - Count me in.
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