A Chain Reaction in Conveyancing Transactions When you sell or purchase a property, it may become apparent at some point during the transaction that there is a chain either above, below or both. “The property chain is when homebuyers and sellers...
What is Veyo and can it really make moving house easier?
Having made my career in Conveyancing, I found it shocking to hear that moving house is considered more stressful than losing a job or getting a divorced, when there is no reason it can’t be an exciting, stress free time for all involved.
When asked what led to buyers and sellers becoming increasingly frustrated, many said it simply comes down to a lack of communication and information available throughout the process. For most, the not-knowing was the most stressful part.
Understanding this, the Law Society have teamed up with Mastek (UK) Limited, a global IT specialist, to create a new case management system, Veyo. Scheduled to launch in April, Veyo has received a mixed response from the law community with less than half of practices in the UK interested in the system.
Veyo’s main features
- A dedicated dashboard which will show all active cases and their respective status, with each case having a dedicated progress screen.
- A ‘Deal Room’ for solicitors acting on behalf of buyers and sellers to process documents.
- A ‘Chain View’ for each transaction which will show the exchange/completion status of every property involved in the chain.
- Anti-Money Laundering and Identity checks .
- Land Registry Documents will be available with integration of searches and HMRC transactions.
However, clients will still be required to sign legal documentation due to the Land Registry’s requirement for a “wet signature”.
The average time of a conveyancing transaction could be reduced by up to two weeks
With the introduction of this new system, CEO of Veyo, Elliott Vigar, believes it will improve the speed of the home buying process and could reduce the average time of a conveyancing transaction by up to two wee
However, critics of the system have argued that it will only work if all solicitors involved in the chain are registered to update the system, and that it will rely too heavily on the quality of their update. With many firms already using an in-house case management system, it is a question of whether firms will really want this added hassle and cost.
The real question is whether Veyo can really reduce the length of a Conveyancing transaction when in reality, although mortgage approvals are on the increase, the delays often stem from waiting for mortgage offers to be issued.
Having already cost £10 million to set up, only time will tell if Veyo will improve the client experience and speed up the Conveyancing process, or whether it will instead be another poor investment by the Law Society.