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A new online home conveyancing portal is set to launch in the spring.
Veyo, a joint venture between The Law Society and IT solutions specialist Mastek UK, is designed to bring together all the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of residential properties.
In its first phase, the system will allow professionals to better communicate with each other, clients and other parties, satisfy due diligence obligations more quickly and facilitate the conveyance of residential property through established protocols.
Veyo users will be able to verify individuals working for the other side of the transaction and they will have to be pre-qualified to be able to use the portal. It will also be possible to carry out anti-money laundering checks with Veyo.
Land Registry applications will be available from the launch date, with the integration of searches and HMRC transactions within Veyo also planned for subsequent service releases after the initial launch.
Elliott Vigar, Chief Executive Officer of Veyo said: “Veyo is a market changing product that will provide conveyancers with a comprehensive online tool to make conveyancing much more efficient and transparent, within a secure environment.
“It has been designed by conveyancers for conveyancers and we have carried out extensive research among conveyancers, and wider industry stakeholders, to ensure we deliver a product that meets the needs of all parties. We’re looking forward to the portal going live, an event which will bring long term and positive changes to the property market, making home buying both quicker and easier.”