Conveyancers will be given a helping hand thanks to a new online portal designed to make the process easier and quicker.
The new online service, called Veyo, is a joint venture between The Law Society and Mastek UK, a world-wide IT giant
It was recently announced that the much anticipated system is entering the final stages of its development and is scheduled to be launched to the conveyancing profession in spring 2015. The system will bring together all the processes from client instruction to completion into a single piece of software.
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.”
Firms using the service will be presented with a website that will show all active cases and their current statuses.
Each of these cases will have a dedicated folder showing a detailed overview of each property transaction and the progress towards completion.
The system will come with a built in calendar that will show scheduled tasks, key dates and reminders.
An online ‘deal room’ for each case will allow the two firms acting for the buyer and seller to collaborate and progress documents efficiently, with an automatic audit of all change.
The system comes with a number of safeguards and will provide a trail of communications between all parties in the transaction, which will strengthen risk management and compliance, therefore reducing the risk of fraud.
The new software will, for the first time, allow firms of all sizes access to a simple tool to facilitate the house buying process that has only normally been available to larger more technologically enabled firms – ensuring conveyancers as a profession maintain the highest of standards and provide faster, safer service to their clients.