A privately run web portal handling conveyancing in England and Wales, linking home buyers with their conveyancers, HM Land Registry and HM Revenue & Customs, will go live next spring under the brand name Veyo, its backers announced today.
The new online service, called Veyo, is a joint venture between The Law Society and Mastek UK. It 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.
A previous attempt to put the conveyancing process online was abandoned by Land Registry in 2009. Veyo will handle all steps in the process electronically, apart from the signing the title deeds, for which a wet signature is required by law. House buyers and sellers will be able to keep track of their transaction with a smartphone app.
Conveyancers using the service will be presented with a dashboard that will show all active cases and their respective statuses. Each case will have a dedicated screen showing a detailed overview of each property transaction and the progress towards completion. A calendar will show scheduled tasks, key dates and reminders. Other pages will provide users with an overview of all their transactions, plus messages and activity updates to help keep all cases on track.
The system is due to go live at the end of the first quarter of next year, the company said.
Elliott Vigar, chief executive 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."
