Online conveyancing launched by Law Society
24th Oct 2014
It has been revealed that an e-conveyancing system will be launched next year by Veyo, a Law Society-backed website.
By the end of the first quarter of 2015, an online site for residential conveyancing will be up and running, a long-awaited move for the Society, which took over the idea from Land Registry in 2009. Chaired by Desmond Hudson, former chief executive of the Law Society, it is a joint project with IT services chain, Mastek Ltd.
According to chief executive Elliott Vigar, Veyo is a ‘market-changing product’, with the service handling everything from instruction to post-completion. The portal will allow solicitors and licensed conveyancers to easily share documents and information with purchasers and HM Land Registry, with plans for this to eventually also include HM Revenue & Customs, mortgage lenders and estate agents.
The idea is that the system will be much simpler, with one system tracking online activity and progress, and automatic reminders sent out if action needs to be taken. Buyers and sellers will also be able to track everything on their phones via a new app. With just one trail of information in a transaction, the risk of fraud should be reduced.
The only thing that will be required in person is signing deeds, as the Land Registry still requires a ‘wet signature’.
Though when it launches it will only be available to licensed conveyancers and solicitors, in the future it will also be open for ‘any other regulated professional’ who has approval to offer conveyancing services. Vigar adds that the hope is for the system to go viral, with ‘the more people who are on board, the better’.
The system has been designed with the Law Society’s conveyancing protocol ‘hard-wired’ in, and Vigar states that a ‘significant number’ of firms have expressed interest in testing out the system. He hopes that the process will be recognisable as similar to the one in use currently, and that users will be comfortable with using it.
Sudhakar Ram, managing director and Group CEO at Mastek, adds that the decision was made by the company as they saw the ‘unique value’ the project had to offer the market, and hopes it will ’empower’ professionals in the industry.
Fees for using the system have not yet been decided.