Veyo, the new conveyancing portal, just revealed that conveyancing professionals will be able to utilise the portal to conduct residential conveyancing work for only £20 per transaction – this fee to include free AML searches, and free conveyancing Forms.

The joint venture between The Law Society and Mastek (UK) Ltd is to be launched soon, and will bring together electronically, all the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of residential properties.

Providing a full audit trail, and operating within a secure ‘trusted community’ of users, the system will allow professionals to better communicate with each other, home movers and other key stakeholders, to satisfy obligations more efficiently and to facilitate the conveyance of residential property through established preferred practice protocols. In doing so, it will ensure greater efficiency for conveyancers, therefore providing a significant reduction to business costs in terms of time spent on each transaction, whilst maximising client service.

It is estimated that based on an average hourly rate the £20 transaction fee equates to just 12 minutes spent during an entire transaction. As such, Veyo say, given the inherent efficiencies gained through the system, the £20 transaction fee will be more than self-funding on time savings alone.

In addition, as Veyo will enable most of the communication between conveyancing professional and home movers to take place online, the use of timely and costly postal mail will be made virtually redundant. Client view will ensure greater transparency throughout the transaction, with less time taken up answering client queries for both the conveyancer and the estate agent. With more clarity client service satisfaction is likely to increase.

There will be an administration charge of £50 per user per year. Pre-registered and early adopters can contact us now to get preferential rates.

A critical element of the product is that it is an inclusive service for the whole market from volume conveyancers to sole practitioners. As such, there is complete transparency of pricing set at a highly competitive rate. There are no set up fees, no consultancy fees, no hardware costs and no software maintenance costs.

Firms with existing case management systems (CMS) will, subject to the collaboration of their provider, be able to integrate their existing system into the required elements of Veyo’s services. For firms that currently have no CMS in place, Veyo provides, within the cost of the service, a fully functioning CMS tailored for residential conveyancing work.

Stefanie van den Haak, commercial director of Veyo, comments: “Working with Mastek, a global IT solutions specialist, we are empowering all conveyancing professionals with next-generation IT solutions that offer operational agility and significant savings in operating costs. Set at this extremely competitive price for an enterprise class product, we can ensure Veyo achieves its prime objective of widespread market adoption. It is fundamental to our business strategy that Veyo remains an inclusive product whereby no one will be priced out.”