The Law Society has revealed plans to team up with a global IT solutions specialist to introduce a new online portal, called ‘Veyo’, in spring 2015 that is designed to decrease timescales for the house-buying process for consumers and increase efficiency for conveyancers.
The portal will aim to make property transactions even more ‘secure, transparent and efficient’ than they currently are. This will be achieved by introducing the ability for conveyancers to upload search results, HMRC information and Land Registry information onto a single case management system that can even be accessed by consumers using a smartphone app.
The chief executive of Veyo has said that ‘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’.
Although it is obvious that the system will not be available to everyone, because not all people who are involved in a conveyancing transaction will have access to an online system or a smartphone app, this will be a major development towards the modernisation of what has previously been considered as a heavily traditional process, which can only be beneficial to all consumers in the future.