Conveyancing is now set to move into the 21st century thanks to the Law Society's new conveyancing portal which will be launched in spring 2015. It should not only benefit solicitors but also make buying and selling a home more user-friendly for clients.
The portal will provide “an efficient, secure and transparent way of managing conveyancing” by enabling solicitors to share information and documents with their clients and others involved in property transactions.
This will provide real benefits for both solicitors and clients. It will speed up the house-buying process by tracking activity and progress of the conveyancing.
Buyers and sellers will be able to track the progress of their cases via an app on their mobile phones.
All documentation will be kept online. In future only transfers and mortgages will still have to be paper documents physically signed, thanks to Land Registry’s legal requirement for a ‘wet signature’ on deeds.
The portal will be linked with the Land Registry and in due course mortgage lenders and agents, enabling all involved in any purchase or sale to know exactly what progress is being made.
The portal which will be called “Veyo” is a joint venture between the Law Society and Mastek UK, a global IT solutions specialist.
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.'
Let's hope that solicitors will rapidly adopt the use of the new portal and that clients will not only find that this helps their conveyancing move faster but also that they will be better informed about the progress of their purchase or sale.
Similar systems have already been introduced in other countries, including some of the Australian states and Canada, where conveyancing is similar to England. According to reports from those countries property conveyancing has been speeded up and easier to use for buyers and sellers.