Clients of both residential and commercial conveyancing may be interested to read of plans by the Law Society, in conjunction with the global IT solutions specialist Mastek UK, to launch a dedicated conveyancing portal that is intended to make the management of the conveyancing process more efficient, secure and transparent.
The first phase of the portal, which is set to launch in spring 2015, will be designed to enable a higher quality of communication between professionals, clients and other parties. It will also allow those professionals to more quickly satisfy due diligence obligations and facilitate the conveyance of residential property through established protocols.
However, the benefits to the conveyancing customer of the new portal should also be noted. The Law Society has said that the portal – which is called Veyo – will help to make the conveyancing process more efficient, which will in turn shorten how long it takes clients to complete their purchase of a property.
Especially significant for the UK’s providers of residential and commercial conveyancing services will be the ability that Veyo gives clients to spot check where the transactions are. It all indicates that only conveyancing specialists with the strongest possible infrastructure – such as Farani Taylor – will be able to survive.
The portal promises to give small and large firms alike a simple means of assistance with the process of buying residential property. It is intended that smaller companies will be able to access the kind of technologically sophisticated platforms that would normally only be available to larger, more technologically enabled firms.
The Law Society has stated that this level playing field provided by Veyo will enable “solicitors as a profession to maintain the highest standards”, in addition to “strengthening risk management and compliance, and therefore reducing fraud.”
The range of features that Veyo will incorporate from launch day is set to encompass case management within the portal and workflows integrated with case management, in addition to secure, immediate and auditable communication with the conveyancer of the buyer or seller.
Clients will also be able to access a secure area for communicating with their conveyancer and submitting their own documents. Contract negotiation and exchange will also be able to take place through the portal, the contract bundle able to be created and securely shared, as well as jointly worked upon, with the other party – subject to client confidentiality.
Such other launch day features of the new portal as verification of ‘the other side’, AML checks and a chain view are set to make its introduction a momentous event throughout the residential and commercial conveyancing industry.