Comments made on the Gazette website following the announcement of conveyancing portal Veyo’s pricing have overlooked some of the online system’s main and also its unique features.
Veyo brings together in an electronic form all the processes, checks and documentation prepared and undertaken by solicitors in the sale and purchase of residential properties. It also provides a common platform between firms to deal online together with a chain view which should aid transparency and assist us all to better advise and assist our clients. One reader raised concerns that the portal may have a negative impact on smaller firms.
On the contrary, it is designed to help them complete on a more level playing field against larger entities who have access to capital and funding well beyond the reach of many small firms. Veyo should also save its users money.
The £20 transaction fee should be more than self-funding on time savings alone, as well as on paper and postage costs. Small firms in particular will benefit from Veyo’s built-in case management system which they may not currently have, allowing for example, their clients to fill in forms online.
On top of this, there are no set-up fees, no consultancy fees, no hardware costs and no software maintenance costs. Also where the transaction is carried out electronically there will be file-storage facilities, again saving on this overhead. One reader commented that the transaction fee will be ‘an absolute steal’.
Jonathan Smithers is vice-president of the Law Society