The Law Society-backed joint venture developing the Veyo electronic conveyancing system is being wound up because new providers have entered the market pledging free products.
In a statement, Veyo developer Legal Practice Technologies said a review had concluded that ‘the shape of the market for the Veyo product has changed radically’ since LPT was founded by the Society and global IT company Mastek last year.
As a result, both partners have decided against further investment in the system.
Veyo was launched to meet the need for a secure online environment in which conveyancers could conduct their work. But the statement adds: ‘New providers have committed to bring free products to market within case management software to deliver LPT’s vision for e-conveyancing.
‘Case management providers are developing products such as Free 2 Convey, adding value to their existing offer and we welcome any development which means that conveyancing can done more effectively.’
The Law Society said its decision to cease funding the project was taken ‘with considerable regret’. Other software providers operating in the conveyancing market ‘are responding to members’ needs’ and ‘the costs of continuing outweigh the benefit to our members’, it said.
‘We are deeply sorry that those who have waited patiently for the Veyo conveyancing portal from our joint venture will not now be able to use it,’ the Society added.
Chancery Lane described the timetable for getting Veyo to market as ‘over-ambitious’, adding that other case management providers are now likely to meet members’ needs at ‘no additional cost’.
Mastek said: ‘This was a hard decision to take, but commercially the right one for all of us.’
The Law Society invested £600,000 for a 60% stake in LPT in May 2014, with Mastek taking 40%.