Nearly half of conveyancing firms in England and Wales have registered with soon-to-be launched online portal Veyo, the joint venture behind the project announced today.
Veyo, which is being developed by the Law Society and IT services firm Mastek UK, will bring together electronically all the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of residential properties.
Since pricing was announced three weeks ago, Veyo said there has been a ‘substantial increase’ in sales enquiries, with 47% of conveyancing firms, ranging from volume conveyancers to sole practitioners, submitting their order to benefit from the early adopter scheme.
Stefanie van den Haak, commercial director of Veyo, said: ’The number of enquiries since the pricing was announced has been phenomenal but we are not complacent. We know we are offering something that is unique and we need to continue to promote our USPs. We are keen that conveyancers see for themselves that there is nothing comparable in the market.’
Veyo will be launched in the spring. Land Registry figures show that in 2013 there were 1,074,000 residential property transactions in the UK.