£20 per transaction – Veyo finally sets out pricing


Veyo: advertising campaign began last month during Wales v England rugby match

Veyo: advertising campaign began last month during Wales v England rugby match

The Law Society-backed conveyancing portal Veyo is to charge £20 per transaction, it announced today.

The fee includes anti-money laundering searches and conveyancing forms. There will be an administration charge of £50 per user per year.

The long-awaited announcement comes less than a month before Veyo, a joint venture between the Law Society and IT company Mastek launches with the aim of bringing together electronically, all the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of residential properties.

Veyo said that based on an average hourly rate, the £20 transaction fee equates to just 12 minutes spent during an entire transaction.

“As such, given the inherent efficiencies gained through the system, the £20 transaction fee will be more than self-funding on time savings alone.

“In addition, as Veyo will enable most of the communication between conveyancing professional and home movers to take place online, the use of timely and costly postal mail will be made virtually redundant.

“Client view will ensure greater transparency throughout the transaction, with less time taken up answering client queries for both the conveyancer and the estate agent. With more clarity, client service satisfaction is likely to increase.”

Veyo said that firms with existing case management systems (CMS) will, subject to the collaboration of their provider, be able to integrate their existing system into the required elements of Veyo’s services, although it did not say how many providers are doing this. For firms that currently have no CMS in place, Veyo provides, within the cost of the service, a CMS tailored for residential conveyancing work.

Stefanie van den Haak, commercial director of Veyo, added: “We are empowering all conveyancing professionals with next-generation IT solutions that offer operational agility and significant savings in operating costs. Set at this extremely competitive price for an enterprise class product, we can ensure Veyo achieves its prime objective of widespread market adoption.

“It is fundamental to our business strategy that Veyo remains an inclusive product whereby no one will be priced out.”




Leave a Comment

By clicking Submit you consent to Legal Futures storing your personal data and confirm you have read our Privacy Policy and section 5 of our Terms & Conditions which deals with user-generated content. All comments will be moderated before posting.

Required fields are marked *
Email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Blog


Why data-driven decision making can improve efficiency for GCs

How should general counsel approach decision making? Intuition or data-driven decisions? I would argue it’s actually a bit of both but, without the data, those decisions can be unstable.


Overcoming Covid-19 career anxieties

The pressure to perform drives incredible careers and much success but does come with a cost at times. A global pandemic has added even more complexities into our personal and professional lives.


Loading animation