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.”