Marketed as a joint venture between The Law Society and global technology giant Mastek, the system will operate through the brand name ‘Veyo’.
Legal Futures reports that the system will allow professionals to better communicate with each other, clients and other parties, satisfy due diligence obligations more quickly and facilitate the conveyance of residential property through established protocols.
Elliott Vigar, head of commercial investments at the Law Society and chief executive of Veyo, said the portal aimed to process a quarter of conveyancing transactions by the end of 2015.
“We are looking for the vast majority of transactions which can go through the portal to go through the portal,” he said.
“We want to be, in five years’ time, the ubiquitous process for conveyancing transactions in England and Wales. Everyone wins in terms of ease of use, transparency, security and communication.”
Conveyancers using the service will be presented with a dashboard that will show all active cases and their respective statuses, and each case will have a dedicated screen detailing the progress. A calendar will show scheduled tasks, key dates and reminders.
Land Registry applications will be available from the launch date, with the integration of searches and HMRC transactions within Veyo planned for subsequent service releases.
Mr Vigar said Veyo, based at an office in London’s Fleet Street, operated quite separately from the Law Society, with its own sales director and office manager.
He said Veyo would be open to all conveyancers, not just solicitors, and they would pay veyo an annual licence fee and transaction fee.
Mr Vigar said details of the fees had not yet been finalised.
“We are not looking to price people out of the system,” he added.
“We want it to be available to everyone. It will work better the more people there are who use it.”