House-buying Made Easier Through New E-conveyancing Process

Right now, something of a house-buying revolution is taking place.

Conveyancing, the frequently complex legal process of transferring property ownership from one person to another, is undergoing a dramatic transformation. Thanks to a brand new digital product called Veyo, conveyancing is making its own move to a new home, online.

Traditionally, those buying a property had to follow a set of four distinct steps before they could be said to officially own their new home in the eyes of the law. Once the stress of making offers, having them accepted, enlisting solicitors and waiting for surveys had been endured, an exchange would be made, marking the end of step number one. Next, solicitors would prepare legal documents for the transfer of ownership and collate mortgage information and contracts (step two). The third step was completion – when the keys were finally handed over, and the fourth post-completion. This was the time for new owners to be recorded with the Land Registry and stamp duty to be paid. Now, all of these steps will be condensed, simplified and made easier to follow with Veyo.

Veyo is an app designed to perform the task of centralising all the information required to transfer ownership of a property. The Law Society has shown its support by investing a substantial £5m in the product which has been created by Mastek UK, a specialist IT firm. The online portal has been launched across England and Wales and almost half of all conveyancing firms have already registered. It’s predicted it will act as a catalyst for total change across the entire industry. Private conveyancers and solicitors alike will collaborate and exchange information with other parties from within Veyo, negating the need for documents sent through the post, confusing email threads and lengthy time delays. Vendors, buyers and HM Land Registry can already use Veyo and soon it will be upgraded to meet the needs of estate agents, banks and building societies and HM Revenue & Customs.  

Ultimately, online conveyancing is going to make the process of buying a new home far less stressful, laborious and expensive. Communication will be greatly improved. Because the app creates a singular point of contact where all events are recorded, everyone involved in the process has far better real-time access to important information. In turn, this overview reduces the stress of waiting for messages to arrive. Financially, Veyo is good news for home-buyers. Conveyancing is a notoriously expensive service but by bringing it online the app dramatically cuts costs. In fact, these lower costs could make moving home a possibility for people who have previously found conveyancing prohibitively expensive.

Conveyancing, so important to get right and historically so fraught with pressure, has found its place in a digital world with 24/7 connectivity. This can only be good news for both the professionals working in the industry, and those who want buying a new home to be a simpler, more transparent and more efficient undertaking.