So spring has sprung and the Hare is on the loose. After a very long gestation period, the Veyo leveret has been born.
Hares are born fully furred, able to see and capable of independent movement. In fact, hares can live on their own one hour after birth. All good so far.
However, hares only live for eight or nine years (with a good business plan, substantial finance and an offering that is needed by all stakeholders) but many, unfortunately, will die within the first 12 months.
With the Law Society having invested over £10m of its, and/or its members’ money in this project, I sincerely hope the lifespan of ‘Veyo the Hare’ breaks all records.
Enough levity, this is a serious attempt at improving the home buying and selling process and pretty much everyone involved in that process agrees that improvements would be welcomed.
The benefits that Veyo will bring are listed below (this list has been known to change from time to time):
• A fully audited system.
• Data storage.
• Inbuilt AML checks and conveyancing forms.
• Demonstrable adherence to Law Society protocols and CQS workflows.
• Ability to transact residential property in a secure space (the deal room) with a ‘known’ party (trusted community).
• The ability to transmit and receive key documents online which are seamlessly updated into the system.
• The ability to see the progress of a chain of transactions (chain view).
• The ability to directly interface with the Land Registry from within Veyo.
• The ability to exchange contracts online within the system.
• The ability to communicate and interface with a client in an online environment – benefiting customer service and experience.
The $64, 000, 00.00 question is, if delivered will these benefits help speed transactions up and make them less stressful? I will let you be the judge of that.
What has surprised me about the whole affair is the hostility a large number of law firms have expressed. I am not sure what a group of lawyers are called, but let’s call them a ‘drove’. It is unusual for a drove of lawyers to be so vocal and hostile. In my opinion, it must come down to two things:
1. A lack of consultation at the outset
2. The high level of investment and risk attached to that investment
So, where do we go from here? Well, we monitor the feedback of the ‘early adopters’ and hope that Veyo delivers what it said on the tin. Let’s also hope that estate agents can get involved, sooner rather than later, so we can get your feedback.
Nothing very exciting seems to have happened during this launch week but it is early days. What is evident, from the online comments posted, is that estate agents appear to be giving Veyo a greater ‘benefit of the doubt’ than conveyancers. Why is that?
I will keep you updated from time to time but like any new birth, the birth of ‘Veyo the Hare’ should be celebrated and I will personally deliver (champagne, chocolates and flowers, courtesy of the Bold Legal Group) to the offices of the first person to explain to me why, in this article, I have a called a group of lawyers a ‘drove’?
*Rob Hailstone is the founder of the Bold Legal Group