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Following on from my first blog about Veyo, the Law Society has announced on 3rd December that it will no longer be investing in the proposed online conveyancing Portal known as Veyo. Veyo was to be an online tool facilitating communication between conveyancers and other parties involved in house sales and purchases. The system was designed to enable the process of moving house to be made simpler and quicker, but it faced criticism from estate agents, conveyancers and others who questioned how it would work on a voluntary basis, whether it actually would solve the challenges that arise in chain transactions, and whether the cost justified the benefits it purported to bring.
The project was dogged by technical difficulties and numerous delays, and the Law Society has been forced to admit that it has been overtaken by other developments in the market. As the announcement says:
'The timetable for getting Veyo to market was, in retrospect, over ambitious. We have made the very difficult decision not to invest further in light of developments in the market which mean that case management providers are likely to meet our members' needs at no additional cost.'