Veyo, the new conveyancing portal backed by the Law Society, has shut up shop just months after launching – and shortly after it was mentioned by the president of the Law Society at a conference last week.
Conveyancer Rob Hailsone, of the Bold Legal Group, told EYE: “I was at a conveyancing conference on Thursday and Jonathan Smithers mentioned Veyo briefly, indicating that we would be hearing more shortly.
“What he omitted to tell us that the ‘more’ would be in a few hours’ time, advising us of Veyo’s demise.”
The Law Society has said that it is ceasing from making further investment. Its technology partner Mastek (UK) said the same.
Both the Veyo website and Twitter account are now inactive.
Veyo had an inauspicious start, launching two months behind schedule in May. An interview was given to EYE by its chief executive who, it emerged, left almost immediately afterwards.
Veyo aimed to be a case-handling system, bringing together electronically all the processes, checks and documentation undertaken in conveyancing.
Agents were also invited to sign up to Veyo, enabling them to track transactions online. It was never clear how many agents actually did so – something else that Hailstone has queried.
Veyo’s demise follows the spectacular failure of the Land Registry’s similar venture, Chain Matrix, which was shelved in 2007 after a reported spend of £4.6m.
Two months ago, EYE reported a stream of departures from Veyo, including its first and interim CEOs and chairman, the latter replaced by a turnaround specialist.
The Law Society is thought to have invested over £5m in Legal Practice Technologies, the joint venture set up to deliver Veyo.
One major setback was in September, when a free version of Veyo called Free2Convey was launched by the Legal Software Suppliers Association.
But even by then, major conveyancing firms, for example My Home Move, already had their own online case-handling systems described as far superior.
The Law Society said: “It is with considerable regret that we are announcing that we will not be making any further investment in Veyo.
“Other software providers operating in the conveyancing market are responding to our members’ needs and so we have decided to step back.
“We are committed to identifying unmet member need and innovation, but on this occasion we also have recognised the reality that the market has developed significantly since we started to develop Veyo and that the costs of continuing outweigh the benefit to our members.
“We are deeply sorry that those who have waited patiently for the Veyo conveyancing portal from our joint venture will not now be able to use it.
“We knew that the project carried risk, as all technological innovations do. Unfortunately it is no longer in our members’ interests to invest resources to make a product of the high quality our members expect and deserve.
“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.”
Hailstone said that the whole matter had been a “fiasco” which had rumbled on for over two years.
He accused the Law Society of repeated spin during that time, including its claim to have talked to estate agents about their participation.
The “shoal” of on- line agents should take heed of this. In fact more importantly, those investing in these businesses should do so.
What the law society has realised is that “electronic case management” simply doesn’t do it. Mind you many solicitors don’t either!
When offering services to buy and sell properties,( and to some extent with the rash of private landlords on very tight finances) the industry is dealing with the most fascinating commodity on the planet- the human being in the highest state of anxiety they probably ever experience,
And computers can’t handle that. The buying,selling,letting public need real people on the ground who are experts and who care about long term relationships,not building businesses that are valued at ludicrous figures to be floated and no doubt fail soon after.
Remember the dot com bubble? Vast numbers of innocent investors of that crazy era would rather not.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
It was always going to be a very high hill to climb. Bringing all conveyance parts to the table requires so many to embrace and partake. On top, legislation and requirements change creating ongoing budget needs for costly IT.
Its a real shame VCs invest in proptech that raises millions for investors rather than in real tech that could help our industry.
But complete conveyance track tech will likely always be a big one to solve.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Think I may have said at the time of the last story. The industry does not need more tick box systems, it’s the attitudes of conveyancers that need to change. Chaps deadline is looking to be extended next summer and conveyancers are up in arms because it means they might have to stay in the office till gone 6pm shock horror! One can only imagine the pain these people are going through. Maybe they will have to close for an hour and a half at lunch now instead of an hour to come to terms with it?
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
What frustrates me is why so many solicitors still pay by cheque received a good week after completion and then effectively a further (working) week to clear ! They clearly haven’t heard of online banking !
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Yep can’t work that out either. They must be the only industry that still uses cheques, close fir lunch and still treat clients and other professionals with contempt.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Having been a solicitor and conveyancer for many years (I escaped Im pleased to say) I can tell you why they still use cheques and the reason is that a lot of solicitors firms and licensed conveyancers make huge sums of money from interest generated from holding millions of pounds in client account. (mainly mortgage advances from lenders) If they pay balances to clients by cheques and pay off some mortgages by cheque (in a remortgage for example) by the time the cheque has been banked and cleared the extra few days of interest can, believe me add up to tens of thousands over the course of each year. The whole conveyancing system in this country is by and large archaic, cumbersome, long winded and lacks efficiency for the stakeholders who are involved in the process. The fees charged are ridiculously low when one considers the responsibility being carried out by the practice, the staffing costs, insurance required, etc etc. That’s one of the reasons conveyancing factories sprung up and why some firms use inexperienced youngsters who don’t know a restrictive covenant from a J2O. It needs a complete overhaul but I don’t think we will see it in our lifetimes based on the “fiascos” of the chain matrix and veyo etc
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
LL you have confirmed my thoughts!
Very sad considering this is a profession that is basically there to help the clients and look after their best interests.
You are right the system needs a complete overhaul. tick boxes, chaps deadline etc etc will not make a blind bit of difference. And like you say it will not happen in our lifetime as the current establishment see not problem with it (ironic!).
I think solicitors do under sell themselves, they should charge more but should offer a real service. Problem is solicitors have absolutely no personality or are able to build rapport. prime example is when a client call for a quote. they either ping an email with a full fee including stamp (will look scary to anybody!) or they just give a figure over the phone, if the client says yes great, if not, oh well who cares!
I have often said if i win the euro millions i would open a firm and plough millions into it to show up the current crop of solicitors. A shame in this day and age somebody has not tried it with success.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
We send out a pro forma invoice first (everyone should do this!)
At the bottom in a font size you couldn’t miss if it was National Ignore Big Font day PLEASE DO NOT SEND US A CHEQUE. Seems to have worked so far
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Tried that! – Even added that there would be an admin charge if they did send a cheque.
Made a little difference but he majority kept sending them, trying to chase for the admin fee was a nightmare so banked anyway
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Throw your toys out of the pram, just tell them they will never be involved in another one of your transactions.
Next buyer/seller you get that are using them, tell them you would much rather they didn’t, they will call them up, the solicitors will then call you and no longer will you get cheques. Ever 🙂
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Oh Gump if only i could set up a webcam so you can see my daily battles with solicitors! – I think i need to get the toys in the pram before i throw them out again!
Many time we have advised buyers / sellers not to use certain firms for certain reasons, although never because of a cheque, i need to work with at least a couple of these anarchic box tickers!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Don’t give a reason, just saying it will put in enough doubt for them to call.
If all else fails, throw the pram! 😛
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Do I hear the words ‘couldn’t’, ‘brewery’ and ‘urinal’ perchance?
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register