The UK remortgage market processes over a million transactions every year, generating more than a billion pounds in legal fees. It is a market of enormous scale, yet it operates with processes and systems that have changed remarkably little in decades. For anyone looking at this market with fresh eyes, the opportunity for transformation is striking.
Several factors are converging to make this the right moment for change. First, consumer expectations have shifted dramatically. People who can open a bank account on their phone in five minutes, buy insurance in seconds, and track a parcel in real time have very little patience for a legal process that takes six to eight weeks and offers almost no visibility into what is happening. The gap between what consumers expect and what the conveyancing industry delivers has never been wider.
Second, lenders are increasingly demanding faster, more reliable service from their legal panels. In a competitive mortgage market, the speed of completion matters. A lender whose remortgage offer expires because the legal work took too long loses business. Panel management is becoming more sophisticated, and lenders are starting to favour firms that can demonstrate consistent turnaround times and low error rates. This creates a natural advantage for technology-driven firms that can deliver both speed and quality.
Third, the regulatory environment is evolving in ways that support innovation. The Council for Licensed Conveyancers and the Solicitors Regulation Authority have both shown willingness to engage with new business models, including Alternative Business Structures that allow non-lawyer ownership and investment. This opens the door for technology companies to own and operate legal practices, rather than simply selling tools to them.
Fourth, the economics of traditional conveyancing are under pressure. Fee earner salaries are rising, but competitive pressure keeps transaction fees relatively low. Firms that rely on manual processes find themselves squeezed between increasing costs and stagnant revenue per transaction. The firms that will thrive are those that can dramatically reduce the cost of delivery while maintaining or improving quality.
At LEXcelerate, we see these converging pressures as a once-in-a-generation opportunity. The technology exists to automate the vast majority of remortgage work. The market is demanding faster, better service. The regulatory framework permits new models of delivery. And the economics strongly favour firms that can do more with less.
Our target is 5% of the UK remortgage fee market, which represents a substantial and achievable goal for a technology-first operation. We are not trying to replace the entire conveyancing profession. We are building a business that shows what is possible when you start from first principles and design a legal service for the world as it is today, not as it was thirty years ago.