Member Spotlight — Same day Property Settlements are a reality with Lextech.
About Lextech
Lextech are a service provider of technology for the e-conveyancing industry in Australia, offering bespoke solutions for streamlining efficiencies in Property Settlements.
Its flagship Software-as-a-Service (SaaS) product (LEXTECH Platform) is utilised by over 25 financial institutions and over 5,000 conveyancers and solicitors Australia-wide.
The LEXTECH Platform accommodates 80% of the conveyancing transaction as a property settlement workflow tool, acting as a centralised workplace for all parties to a property transaction to communicate and share documentation, ensuring the streamlined and efficient completion of a settlement transaction.
LEXTECH provides its Solicitor and Lender clients with robust reporting, allowing for greater transparency over their matters, allowing Solicitors to prepare loan documents as well as paper and electronic land registry instruments complete with digital signing capabilities to increase efficiencies.
The final 20% of the transaction is completed by an Electronic Lodgement Network Operator (ELNO), to which there are only two current providers of this service. Lextech’s decision to build and design its own ELNO System was a natural fit.
Lextech has received Category One approval of a possible three categories to become an ELNO, to which Lextech has successfully developed a proof of concept over the course of 2024.
What prompted the inception of LEXTECH?
Lextech was founded seven years ago when its father law firm wished to segregate itself to pursue the technological side of the legal industry.
Lextech’s original founder was an early adopter of technology and the understanding of how it could revolutionise the legal and financial industry, a small office with a single computer, telephone line and a vision, saw the beginning of Lextech as we know it today.
A brave, albeit risky, move that was uncommon at the time, and not pursued by the industry until in the later 2010’s
This prompted the conception of LEXTECH (Lex being Latin for law - Tech being short for technology). Implementing the strengths of technology to enable the legal industry to automate the mundane tasks of a Solicitor, to keep them focused on the key issues that require attention.
LEXTECH remains in a league of its own comprising experts in industry that have first-hand experience in the progress of electronic conveyancing; from ex-land registry, Solicitor or seasoned developers, LEXTECH personnel have a multitude of experience allowing us to do what nobody else can.
Overcoming Industry Challenges
In today's fast-paced technological landscape, the conveyancing industry continues to struggle with transparency, settlement delays, manual processes, and frequent errors. A recent survey revealed that 60% of brokers face delays, 45% experience poor
communication from lenders, and 39% encounter technical issues with lender systems.
Lextech tackles these challenges by offering a centralised platform where all parties can communicate and share documents, ensuring complete transparency throughout the mortgage transaction process.
Benefits of Lextech
Ability to add external parties ensuring brokers, solicitors and lenders are all kept up to date with consistent information in the transaction.
More streamlined business processes resulting in quicker turnaround times to settlement.
Reduced documentation errors due to API connections reducing the risk of re-keying data.
Consistent standard of work completed by all users.
Increased productivity and efficiency with automated tasks and tools.
Unique construction management workflows.
Control over your own data allowing for customisable reports with Power BI.
What’s in store for 2025
Lextech are excited to introduce new innovative features designed to enhance the settlement experience for our customers and partners, enabling greater integrations.
As lextech continues to expand, we look forward to broadening our global footprint, forming new partnerships and launching new products to improve the conveyancing and lending process in various jurisdictions.
We are also delivering an Incentive Scheme in 2025, funding is limited so it will be first come first served.
Let us help you
Contact us today to find out how we can help you transform your settlement process.
Book a no strings attached demo to find out more!
