Conveyancing service Lextech has quit after six years of trying to take on PEXA as a property settlement platform, saying there was no appetite among lenders and conveyancers for a rival in the $300 million market, and the regulated monopoly should be seen as critical digital infrastructure.

Lextech, which offers conveyancing services to consumers and loan and mortgage origination to financial institutions, has called time on efforts to enter the electronic settlement business, nearly five years after criticising the capital-intensive model policymakers set for new entrants.