A British company is claiming it will shake up the Irish conveyancing market by opening an office here.

London & European (L&E) will target customers who are switching mortgage provider and says it aims to reduce conveyancing costs by 30-50 per cent.

L&E, which provides title insurance and conveyancing management services in the UK market, is finalising agreements with lenders and has started appointing a panel of solicitors.

L&E chief executive Chris Taylor said one of the reasons why the average life of a mortgage in the Republic was seven years compared to three in Britain was the complexity and cost of the conveyancing process.

The company, which has a turnover of €20 million, claims it will streamline the conveyance completion process, with completions achieved in seven to 10 working days rather than weeks.

It says it will reduce the average cost charged by solicitors from €1,500-€1,800 to just under €950.

Catherine O'Sullivan, managing director of L&E's Irish operation, said it would focus on the €6 billion switcher market, which now accounts for 16 per cent of the total mortgage market, according to industry figures.

"With a house purchase, you obviously have other factors - you have a chain. Even if the legal process is done in a week, the buyer might not be ready to make a sale in a week," she said.

Ms O'Sullivan said solicitors were beginning to realise that charging a percentage fee was no longer acceptable to consumers.

The Competition Authority has called on the Department for Justice, Equality and Law Reform to create a new profession of specialist conveyancers, similar to that which exists in England and Wales.