Background: In $pi^+n$ and $pi^-p$ electroproduction, conventional models cannot satisfactory explain the data above the resonance region, in particular the transverse cross section. Although no high-energy L-T-separated cross-section data is available to date, a similar scenario can be inferred for $K^+Lambda$ electroproduction. Purpose: Develop a phenomenological model for the $p(gamma^*,K^+)Lambda$ reaction at forward angles and high-energies. Propose a universal framework for interpreting charged-kaon and charged-pion electroproduction above the resonance region. Method: Guided by the recent model for charged-pion electroproduction, developed by the authors, a framework for $K^+Lambda$ electroproduction at high energies and forward angles is constructed. To this end, a Reggeized background model for $K^+Lambda$ photoproduction is first developed. This model is used as a starting base to set up an electroproduction framework. Results: The few available data of the unseparated $p(gamma^*,K^+)Lambda$ cross section are well explained by the model. Predictions for the L-T-separation experiment planned with the 12 GeV upgrade at Jefferson Lab are given. The newly-proposed framework predicts an increased magnitude for the transverse structure function, similar to the situation in charged-pion electroproduction. Conclusions: Within a hadronic framework featuring Reggeized background amplitudes, $s$-channel resonance-parton effects can explain the observed magnitude of the unseparated $p(gamma^*,K^+)Lambda$ cross section at high energies and forward angles. Thereby, no hardening of the kaon electromagnetic form factor is required.
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