Spectrophotometric distances to stars observed by large spectroscopic surveys offer a crucial complement to parallax distances that remain very important also after the future Gaia data releases. Here, we present a probabilistic approach to modelling spectroscopic information for a subset of 4000 main sequence stars with good parallaxes (σϖ/ϖ < 0.1) from the LAMOST × TGAS × 2MASS cross-match, yielding a precise spectroscopic distance estimator with uncertainties of ∼6 per cent for single stars. Unlike previous approaches to this problem, we explicitly account for the individual parallax uncertainties in the model building and fully incorporate the fraction of near-equal binaries of main sequence stars, which would lead to biased distance estimates if neglected. Using this model, we estimate the distance for all (150 000) main sequence stars from LAMOST Data Release 5, without parallax information. As an application, we compute their orbital actions, where our more precise distances result in 5 times smaller action uncertainties. This illustrates how future studies of the Milky Way's orbital structure can benefit from using our model. For the fainter and more distant stars of most current spectroscopic surveys, an approach such as the one presented in this work will deliver better distances than Gaia Data Release 2. [ABSTRACT FROM AUTHOR]