Why (or when) someone would need this service?
This service is designed for commercial lettings agents and surveyors dealing with smaller commercial properties, in qualifying transactions, with landlord clients who are willing to let their premises on relatively standard terms.
What is a ”qualifying transaction”?
A qualifying transaction will be one where:
a. The lease is to be granted for 7 years or less on a full repairing basis (no limitation on tenant’s repair obligation)
b. The lease will not be an underlease
c. The lease will contain standard terms without the need for bespoke drafting
d. The rent will be £20,000.00 per annum or less
e. The tenant is not instructing solicitors
f. No third party consents are required e.g. mortgage consent
g. The landlord can provide a lease plan upon request if the lease is to be granted in respect of part only (as opposed to the whole) of the landlord’s property.
How does the process work/what are the steps?
This is a service specifically designed to assist commercial lettings agents and surveyors expedite low value short term lease transactions. We will provide a lettings pack to the agent who arranges for our QTL forms to be completed by the landlord, tenant and guarantor if applicable. Once the completed QTL forms are returned to us, we will prepare and issue the engrossed documents to the agent to arrange for the for them to be executed by the landlord and the tenant and returned to us. Amendments to our standard documentation will not usually be acceptable.
How long does it take?
With a willing landlord and tenant the lease can be completed within a week and sometimes more quickly than this.
Is it expensive? How do the costs work?
We act on a fixed fee of £650 plus VAT.
What are the things people should consider before calling?
This service is only available through a lettings agent or surveyor, for low value lettings of 7 years or less and where the tenant decides that they do not wish to instruct their own solicitors. Other qualifying terms apply.
Why are Grant Saw the best people for the job?
This service is exclusive to Grant Saw. The QTL service is the brainchild of our Commercial Partner, Mario Savvides, and was innovatively designed in response to market research undertaken when he was a newly qualified lawyer with the firm. The mission of the QTL service is to significantly and safely reduce the length of time it takes for qualifying transactions to get a landlord from the agreed heads of terms stage to completion.
To access the portal, click here.
QTL Approved Agents