OFFER TO LEASE - LANDLORDS
Lease transaction where Landlords present Lease for registration in Books of Council and Session
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Completion of Lease
1.1
As soon as reasonably practicable following conclusion of the Missives the Lease will be completed by the insertion of any relevant information required and engrossed. The Landlords will execute the Lease within [21] days of the date of engrossment, and thereafter it will be sent to you for execution by the Tenants.
1.2
The Tenants will ensure that the Lease is validly executed by the Tenants and returned to the Landlords' Solicitor within [21] days of the date of delivery of the engrossment to the Tenants' Solicitor together with evidence of the valid execution of the Lease and if the transaction contemplated by the Missives is not notifiable for stamp duty land tax purposes, a completed and signed Self Certificate (SDLT60).
1.3
If the transaction contemplated by the Missives is notifiable for stamp duty land tax purposes, the Tenants will submit to the Inland Revenue within [14] days of the effective date of the transaction a completed and signed SDLT1 form (with the Agent's address selected as the response to Question 58) together with any applicable supplementary forms and the stamp duty land tax (if any) arising from the land transaction contemplated by the Missives.
1.4
If prior to the issue of a Land Transaction Return Certificate (SDLT5) the Inland Revenue rejects the Tenants' SDLT application, the Tenants will without delay (i) provide the Landlords with a copy of any such rejection and other relevant correspondence and (ii) correct the application and resubmit it and a remittance for the correct amount of the stamp duty land tax to the Inland Revenue.
1.5
Within 7 days of receipt from the Inland Revenue, the Tenants will deliver to the Landlords' Solicitor the Land Transaction Return Certificate (SDLT5) issued by the Inland Revenue.
1.6
The Landlords will, within 7 days of receipt of the SDLT5 /SDLT60 from the Tenants, submit the Lease and the SDLT5 /SDLT60 to the Books of Council and Session for registration for
Version 1 2003
preservation and execution and will obtain [3] extracts thereof. Within 7 days of receipt, the Landlords will return the SDLT5/SDLT60 to the Tenants, and one extract of the Lease.
1.7
The Tenants acknowledge that if they breach the terms of their obligations in Clauses 1.2 to 1.5 inclusive they will indemnify the Landlords in respect of loss suffered by the Landlords by virtue of such delay.
1.8
If the Lease qualifies to be registered in the Land Register of Scotland, the Tenants will be responsible for dealing with such registration and will deliver to the Landlords (i) within 14 days of the Landlords' return of the SDLT5/SDLT60 to the Tenants in accordance with Clause 1.6, a copy of the receipted Form 4 showing the Title Number to be allocated to the Title Sheet for the Tenants' interest and (ii) within 7 days of receipt by the Tenants of a Land Certificate in respect of that interest, a copy of the Land Certificate, with a colour copy of the Title Plan(s).
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Costs
The Tenants will be responsible for [the legal [and other] costs and expenses reasonably and properly incurred by the Landlords in connection with the transaction, and for] the stamp duty land tax (if any) and the costs of registering the Lease in the Books of Council and Session and of obtaining [3] extracts ([2] for the Landlords and one for the Tenants) [and of registering the Lease in the Land Register]. The whole such costs and expenses incurred by the Landlords including the costs of registration in the Books of Council and Session will be due and payable by the Tenants on or before the Date of Entry, or the effective date of the transaction if earlier.
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