The UK’s “first digital tenant lease creation and execution platform” could save Scottish letting agents up to £3.5m a year, according to its founders.

Scottish proptech firm, Lettingweb, has launched its Letting Professionals Model Tenancy (LPMT) with legally binding digital signatures. For the first time, Scottish letting professionals and tenants can complete private rental tenancy agreements “entirely online, faster and more efficiently than ever before”, said the company.

It said that by speeding up the workflow and approval process, including dispensing with the signing appointment, along with savings on materials, postage and couriers associated with paper-based leases, agents can save up to £28 per contract, or the equivalent of £3.5m a year.

“We hope to make LPMT the industry standard,” said Ross MacDonald, of Lettingweb. “In this digital age, it is vitally important to conduct business in a trusted and secure online environment.”

“As a proptech firm, we are very focused on creating a lease generation and execution platform that is easy and practical for all our members to use. There is no doubt, too, that the time it saves is also a huge benefit to tenants.”

The launch of Lettingweb’s LPMT has received industry support. Steven Currie, director of Murray & Currie, said: “With the lettings industry subject to so much new and exciting change we have been delighted to be working closely with Lettingweb.”

“The Letting Professionals’ Model Tenancy is an excellent example of the industry working together to produce an excellent and robust agreement suitable for tenants, landlords and letting agents.”