TYPES OF LEASE

Personal:
The formal Tenancy Agreement is in the name of an individual. 
The rental, government rates which are charged quarterly and the monthly management fees and any associated charges are paid by the individual.
The required Security Deposit is usually three (3) months.

Company: 
The formal Tenancy Agreement is in the name of a Registered Company as the Tenant.
The employee of the Company is referred to as the Occupant.
The company is therefore responsible for the rental, government rates, monthly management fees and any associated charges. Should the Company elect to substitute the occupant during the term of the lease permission must be obtained from the Landlord.
Landlords prefer a Company Lease and the Security Deposit is usually two (2) months. 

Lease Term
The standard lease term is a two year period with a breakclause provision which allows the Tenant to terminate by giving the Landlord two or three months notice after the expiration of twelve months of occupancy.

Initial Costs
Upon signing a lease the Tenant will be required to pay the following:-

• One month Rental in advance
  This is paid initially as a Holding Deposit
• Two month's Security Deposit if Company lease or
  three month's Security Deposit if Personal lease
• Management fees in advance
• Government Rates in advance
• Half share of Government Stamp Duty
• Half of one month's rental as Agency Fees
• Your legal fees if applicable.

Stamp Duty

Is payable to the Government on the signing of a lease and generally calculated at 0.5% of the annual rent. The Landlord & The Tenant share this charge equally. It is necessary for the lease to be stamped for protection for both he Landlord & Tenant. 

Agents Fees
Our fees are also referred to as "commission". This fee is for Agency services provided and the introduction of a property.
The standard fee is one half of one month's rental payable on the signing of the formal Tenancy Agreement. Should the Agent be working in a dual agency that is appointed by the Landlord they have the right to charge the Landlord the same fee. 

Ongoing Monthly Charges 
In addition to the monthly rental there are charges payable by the Tenant in advance for Government rates, a property tax on occupation levied quarterly by the Hong Kong Government and monthly management fees which are charged for the cleaning and upkeep of facilities and common areas. Some properties have monthly Air Conditioning Charges and government rates charged for the car parking space.

Utilities
The Tenant is responsible for the following utilities:

• Electricity
  The Deposit required varies according to the property from HK$600 upwards. 
• Water
• Gas 
• Telephone.