Posted by
dhbraam
18 yrs ago
We will move in a new apt soon, and our agent suggested to change the door lock, as other agents (?) also have keys to the apt. According to the agent, this will cost around 400 HKD. Is this normal procedure? Is 400HKD a reasonable amount?
Other question: is it normal to share the 'stamp fee' between landlord and tenant?
Thanks,
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ldavy
18 yrs ago
Hi,
Yes, as a property agent I always advise my clients to change the locks. Not only may agents have copies, but also the landlord. And $400 seems reasonable to me. And yes, it is normal for the stamp duty fee to be split between the landlord and tenant.
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I moved into a new place, and depending on the quality of locks it can cost between $150 and up!
Better quality locks plus installation may cost around $400...
Stamp duty is usually split between the two parties.
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Kegs
18 yrs ago
how is the stamp duty calculated?
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ldavy
18 yrs ago
If it's a lease of longer than one year, and no more than three years, (i.e. the normal two-year tenancy), then it's 0.5% of the average yearly rent, plus $5, divided between the landlord and tenant.
So, if you're paying 10K a month for two years then it's 10 x 12 - 120,000 x 0.5% = 600 + 5 = 605/2 = 302.50 each
It's rare for the rent to be altered during the lease but if, for some reason, you should have agreed to 10K for the first year and 11K for the second year, it would be calculated as follows:
10 x 12 = 120,000
11 x 12 = 132,000
120,000 + 132,000 = 252,000 / 2 = 126,000
126,000 x 0.5% = 630 + 5 = 635 / 2 = 317.50 each
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