News Hong Kong Property & Finance

Just rented out my apt, now what?

ORIGINAL POST
Posted by C 18 yrs ago
I wanted to check with you all what procedures I need to follow now that I've just rented out my apartment (now officially a landlord, scary thought!)


I haven't directly informed my bank that the place is rented out, but its not a secret either, I discussed with them earlier. Do I need to inform them officially?


I've also seen reference to informing the Ratings and Valuation dept - again, necessary or not?


As the lease has been stamped, does that have the effect of informing the IRD, and I don't need to serve other notice?


Anything else??

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COMMENTS
ldavy 18 yrs ago
If you have a mortgage you should inform the bank. Most landlords don't, but you are taking a risk (even if only a small one) because you are probably contravening the terms of the mortgage.


You are also supposed to inform the Ratings and Valuation Department by completing and submitting Form CR 109, which you can download from their website. Again, a lot of landlords don't do this. If you don't, and the tenant doesn't pay rent, you won't be able to take them to Court. No, stamping the lease does not have the effect of informing them.

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snap 18 yrs ago
Hello,

Stamping of the lease? Can you explain this to me.....? I am evaluating buying a place and renting it out? Any advise?


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Havefaith 18 yrs ago
Snap,


You would need to get your P&S agreement stamped (when you buy the place). As the buyer you will pay for the stamp duty. Once you rent it out, you would need to get the lease stamped - landlords and tenants pay 50:50 of the stamp duty amount.


To calculate the amount of stamp duty - check out this website Read More


HF

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ldavy 18 yrs ago
Normally the lawyer will deal with stamping the sale agreement. If you rent the flat out, and you do it through an agent, the agent should deal with stamping the tenancy agreement. But if you have to do it yourself, it's simply a question of taking two copies of the signed tenancy agreement to the Inland Revenue Department, the stamp office is on the third floor.

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