[Must-read for first-time renter or tenant] Six smart things when renting a flat

While the threshold to rent a flat is low, the tenant still has to do diligent and meticulous homework.

 “Six Smart Tips” that a Tenant Must Know!

Confirm if the landlord is genuine

There have been fraud cases in which fraudsters pretended to be the landlord who “disappeared” after receiving the tenant’s deposit. To avoid falling into this trap, first-time tenants should conduct a property search before signing a lease agreement to confirm if the unit’s lessor is the “genuine landlord” and whether the ownership of the flat is complete.

Check rental agreement

Banks generally stipulate that landlords must obtain prior written consent before renting out units during the mortgage repayment period. Otherwise, once the landlord stops paying the mortgage installments, the bank might repossess the property without the tenant’s consent.

In case of fraud, the tenant might suffer “forced eviction” and may not be able to recover the deposit that he or she has paid.

It is best and recommended for the tenant to ask the landlord to present the lease agreement issued by the bank before signing a lease contract

Check fixed-term lease as against flexible-term lease

In general, the lease agreement is for two years. The first 12 months of the lease is a “fixed-term agreement” and the “flexible-term agreement” kicks in from the 13th month of the lease agreement up to the end of the agreed terms of the tenancy.

Except for a special request,  the landlord cannot increase the rent and the tenant cannot withdraw the rent. Any breach of contract entails compensation. Tenants and landlords  generally do not need to registered with the Land Registry which requires payment of stamp duty. In case of disputes, the lease may not be protected by the law.

Prepare two month’s rental deposit and one-month advanced payment

When signing a tenancy agreement, the tenant generally pays the landlord two month’s deposit and one month advanced  rent payment. Effectivity dates are subject to negotiations  by the landlord and the tenant). The landlord usually hands over the keys to the tenant on the same day of payment of deposit and advanced rent payment. But the deposit is not a substitute for rent. The deposit will be refunded to the tenant when the flat owner takes back  the property in good condition.

Miscellaneous expenses

Rates, management fees and other miscellaneous expenses may not be included in the monthly rent. Before renting a flat, make sure that the rent is “all-inclusive”.

To make sure no unpaid bills are left behind by the previous tenant, it is recommended to check with the landlord the flat’s previous bill on water, electricity and gas.

Inspection of furniture and electrical appliances

If the property is rented out together with furnitures and electrical appliances, the tenant should check and count item by item according to the checklist, and state the condition of all the facilities of the unit at the time of delivery of the lease agreement. When signing the lease agreement, the tenant should state clearly who will take responsibility for  maintenance. It is also best to specify whether furnitures and electrical appliances are rented out together with the unit.

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