At the start of the lease, the tenant pays the following:
- security deposit on rent (in most instances, the security deposit payable is equivalent to three months’ rent);
- service charge deposit to cater for maintenance and services relating to the common areas, where applicable;
- stamp duty on the lease at a rate of 2% of the average annual rent, as well as nominal registration fees;
- where the underlying title is leasehold, the proprietor of the property let is required to pay land rent to the relevant authority and to obtain a land rent clearance certificate; and
- legal fees are also payable to the advocate who prepares the lease.