Leasing options

[pinksquid]

On a serious note, why can't you just be happy with having a CONDO?
Onlyme.

For me, personally, a condo the size I need would be too expensive and not fit specific things I need to take into account, same for renting a house.

I am not saying I need a big place to move around in just because I want lots of empty rooms, but I have two studios (one art, one music-- neither used for profit but both sizeable and life-long hobbies) and family coming with me that requires a specific amount of room, access to the outdoors, and proper ventilation.

You'll have to take my word for it in regards to what I know I need space wise and that I have looked at condos and rentals and found nothing that fits the bill (even with compromises).

[Winkie]

My understanding is that there should be compensation for leaving the house.
How much? Who knows.
How will you get it? Who knows.
I do know I don't want a court fight in Thailand when I am old.
We are talking 30 years from now and nobody, nowhere can predict anything 30 years out.

I'm guessing that compensation would be demanded, but by the lessor, not lessee!

Most leases state that the property (in this case, 'the land') must be returned in a condition similar to before the lease. If you stick a building on it, the owner could probably successfully battle for removal/demolition costs. Of course pocketing the money and keeping the building.

Leasing sounds a bit 'iffy' to me, under present terms.

Winkie

[kris]

so let me just get this straight...i have a thai wife and 2 kids who live in thailand...if we purchase a house on freehold land the house will be in my wifes name...i then propose to lease the house (for free) on a 30 year lease from my wife...that will make me 69 when the lease is up.

case scenario 1
my wife dies during the term of the intial 30 years....the house goes to my kids right?...is the lease then void?....and my kids could then potentially chuck me out and sell..(which i`m hoping they wouldn`t do!!)

case scenario 2
i die before the term is up....lease is void? (of course)

case scenario 3
neither of us die so i can then extend the lease with my wife..(if we haven`t fallen out by then)

[Burger]

Kris,

Best to get some good advice from a decent Bangkok lawyer firm.
The following is what I've been advised, but don't quote me on it please.

i then propose to lease the house (for free) on a 30 year lease from my wife...that will make me 69 when the lease is up.

Best to 'buy' the house and lease the land only. You can sell the house later if neccessary and less tax obligations.

case scenario 1
my wife dies during the term of the intial 30 years....the house goes to my kids right?...is the lease then void?....and my kids could then potentially chuck me out and sell

Have the lease in your name only then your initial 30 year lease obligations fall on the new land owner (wife's heirs or future land purchaser if she sold). You are totally safe for at lease 30 years.
You can also specify in the lease that you can sell the house and remaining years of the initial lease to anyone should you fall out with missus.

Case scenario 2
i die before the term is up....lease is void? (of course)

No, not void, you can specify in the lease who you wish the lease to be left to if you die. Ie: if you die 10 years into it, you can specify that your wife/sister/mum/best mate etc can take over the lease for the remaining 20 years.

case scenario 3
neither of us die so i can then extend the lease with my wife..(if we haven`t fallen out by then)

Yes, but 30 years is a looooooooong time I fall out with my wife about every 30 minutes on average.
You can tear the lease up and make another one for another 30 years any time you like. Worth doing in say 5 or 10 yearly intervals while things are still sweet with missus. Need to pay tax at land office again, but worth doing.


Also put a clause in the lease saying you have right to buy land should law change on foreigners holding land. Do not under any circumstances hold your breath on this one.

Good luck,

Burger

[derf1]

Is there any "term" or "time" within condo agreements or are this lifetime and get passed onto heirs without any difficulty?

[Burger]

Is there any "term" or "time" within condo agreements or are this lifetime and get passed onto heirs without any difficulty?

You can own a condo outright/freehold etc, therefore no lease required and can pass onto heirs ok.
Only 49% of the units in a block can be foreign owned, therefore building/land is retained as majority Thai owned.
Therefore you need to make sure you get some kind of contract/guarantee that you will be one of the 49% if it's a new build, as some buildings have sold more than 49% of the units to johnny foreigners and some have missed out on owning it outright, but have already forked out dosh.

Burger