Can you explain how this works please.Burgher the 90% is still in your pocket plus whatever profit you have made from it
How do you still have 90% of the money in your pocket at the end of a mortgage period ?
Burger
A good time for property investment?
Sorry about this i hit submit instead of preview yes you pay the mortgage over that time but it remains constant rents rise interest rises (compound)
but it is still safer than putting all eggs in this govt basket IMHO or relying on a lawyers so called expertise as is happening now it is not a panacia for every one but it is something people with less of a hang up about their relationship can look at
If i was worried about my relationship 25 years down the road i would already have my bags packed
Question what if it works out fine god forbid the thought
but it is still safer than putting all eggs in this govt basket IMHO or relying on a lawyers so called expertise as is happening now it is not a panacia for every one but it is something people with less of a hang up about their relationship can look at
If i was worried about my relationship 25 years down the road i would already have my bags packed
Question what if it works out fine god forbid the thought
A Greatfull Guest of Thailand
OK. Sorry folks.
What I was trying to get at is the fact that leasehold property in the UK is normally rented/leased for 100 years +. A mortgage will generally be for 25 years. After that, you owe the bank nothing and the "house is yours"?
No, it's not unless you own the freehold. The law changed, for the better IMHO, years ago in the UK.
I now have the legal right to buy the freehold on my property if I want to. So, I own the land on which my house sits.
That is the simple distinction I was trying to make.
I don't believe Thailand will let a farang do the same. But please correct me if I'm wrong.
What I was trying to get at is the fact that leasehold property in the UK is normally rented/leased for 100 years +. A mortgage will generally be for 25 years. After that, you owe the bank nothing and the "house is yours"?
No, it's not unless you own the freehold. The law changed, for the better IMHO, years ago in the UK.
I now have the legal right to buy the freehold on my property if I want to. So, I own the land on which my house sits.
That is the simple distinction I was trying to make.
I don't believe Thailand will let a farang do the same. But please correct me if I'm wrong.
Burgher i think you could be right mainly because the girls in question are so young but it could be they keep hearing the horror stories of which there are millenia the problem is they all paint the falang male as pure as driven snow and the thai girl as the evil black witch yeeeah rrrigghhtt
The one thing i do know having mrs sarge as my second thai wife is she is typical and down the line thai
in my experience thai girls are basically the same percentages as any other species of woman but they are both clever and cunning when the old man thinks he can butterfly at will and will deal him a nasty surprise with farangs financialy and the laws assist them but for thai men he can wake up with his gonads on his chest
I think their paranoia is also saying a great deal about them as well as the relationship
Lomu you are dead right in every respect your relationship with mrs lomu seems pretty solid have a look at a mortgage in her name i dont know if its for you but it must be worth a look just for the future savings on rent
and after 25 years the house is hers /ours your call
The one thing i do know having mrs sarge as my second thai wife is she is typical and down the line thai
in my experience thai girls are basically the same percentages as any other species of woman but they are both clever and cunning when the old man thinks he can butterfly at will and will deal him a nasty surprise with farangs financialy and the laws assist them but for thai men he can wake up with his gonads on his chest
I think their paranoia is also saying a great deal about them as well as the relationship
Lomu you are dead right in every respect your relationship with mrs lomu seems pretty solid have a look at a mortgage in her name i dont know if its for you but it must be worth a look just for the future savings on rent
and after 25 years the house is hers /ours your call
A Greatfull Guest of Thailand
Yes, a foreigner does have the right within a leasehold contract to buy the freehold, at any time he chooses, but only via a Limited Company.I now have the legal right to buy the freehold on my property if I want to. So, I own the land on which my house sits.
That is the simple distinction I was trying to make.
I don't believe Thailand will let a farang do the same. But please correct me if I'm wrong.
Because as we all know, he/she can not own land in their own name.
So the UK situation is obviously better, but there are many UK/European people who keep their home properties and want to invest in a holiday home/retirement home here also.
Burger
Burgher pardon me but to me you are guilding the lily again the correct answer to lomus point is yes lomu you are correct because he walks in to his lawyers office says i want to buy the freehold and his lawyer says certainly mister lomu lomu pays signs some papers and walks out with the deeds
There will be no mention of companies lists sections sub paras paras or requiring 6 non voting Yak hearders to form said company all of which (at present) are of dubious legal validity or subject to interpretation at the least
That is called chalk and cheese where i come from
Just what part of the land act law which states "farang cannot own land in thailand" do people not understand thats what baffles the crap out of me
Until that specific law is changed buying land in thailand is dangerous IMHO
There will be no mention of companies lists sections sub paras paras or requiring 6 non voting Yak hearders to form said company all of which (at present) are of dubious legal validity or subject to interpretation at the least
That is called chalk and cheese where i come from
Just what part of the land act law which states "farang cannot own land in thailand" do people not understand thats what baffles the crap out of me
Until that specific law is changed buying land in thailand is dangerous IMHO
A Greatfull Guest of Thailand
Sarge,
I think we all know by now about the Land Act and Companies with nominee shareholders etc.
I did say that the situation is better in the UK, I'm not trying to hide anything.
I was just answering the question that there is a clause in the leases here that allows you to buy, at any time, during the 30 years lease period.
You can buy the freehold (in a company) or buy the leasehold and re-lease it in A.N.Others name.
Burger
I think we all know by now about the Land Act and Companies with nominee shareholders etc.
I did say that the situation is better in the UK, I'm not trying to hide anything.
I was just answering the question that there is a clause in the leases here that allows you to buy, at any time, during the 30 years lease period.
You can buy the freehold (in a company) or buy the leasehold and re-lease it in A.N.Others name.
Burger
[quote="Burger"]Jockey Wrote:
[quote]Here's an option I was thinking of:
1. Girlfriend buys property in her name (funded by me)
2. She signs a 30-year lease to me.
3. She gets a loan from the bank with the property as security.
4. The loan money goes back into my pocket.
5. The loan is repaid by me.
If the relationship should end, the girlfriend would need to sell the property to repay the loan, which would be difficult to do with the 30 year lease in my name. She would need to trust me to repay the loan and I would need to trust her to fulfill her lease obligations.
Is this a good plan or have I overlooked something? All feedback welcome[/quote]
Jockey,
Normally the best way is for you to own the house and the wife/girlfriend the land, with a lease for you and a buy-out clause included for when relationship goes bad (don't forget in this scenario you OWN the house outright)
Yours looks a clever scheme, (think she would need documentary proof of employment/salary payments into here account to qualify for loan normally, but that's a side issue).
But what happens near the end of the loan period, when the house is nearly paid off, worth loads more, and the relationship goes bad then. She'll just make the last few payments herself, by borrowing money from someone, new boyfriend, additional loan from bank etc etc.
Where would that leave us farangs then ?
Burger[/quote]
If she can get the loan, it seems to be a good idea, since you can stop paying the instalments, if there is a problem and the bank will repo it, assuming she can't pay herself. However, a lease from your wife could be held as void, if a court determined that you had exercised undue influence as her husband to force her into an arrangement that was not commercially beneficial to her as the owner of the property. But this would involve her in a lot legal expense and hassle to evict you. She might use cheaper methods, if it came to that! Registering the house in your name would strengthen your position but I think you can only readily do this, if you build the house yourself. Otherwise it will be on the same title deed as the land and you will have to try to separate them. If you do this, go for a usufruct agreement not a lease because a lease will terminate if your wife sells the property or dies.
[quote]Here's an option I was thinking of:
1. Girlfriend buys property in her name (funded by me)
2. She signs a 30-year lease to me.
3. She gets a loan from the bank with the property as security.
4. The loan money goes back into my pocket.
5. The loan is repaid by me.
If the relationship should end, the girlfriend would need to sell the property to repay the loan, which would be difficult to do with the 30 year lease in my name. She would need to trust me to repay the loan and I would need to trust her to fulfill her lease obligations.
Is this a good plan or have I overlooked something? All feedback welcome[/quote]
Jockey,
Normally the best way is for you to own the house and the wife/girlfriend the land, with a lease for you and a buy-out clause included for when relationship goes bad (don't forget in this scenario you OWN the house outright)
Yours looks a clever scheme, (think she would need documentary proof of employment/salary payments into here account to qualify for loan normally, but that's a side issue).
But what happens near the end of the loan period, when the house is nearly paid off, worth loads more, and the relationship goes bad then. She'll just make the last few payments herself, by borrowing money from someone, new boyfriend, additional loan from bank etc etc.
Where would that leave us farangs then ?
Burger[/quote]
If she can get the loan, it seems to be a good idea, since you can stop paying the instalments, if there is a problem and the bank will repo it, assuming she can't pay herself. However, a lease from your wife could be held as void, if a court determined that you had exercised undue influence as her husband to force her into an arrangement that was not commercially beneficial to her as the owner of the property. But this would involve her in a lot legal expense and hassle to evict you. She might use cheaper methods, if it came to that! Registering the house in your name would strengthen your position but I think you can only readily do this, if you build the house yourself. Otherwise it will be on the same title deed as the land and you will have to try to separate them. If you do this, go for a usufruct agreement not a lease because a lease will terminate if your wife sells the property or dies.
The best way to own the house in your own (foreigner) name, is to apply for the building permit in your name, then have the house built.Registering the house in your name would strengthen your position but I think you can only readily do this, if you build the house yourself. Otherwise it will be on the same title deed as the land and you will have to try to separate them.
I was told that if the house was already built by a developer then you can make a legal contract and 'buy' it off your wife (assuming the chanote is in her name anyway), but make sure to pay all the taxes and have a paper trail of giving her the house value money.
Burger
Sorry chasps and chaspesses but this scenario of you own the house and she owns the land leaves me with a picture in my head just after she has got a Thai judge to grant her an exclusion order to her land ie
Scenario 1 you standing by the gate daily watching the termites (who have full access to the land eat your house)
scenario 2 You inside the house because thats where you were and cant come out being fed by catapult or exceedingly long drinking straw
I would think access would be quite important
sorry just my martian sense of humour
Scenario 1 you standing by the gate daily watching the termites (who have full access to the land eat your house)
scenario 2 You inside the house because thats where you were and cant come out being fed by catapult or exceedingly long drinking straw
I would think access would be quite important
sorry just my martian sense of humour
A Greatfull Guest of Thailand
sargeant wrote:
Gerritt ?
Burger
errrr Sarge, I think that's the whole reason you have a 30 year lease on the land, so you, not she, can have full access to it.Sorry chasps and chaspesses but this scenario of you own the house and she owns the land leaves me with a picture in my head .... snip .....you standing by the gate daily..... snip......
I would think access would be quite important
Gerritt ?
Burger
Yes burgher i do follow that but as i stipulated just my martian sense of humour
I also think the bank which has made the loan might have a smidgin of a nay say on this lease perchance, seeing as they will hold the chanote for the loan and it would be useless to them if said fair damsel failed to pay said loan at any point to say nothing if a lease was signed without the banks ok i have a sneaky feeling they might consider it illegal and get ever so slightly peed of
Just silly ole me
Finding the loopholes is a pointless exercise if it is the hangmans noose around ones neck IMHO
I also think the bank which has made the loan might have a smidgin of a nay say on this lease perchance, seeing as they will hold the chanote for the loan and it would be useless to them if said fair damsel failed to pay said loan at any point to say nothing if a lease was signed without the banks ok i have a sneaky feeling they might consider it illegal and get ever so slightly peed of
Just silly ole me
Finding the loopholes is a pointless exercise if it is the hangmans noose around ones neck IMHO
A Greatfull Guest of Thailand
Sarge,
Then as I've said previously I do not think your situation gives you protection should anything go wrong somewhere down the line.
It's ok for you in the early years as you 'hold' your money, but later in the term the 'cards' are definately being held by your partner, the way I see it.
Good luck to you though.
Burger
Then as I've said previously I do not think your situation gives you protection should anything go wrong somewhere down the line.
It's ok for you in the early years as you 'hold' your money, but later in the term the 'cards' are definately being held by your partner, the way I see it.
Good luck to you though.
Burger
Correct burgher but i have never said i have 100% protection What i have said is i have the minimum ammount of risk with the possibility over time of the maximum gain
mrs sarge at present has a very small but agreed growing card and it is certainly not in her interest to cut the flower before it even shoots let alone blooms which is years away
after 9 years of road testing and knowing that if anyone can bugger our relationship up it will probably be umwah and mr chang i think an initial outlay of a paltry 80,000 baht is a risk i am more than prepared to make even on my paltry 70,000 baht a month stipend
what i am not prepared to do is put millions in the hands of lawyers non voting yak hearders or god forbid bet it to win on any thai govt of any colour now or in the future
If i was a real tight arse i could have asked mrs sarge to sign for a loan of the deposit but jeezus that would be taking paranoia to the limit
Like i have said until the land law "farangs cannot own land in thailand" is changed trying to work oracles or loopholes is IMHO pie in the sky and dangerous
mrs sarge at present has a very small but agreed growing card and it is certainly not in her interest to cut the flower before it even shoots let alone blooms which is years away
after 9 years of road testing and knowing that if anyone can bugger our relationship up it will probably be umwah and mr chang i think an initial outlay of a paltry 80,000 baht is a risk i am more than prepared to make even on my paltry 70,000 baht a month stipend
what i am not prepared to do is put millions in the hands of lawyers non voting yak hearders or god forbid bet it to win on any thai govt of any colour now or in the future
If i was a real tight arse i could have asked mrs sarge to sign for a loan of the deposit but jeezus that would be taking paranoia to the limit
Like i have said until the land law "farangs cannot own land in thailand" is changed trying to work oracles or loopholes is IMHO pie in the sky and dangerous
A Greatfull Guest of Thailand