Leasing Questions

[Lost in LOS]

I am already committed by contract to purchase a house being built. I won’t have to decide on the method of "owning" it for another couple of months. I know, I shouldn’t be in this situation, but I am and want to make the best of it. Leasing is an option I am considering but I am not sure of all the conditions that go with it. Optimistically I have 15 to 20 years left of my retirement years and then I am dust. A 30-year lease will outlast me so I am not worried about that part of it. I plan on living here till my last days but........ with all the changing rules in LOS one never knows how welcome we will be in the future and if it will be comfortable living here.

My questions are:

1. Will I be able to sell the remaining years of the lease?

2. Will I be able to sublease?

3. Am I better off leasing the land and owning the improvements on that land?

4. Is there any special wording that should be included in the lease in addition to the standard language, written by a thai lawyer of course.

Thanks in advance

Jimmy

[old wanderer]

Here is a link or just Google to find more sites:

http://www.iamkohchang.com/Real_Estate/leases.htm

Hope this helps.

[quiksilva]

I am already committed by contract to purchase a house being built. I won’t have to decide on the method of "owning" it for another couple of months. I know, I shouldn’t be in this situation, but I am and want to make the best of it. Leasing is an option I am considering but I am not sure of all the conditions that go with it. Optimistically I have 15 to 20 years left of my retirement years and then I am dust. A 30-year lease will outlast me so I am not worried about that part of it. I plan on living here till my last days but........ with all the changing rules in LOS one never knows how welcome we will be in the future and if it will be comfortable living here.

My questions are:

1. Will I be able to sell the remaining years of the lease?

2. Will I be able to sublease?

3. Am I better off leasing the land and owning the improvements on that land?

4. Is there any special wording that should be included in the lease in addition to the standard language, written by a thai lawyer of course.

Thanks in advance

Jimmy

There are no statutory regulations that come into play here like say the Landlord & Tenant Act 1954 in the UK, that gurantees security of tenure amongst other things for tenant.

Whatever is in the contract here, counts for everything.

1. You should be able to assign your lease but it will be worth much less than what you paid for it. (it is a right to enjoy real estate for a certain period of time, as that period of time shortens the lease becomes less valuable).

Specify your right to assignment (that can not be unreasonably withheld) in your lease.

2. You shouldbe able to sublet and enjoy profit rents. -- Again make sure its in the lease. --

3. Depends on the wording in the lease, techinically you can own the structure, but at lease expiry that structure become the property of the lessor (I think). May as well get the owner to build it to your specs and lease the whole thing.

4. Get hold of a western lease and use that as a starting point. The lease will have to be translated into Thai fo registration purposes, but it is possible under Thai law to state that the English version is the version that shall be referred to in a court of law should there be any dispute. In fact it can written be German, or French, Balinese, Sudanese or whatever you want, just so long as both parties agree to it, in the lease.

[Lost in LOS]

Thanks, you both helped me a lot. I have a few months to decide if things get better, which is doubtfull, but a lease will be a final option I may have to take. If I go the lease route your inputs will have helped me structure a proper lease

thanks for the help