Bying a house in Phuket, my son's name

[lola2605]

Hi everyone, need some advice...

I'm foreigner living and working in Phuket over 10 Years, having a Thai husband and 5 years old son. I'm looking for solution to buy a house. Is it possible to buy on my son's name? Or my husband's, even we are not actually married? He has a land as collateral (unfortunately he has no stable incomes) and I have work permit/visa/stable job.

Please, advice.... Thanks in advance, Lola

[smutcakes]

In all seriousness you will probably get a lot of scare/horror stories on here. You should seek good legal counsel from professionals in this field if you are serious about doing this.

[xylophone]

I am not an advocate of buying property here especially as it sits on land which you can't own, however that isn't your question, so perhaps a few suggestions might help.

 

This is an assumption on my part, however it would seem as if you would need to get some sort of mortgage and the best bet is probably to get one in your husband's name, but without a stable income, it will be difficult.

 

It's possible that he could get a loan against his land, or could sell it to act as a deposit or full purchase. Another option would be to see if you could arrange to have your monthly salary put into his account directly, so that it appears he is in a job and earning an income although this would have to be done for some time, and this may satisfy some of the bank needs with regards to repayment of a mortgage or loan.

 

Whatever you do, do not go to to a "lender of last resort"/loan shark because they are not interested in you prospering, but with them finding ways to be able to bleed you dry.

[trogers]

Not legally married. That's the catch.

 

Any property in his name will be out of your reach. If he subsequently legally marries someone else, new claimants would come into the picture.

 

Your best bet to legally own property in your name would be like any other foreigner. Buy a condo, and in present market conditions, buy a used condo from the secondary market.

Edited October 26, 2017 by trogers

[Nip]

You cant trust any lawyer or land agent in Phuket. You cant own land in Thailand. The only safe option is for you to purchase a condo in your name and use a Bangkok lawyer like the Rachada Law Office (Benny). No matter what advice you are given learn from the hundreds indeed thousands who had their property stolen in Phuket. Note that Phuket Lawyers are known to forge signatures to steal property so if you can take out a small loan you can lodge the Chanotes with the bank for safety.

[manchega]

The way to do this is to open your own loss making company.  Have your husband and other peoples as board members.  This way you will defend at least half of your assets.

 

However much you trust your hubby defend yourself at all times.

[LukKrueng]

seems no one actually answered the op's question, but instead told her who not to trust, including her husband..... Yes, you could register the property under your son's name, however you wont be able to sell it our lease it out without a court approval as long as he is a minor, that means for the next 15 years.

Another issue worth consideration is getting married and apply for citizenship which is much easier for foreign women married to thai men than the other way around.

[trogers]

16 minutes ago, LukKrueng said:

seems no one actually answered the op's question, but instead told her who not to trust, including her husband..... Yes, you could register the property under your son's name, however you wont be able to sell it our lease it out without a court approval as long as he is a minor, that means for the next 15 years.

Another issue worth consideration is getting married and apply for citizenship which is much easier for foreign women married to thai men than the other way around.

Buying under her son's name would mean paying cash, no mortgage, due to banks not willing to enter into a financial contract with a minor.

[Nip]

30 minutes ago, LukKrueng said:

seems no one actually answered the op's question, but instead told her who not to trust, including her husband..... Yes, you could register the property under your son's name, however you wont be able to sell it our lease it out without a court approval as long as he is a minor, that means for the next 15 years.

Another issue worth consideration is getting married and apply for citizenship which is much easier for foreign women married to thai men than the other way around.

The best advice is to tell her the truth. Fact is you cannot trust anybody in Thailand least of all the judicial system. Thai citizenship is a long drawn out affair that is as malleable as Thai Law. Trust least in Thailand those who smile most. The only way forward is a condo. 

[LukKrueng]

35 minutes ago, trogers said:

Buying under her son's name would mean paying cash, no mortgage, due to banks not willing to enter into a financial contract with a minor.

 

24 minutes ago, Nip said:

The best advice is to tell her the truth. Fact is you cannot trust anybody in Thailand least of all the judicial system. Thai citizenship is a long drawn out affair that is as malleable as Thai Law. Trust least in Thailand those who smile most. The only way forward is a condo. 

OP didn't ask about a loan nor about if she could trust her husband / lawyer / friends / police / judge / or anybody else. 

[trogers]

2 minutes ago, LukKrueng said:

 

OP didn't ask about a loan nor about if she could trust her husband / lawyer / friends / police / judge / or anybody else. 

She mentioned 'collateral'.

[LukKrueng]

44 minutes ago, trogers said:

She mentioned 'collateral'.

yes she did. but she asked: " Is it possible to buy on my son's name? Or my husband's, even we are not actually married?"

[greenchair]

1 hour ago, Nip said:

The best advice is to tell her the truth. Fact is you cannot trust anybody in Thailand least of all the judicial system. Thai citizenship is a long drawn out affair that is as malleable as Thai Law. Trust least in Thailand those who smile most. The only way forward is a condo. 

I have been married to a Thai man for 22 years. Thai citizenship was a piece of cake, compared to going to do those visa runs every damn year. 

If the op is not married, then it's very difficult to buy land. 

However if married the bank will accept her salary as income as they did with me. The loan was actually in his name, but his income was 5000 baht a month. My income with a letter from the school was 40000 and I did not have a work permit. We went to 6 banks. No, no, no, no, no, yes. 

Our last payment is in 8 months. 

When I became a Thai citizen my husband transfers the house to my name. Not all Thai are crooks ?

[Nip]

20 minutes ago, greenchair said:

I have been married to a Thai man for 22 years. Thai citizenship was a piece of cake, compared to going to do those visa runs every damn year. 

If the op is not married, then it's very difficult to buy land. 

However if married the bank will accept her salary as income as they did with me. The loan was actually in his name, but his income was 5000 baht a month. My income with a letter from the school was 40000 and I did not have a work permit. We went to 6 banks. No, no, no, no, no, yes. 

Our last payment is in 8 months. 

When I became a Thai citizen my husband transfers the house to my name. Not all Thai are crooks ?

Bottom line at this moment and in the foreseeable future she cannot buy land in Thailand in her name. Yes I admit not all Thais are crooks but most in Phuket are. I'm happy you have been lucky and bucked the trend.

[uffe123]

Don't buy anything in Thailand. you cant own it, and it could be confiscated by the government.

[trogers]

1 hour ago, LukKrueng said:

yes she did. but she asked: " Is it possible to buy on my son's name? Or my husband's, even we are not actually married?"

Yes, and she went on about using land as collateral.

 

I didn't answer about son's name because she is seeking a loan.

 

But the most important point is - not being legally married. If she was dead sure about the guy, she would not have mentioned about buying in her son's name.

[sead]

2 hours ago, greenchair said:

I have been married to a Thai man for 22 years. Thai citizenship was a piece of cake, compared to going to do those visa runs every damn year. 

If the op is not married, then it's very difficult to buy land. 

However if married the bank will accept her salary as income as they did with me. The loan was actually in his name, but his income was 5000 baht a month. My income with a letter from the school was 40000 and I did not have a work permit. We went to 6 banks. No, no, no, no, no, yes. 

Our last payment is in 8 months. 

When I became a Thai citizen my husband transfers the house to my name. Not all Thai are crooks ?

Sorry i had to ask.

Is the land in his name? Then its still his house even if it is in your name....

But this is not about the topic sorry

[Ian Dunn]

2 hours ago, uffe123 said:

Don't buy anything in Thailand. you cant own it, and it could be confiscated by the government.

Would the government confiscate my car?

[greenchair]

47 minutes ago, sead said:

Sorry i had to ask.

Is the land in his name? Then its still his house even if it is in your name....

But this is not about the topic sorry

If he transfered the land title then obviously it is my land and my house. ???

[Ian Dunn]

"Don't buy anything in Thailand. you cant own it, and it could be confiscated by the government."

 

Would the government confiscate my car, I bought it last December.

[Nip]

12 minutes ago, greenchair said:

If he transfered the land title then obviously it is my land and my house. ???

No .... Foreigners cannot own land in Thailand. You can own the house but not the land it sits on.

[oslooskar]

What kind of interest rates do Thai banks charge on loans? My ex-wife (who is Thai) and I will be going house hunting in Thailand in February in search of a house for our son who is 29 years old and has both Thai and American citizenship.

[khunPer]

On 10/26/2017 at 7:27 AM, lola2605 said:

...having a Thai husband and 5 years old son. I'm looking for solution to buy a house. Is it possible to buy on my son's name?

Yes, your son can own land (under guardian), if he's Thai citizen.

 

In you own interest, it's probably better your son is the owner, than your spouse, assuming you have parental rights and can act as the guardian, until you son is 20 years old. You should make any servitude agreements, like usufruct or habitation, before the land is transferred to your son's name, as iy might be difficult later. Also, selling the land again, before your son is 20 year old, might be complicated. I say land, because you as foreigner can own a house, but you cannot own the land under the house. Don't expect to be able to borrow money – like a mortgage – with the property as security, when the owner is a minor.

 

You can read a lot more about property in Thailand here on Samui for Sale, but you will need qualified legal advise before making any decisions – or even planning too much.

 

Wish you good luck...

[greenchair]

7 hours ago, Nip said:

No .... Foreigners cannot own land in Thailand. You can own the house but not the land it sits on.

Did you not read. I became a Thai citizen. After you become a Thai citizen you can buy land ??

[trogers]

1 hour ago, greenchair said:

Did you not read. I became a Thai citizen. After you become a Thai citizen you can buy land ??

Yes, but this fact does not answer the pertinent question embedded in the OP's post - why not legally married when the son is already five.

 

And would be her biggest security hurdle in trying to acquire a house on a mortgage.

[trogers]

5 hours ago, oslooskar said:

What kind of interest rates do Thai banks charge on loans? My ex-wife (who is Thai) and I will be going house hunting in Thailand in February in search of a house for our son who is 29 years old and has both Thai and American citizenship.

Presently in the range of 6-7%, after the initial teaser rate in the first couple of years.

[greenchair]

21 hours ago, trogers said:

Yes, but this fact does not answer the pertinent question embedded in the OP's post - why not legally married when the son is already five.

 

And would be her biggest security hurdle in trying to acquire a house on a mortgage.

Well I said that. 

She would need to be married to Co sign the loan. 

[MaeJoMTB]

Why not just get married and apply for citizenship?

It's dead easy for married foreign women.

 

PS. Children aren't allowed debt, so house in child's name is cash only purchase.

Edited October 29, 2017 by MaeJoMTB

[baansgr]

On 10/27/2017 at 7:39 PM, greenchair said:

I have been married to a Thai man for 22 years. Thai citizenship was a piece of cake, compared to going to do those visa runs every damn year. 

If the op is not married, then it's very difficult to buy land. 

However if married the bank will accept her salary as income as they did with me. The loan was actually in his name, but his income was 5000 baht a month. My income with a letter from the school was 40000 and I did not have a work permit. We went to 6 banks. No, no, no, no, no, yes. 

Our last payment is in 8 months. 

When I became a Thai citizen my husband transfers the house to my name. Not all Thai are crooks ?

Why bother transferring to your name. Seems pointless paying land office fees. 

[baansgr]

On 10/28/2017 at 2:29 AM, oslooskar said:

What kind of interest rates do Thai banks charge on loans? My ex-wife (who is Thai) and I will be going house hunting in Thailand in February in search of a house for our son who is 29 years old and has both Thai and American citizenship.

Typically 7% with a hefty upfront insurance policy