Sighning over my house

[rocky123]

Hi guys, I,m 64 and I have lived in Pattaya for 15 years. Bought a house in 2005 for 1.59 mil bhat, about 22,000 GBP at that time. Formed a company and paid my Annual accountant fee 10.000bht ever since.

After partying for 5 years ish, I met a women that ticked most of the boxes and 10 years latter we are still living happily together in my house. Her daughter age 11 has lived with us all that time and we are a very happy family unit. Go on holidays to UK  ++.

My house/company books are now due for the year but I,m thinking of signing off and putting the house in her name. My accountant says it will cost around 35,000 to do this. Is this correct ? Seems a large fee.

Thanks for any helpful advise guys. Appreciate your time.

[baansgr]

Transferring to your partner will be classed as a sale, therefor taxes and fees will need to be paid at the land office. This amount will depend on the Land Office valuation and is usually approx 5% of that. You would also need to close your company which maybe why your lawyer has quoted 35k. Ask the lawyer what the 35k covers

[Grumpy John]

You need to look at it all ways.  At 64 do you really think this is a good idea?  There had been more than a few Englishman come a cropper with houses and Thai partners!  Maybe your not English....

[Mister T]

Not worth the risk/hassle, just leave the property to her or the child in a legal will. Her family circumstances may change at any time in the future and you will always come second to family in Thailand.

[Postmaster]

Take Grumpy John and Mr T's advice.  Leave it to them in your Will and Testament and perhaps also make them shareholders in the company.

[BritManToo]

On 3/12/2020 at 3:07 PM, rocky123 said:

Thanks for any helpful advise guys. Appreciate your time.

Don't do it.

Besides the risk of losing the house, it doesn't make financial sense.

35k for closing the company +5% of 2M tax = 135k

If you're only paying 10k/year in company fees that's 14 years.

Edited March 15, 2020 by BritManToo

[Guderian]

I've got an American friend in a similar situation, though his house is worth quite a bit more. He disliked paying 11K/year for the balance sheet, and when City Hall stuffed him for another 7K/year in property tax he said enough is enough, and he's transferred the house from his company into his Thai wife's name. They've got a daughter and have been happily married for over a decade, so he sees the risk as minimal, and even if sometime in the future she did change the locks he says he wouldn't really mind as he just wants to ensure his 10 year old daughter has somewhere nice and safe to live. He has a couple of condos in his own name that he rents out, so he could always move into one of those.

 

The property transfer tax cost him around 140K Baht, plus lawyer's fees on top of probably 20-30K. He hasn't closed down the company  properly, though, as his lawyer says after three years of not filing any balance sheet it will be struck off anyway.

[maprao]

Leave it in your will.

If you can afford to live somewhere else then go ahead and transfer but if no plan b don't mess with something that works fine.

 

It won't happen to me! Happens.

Especially if your wife starts going through change in life in her 50s. I have seen rock solid 20 year relationships turn sour.

[KhaoYai]

Things can change, no matter how safe your marriage seems at the moment. If you do transfer they house to your wife, protect yourself with a properly registered Usufruct agreement - minimal cost.

[sanuk711]

16 minutes ago, KhaoYai said:

If you do transfer they house to your wife, protect yourself with a properly registered Usufruct agreement - minimal cost.

I don't think you can have a legal agreement with your wife under Thai law.........maybe I am wrong.......it wouldn't be the first time......

 

.

Edited March 15, 2020 by sanuk711
bad spelling ....again

[jimn]

I transfered my house to my wife and closed a 2.5 million baht company 2 years. It cost 20k to close company etc but 180k in land transfer taxes at the land office. Expensive but glad I did.