Bought a condo with girlfriend, but how do I protect my deposit?

[London Boy]

48 minutes ago, stouricks said:

Paying interest to the bank is just the same a paying rent to an owner. DEAD.

You don't want to pay a further GBP 25,000 rent over 6 years = GBP 4170 per year = Bht 167,000 = ca THB 16,000 per month. What's the INTEREST on your THB 3M mortgage, plus the interest you are losing on you THB 1.3 M. Just asking.

 

Interest for the mortgage is 2.71% (through Krungthai) Whereas interest I was earning on my 1.3 million Bhatt is only 0.01% (in a Nationwide ISA) so the money Doesn’t really have an opportunity cost

[London Boy]

17 minutes ago, smutcakes said:

Why dont you joint own the condo? A condo can be owned by more than one person, with both names on the title deeds. As long as you are in Thailand legally there is nothing to stop you buying a condo.

 

Make sure its a Condo (which is freehold) versus apartment which is leasehold.

When we first approached Krungthai (as well as 6 other banks, but they had the beat rate) they told us the only way a foreigner can be on the title is to pay for 50% of the asking price. Having a lot of experience in real estate (this is my twelve property I’ve bought, although first in Thailand) I’ve always tried to leverage as highly as possible to preserve capital. So I’m reluctant to commit any more then ฿1.3mllion

[Bob A Kneale]

39 minutes ago, thaibeachlovers said:

Have you read any of the posts on TVF about how difficult it is to sell a condo?

Just because some anonymous Thaivisa posters say so doesn't mean that it is true!

[London Boy]

1 hour ago, spiekerjozef said:

Maybe you should have thought about that before the purchase ?

I haven’t bought it yet. Completion is on the 23rd June which is why I’m tackling it now. 

[thaibeachlovers]

23 minutes ago, smutcakes said:

Why dont you joint own the condo? A condo can be owned by more than one person, with both names on the title deeds. As long as you are in Thailand legally there is nothing to stop you buying a condo.

 

Make sure its a Condo (which is freehold) versus apartment which is leasehold.

Only in a building which is owned 51% by Thais ( unless that's changed ).

[thaibeachlovers]

2 minutes ago, Bob A Kneale said:

Just because some anonymous Thaivisa posters say so doesn't mean that it is true!

Perhaps the OP should find out then, before thinking a resale is a sure fire proposition.

[thaibeachlovers]

3 minutes ago, London Boy said:

I haven’t bought it yet. Completion is on the 23rd June which is why I’m tackling it now. 

Still time to save yourself a ton of money then.

[London Boy]

45 minutes ago, thaibeachlovers said:

Have you read any of the posts on TVF about how difficult it is to sell a condo?

I have and have been following this particular condo block for around 6 months. I’ve seen a decent turnover So I’m confident it can be sold when I’m ready, even if it take 6-9 months. 

[jak2002003]

Op...don't do it.

 

Or else be willing to loose the money in the future. 

 

Ask yourself if you would do the same financial arrangement with a girlfriend of 2 years in your country.

 

 

[Skallywag]

1 hour ago, bert bloggs said:

How sad to go through life feeling like you do ,by the way in your other post you say that the bank would lend the whole amount as the property is "undervalued" no they wont ,they will only loan according to her salary, my wife has been in the property business many years and her besty is a lawyer . also one of my friends ran an agency  . so i know a little about the work????

Sarcasm.  Yet many "go through life" spending with little concern with the "returns".  OP is paying the down payment, yet will have no ownership rights if the girlfriend got the mortgage because of her job and in her name. Hope it all works out for the OP.  30% is quite a chunk of change for a downpayment in a city with over 100,000 empty condos and growing

Edited June 2, 2020 by Skallywag
read other posts from OP

[baansgr]

39 minutes ago, thaibeachlovers said:

This thread is what an OP can expect if they come on TVF, a forum full of hard done by men that got screwed by the women they trusted.

Better to have just asked for a recommendation for a trustworthy lawyer, though that might be a hard task in LOS.

But probably most those that got screwed had talked to a lawyer....lawyers in Thailand tell you want you want to hear...not what is best for you or the truth....fact is OP is open to losing his deposit...contract or not, getting money back from anyone is time consuming and again involves those oh so very expensive lawyers.

[Bob A Kneale]

8 minutes ago, thaibeachlovers said:

11 minutes ago, Bob A Kneale said:

Just because some anonymous Thaivisa posters say so doesn't mean that it is true!

Perhaps the OP should find out then, before thinking a resale is a sure fire proposition.

 That's what you seem to think but, then, that's his prerogative. Why are you telling me that? 

[BobbyL]

I would be surprised if there is any easy way of getting the 1.3M back that you paid as a deposit.

 

Is the mortgage fully in her name? Who is going to be paying off the mortgage?

 

[Bob A Kneale]

20 minutes ago, Skallywag said:

30% is quite a chunk of change for a downpayment in a city with over 100,000 empty condos and growing

How does the number of allegedly available condos affect the amount of a buyers deposit?

Edited June 2, 2020 by Bob A Kneale

[couchpotato]

2 hours ago, spidermike007 said:

That is a reasonable question. Condo law allows foreigners to hold title to the unit. Obviously she is signing for the loan, so she is likely to be on the title. The bank may insist on that. Also, some banks tend to cower away from loans, if they know foreigner is involved, for some reason. So. joint title might be tricky, in regard to the bank and the mortgage. For a cash deal, no issues. 

 

I could consult a good foreign property lawyer working here. Not a local. It will be expensive, but worth it. 

This is correct to a point. Joint ownership is possible and legal, but in this case it is not. Because right now the Bank actually owns the Condo (ie: it won't be transferred until the 3m plus interest is paid off, and this could be many years, depending on the payoff terms of the loan).

So for now the 1.3m is basically a personal loan to her, as she would have to show that capital to get the 3m loan in the first place.. nothing to do with the Bank.

Even a mortgage document between the 2 of them can not be entered on the Condo Chanoot, at this time, because the Bank own the property.

So the only recourse for the OP is by having a Lawyer draw up a loan agreement, that she owes him 1.3m if they separate.  But good luck with that.

 

[Andy from Kent]

3 hours ago, BritManToo said:

Nothing you can do on a property with a bank loan.

It's all hers.

 

1M3Bht .......... how much per bang does that work out at?

How many years rent would 1M3bht cover?

How much of the repayments will you be paying, all? or 50%?

 

Why can he not simply loan her 1.3 million and the GF use the house as loan collateral?

That way if she ever sells the house he'll have a claim against the house sale proceeds.

[BritManToo]

Just now, Andy from Kent said:

 

Why can he not simply loan her 1.3 million and the GF use the house as loan collateral?

That way if she ever sells the house he'll have a claim against the house sale proceeds.

The bank owns the property until the mortgage is paid off.

They won't allow any other creditors on the property.

[Antonymous]

1 hour ago, thaibeachlovers said:

So, you are advising the OP to discuss what happens when the partnership fails. That's going to make her a happy girly, not.

 

I suspect that many of the grumpy old Thai bashing men on TV who complain about being ripped off by, or not trusting, Thai women arrived at that sad state through irrational reluctance and/or lack of maturity to discuss future outcomes of their relationship, particularly financial, openly from the start.

 

OP, if your relationship isn't strong enough now after two years to at least discuss the possibility of you splitting up one day, you are doomed to coming back to TV one day to tell us all about your tale of woe!

Edited June 2, 2020 by Antonymous

[Andy from Kent]

3 minutes ago, BritManToo said:

The bank owns the property until the mortgage is paid off.

They won't allow any other creditors on the property.

Do you know for a fact that a legal document can't be drawn for a personal load guaranteed with proceeds from selling the property?  Forget about the bank.    I'm talking about a personal loan to be paid in the event the property is ever sold.  Maybe a legal expert can chime in but in the meantime I believe you have the wrong idea.????

 

 

[BritManToo]

Just now, Antonymous said:

I suspect that many of the grumpy old Thai bashing men on TV who complain about being ripped off by, or not trusting, Thai women arrived at that sad state through irrational reluctance and/or lack of maturity to discuss future outcomes of their relationship, particularly financial, openly from the start.

 

Or it could be you're foolish with money.

And who says we're bashing Thai women ..... they're all the same in every country.

[BritManToo]

2 hours ago, DaLa said:

I may have missed something , but why can't they have joint ownership?

 

https://www.samuiforsale.com/knowledge/practical-legal-for-condos.html

I'd guess the bank won't lend to a foreigner. 

[BritManToo]

2 minutes ago, Andy from Kent said:

Do you know for a fact that a legal document can't be drawn for a personal load guaranteed with proceeds from selling the property?  Forget about the bank.    I'm talking about a personal loan to be paid in the event the property is ever sold.  Maybe a legal expert can chime in but in the meantime I believe you have the wrong idea.????

 

 

Have you already handed over the 1M3?

Or is that moment yet to come?

What contribution will she be making to the repayments 50%, 100%?

Edited June 2, 2020 by BritManToo

[London Boy]

12 minutes ago, Antonymous said:

 

I suspect that many of the grumpy old Thai bashing men on TV who complain about being ripped off by, or not trusting, Thai women arrived at that sad state through irrational reluctance and/or lack of maturity to discuss future outcomes of their relationship, particularly financial, openly from the start.

 

OP, if your relationship isn't strong enough now after two years to at least discuss the possibility of you splitting up one day, you are doomed to coming back to TV one day to tell us all about your tale of woe!

I agree with you there. You need to start as you mean to go on. Which is why we have discussed this and explained to her the deposit is not a gift but a loan that has to be paid back to me. She currently pays ฿4300 rent and I pay ฿15000 in rent. Our mortgage with be ฿18500 so we’ll be paying the same amount to pay of our condo (plus ฿3000 in common fees). I think financially it makes sense. 

Edited June 2, 2020 by London Boy

[London Boy]

Just now, BritManToo said:

Have you already handed over the 1M3?

Or is that moment yet to come?

Nope. I haven’t even brought it over from the UK yet. Although I did need to provide a Statement to KrungThai Bank that I actually had it before they would approve the mortgage. 

[BritManToo]

3 minutes ago, London Boy said:

She currently pay’a ฿4300 rent and I pay ฿1500 in rent. Our mortgage with be ฿18500 so we’ll be paying the same amount to pay of our condo (plus ฿3000 in common fees). I think financially it makes sense. 

So how much will you be paying out of the monthly 21,500bht?

Personally, I think you're mad to hand her that money.

I'm guessing you're a lot older than her.

 

Edited June 2, 2020 by BritManToo

[London Boy]

8 minutes ago, BritManToo said:

So how much will you be paying out of the monthly 21,500bht?

Personally, I think you're mad to hand her that money.

I'm guessing you're a lot older than her.

 

I’m 49 and she’s 32. Although I have more risk then hers, if I was to walk away she’s stuck with a 3 million debt! Also I’d rather pay the money into a condo we both live in and enjoy, rather then to a landlady who is so stingy and certainly doesn’t have my best interests at heart. I’ll pay 75% of outgoing but that’s reflective of our present incomes. And did I mention we will be doubling our living space?

[Bender Rodriguez]

get your name on the chanote .... 1 percent of value, so CHEAP

[scubascuba3]

1 hour ago, London Boy said:

I haven’t bought it yet. Completion is on the 23rd June which is why I’m tackling it now. 

I wouldn't buy it, but many guys would including buying the GF\wife a motorbike, car, house up country.

 

Would have been better if you had bought a condo in foreign name or she bought a house on her own.

 

Let us know how it goes

Edited June 2, 2020 by scubascuba3

[Bender Rodriguez]

1 hour ago, London Boy said:

When we first approached Krungthai (as well as 6 other banks, but they had the beat rate) they told us the only way a foreigner can be on the title is to pay for 50% of the asking price. Having a lot of experience in real estate (this is my twelve property I’ve bought, although first in Thailand) I’ve always tried to leverage as highly as possible to preserve capital. So I’m reluctant to commit any more then ฿1.3mllion

so you have 12 properties and b.... us here over 1.3 million baht ????

 

 

[BritManToo]

12 minutes ago, London Boy said:

I’m 49 and she’s 32. Although I have more risk then hers, if I was to walk away she’s stuck with a 3 million debt! Also I’d rather pay the money into a condo we both live in and enjoy, rather then to a landlady who is so stingy and certainly doesn’t have my best interests at heart. I’ll pay 75% of outgoing but that’s reflective of our present incomes. And did I mention we will be doubling our living space?

So effectively,

1M3bht key money then 17k/month ....... how is that sound financial sense?