Trump Goes Full Racist

[Keith5588]

I am confused after speaking with a friend.
I am a UK citizen, I have lived in Thailand for the past 7 years with my Thai gf. I have been and still am renting a house but next year I might consider buying a house.
If I bought a house + land 15 years ago for 4 million THB with a 30 year lease on the land. The 30 year land lease costing 1 million THB so the house value would be 3 Million THB. Let's assume house prices have stayed the same over the 15 years.  What is the situation if I wanted to sell my house now.
My friend said
1. I would probably have a land lease contract for 30+30+30 years.
2. The seller (me) would have to pay for a new land lease of 30 years.
3. If unable to obtain a new 30 year land lease I could not transfer the remaining 15 years of the land lease to a buyer. Basically I would be unable to sell it.
My thoughts
1. I think it is Thai law that a farang cannot lease land for more than 30 years. So these 30+30+30 years are not guaranteed. Also each time a land lease is renewed then there will be a fee paid to the land owner.
2. I guess the seller needs to pay for the new 30 year land lease simply because most houses prices advertised are for the house + a 30 year land lease.
3. I think I read that a land lease can be passed on but that was when I was writing my Thai Will and so it was a bit different. But I find it hard to believe that if I bought a house + 30 year land lease. If 1 year after buying it I wanted to sell it and the land owner would not form a new land lease contract with the buyer then I could simply not sell it. If I moved away then the only option would be to rent it out for 29 years?

4. Could I sell the house with the remaining 15 years land lease?  If so how much would it be valued at? Does anyone sell a house with less than a 30 year land lease remaining?
 

On a slightly different note I would now probably look to buy a house freehold, my gf buying the land freehold, plus have a Usufruct contract. If a house + 30 year land lease is being sold for 4 Million would you expect to pay more if you bought that same house freehold?

Any advice to clarify any of the about greatly appreciated.
Thanks in advance
Keith
 

[Will B Good]

17 minutes ago, Keith5588 said:

I am confused after speaking with a friend.
I am a UK citizen, I have lived in Thailand for the past 7 years with my Thai gf. I have been and still am renting a house but next year I might consider buying a house.
If I bought a house + land 15 years ago for 4 million THB with a 30 year lease on the land. The 30 year land lease costing 1 million THB so the house value would be 3 Million THB. Let's assume house prices have stayed the same over the 15 years.  What is the situation if I wanted to sell my house now.
My friend said
1. I would probably have a land lease contract for 30+30+30 years.
2. The seller (me) would have to pay for a new land lease of 30 years.
3. If unable to obtain a new 30 year land lease I could not transfer the remaining 15 years of the land lease to a buyer. Basically I would be unable to sell it.
My thoughts
1. I think it is Thai law that a farang cannot lease land for more than 30 years. So these 30+30+30 years are not guaranteed. Also each time a land lease is renewed then there will be a fee paid to the land owner.
2. I guess the seller needs to pay for the new 30 year land lease simply because most houses prices advertised are for the house + a 30 year land lease.
3. I think I read that a land lease can be passed on but that was when I was writing my Thai Will and so it was a bit different. But I find it hard to believe that if I bought a house + 30 year land lease. If 1 year after buying it I wanted to sell it and the land owner would not form a new land lease contract with the buyer then I could simply not sell it. If I moved away then the only option would be to rent it out for 29 years?

4. Could I sell the house with the remaining 15 years land lease?  If so how much would it be valued at? Does anyone sell a house with less than a 30 year land lease remaining?
 

On a slightly different note I would now probably look to buy a house freehold, my gf buying the land freehold, plus have a Usufruct contract. If a house + 30 year land lease is being sold for 4 Million would you expect to pay more if you bought that same house freehold?

Any advice to clarify any of the about greatly appreciated.
Thanks in advance
Keith
 

 

 

Doesn't everything you have just written scream.....rent?

 

 

[rocketboy2]

Quote

1. I would probably have a land lease contract for 30+30+30 years.

 

 Lost interest at that point.

Good luck. 

[simon43]

A land lease contract for 30+30+30 years is 100% illegal and, from my knowledge of Thai law, the existence of such a written contract actually nullifies the complete contract, including for the first 30 years.

 

Rent!!

[MalcolmB]

Just buy house and land in a company setup.

 

Leasing is just a scam. They will want it back after 30 years.

[jvs]

You can buy a condo 100% in your name.That is one thing.

Yes you can buy a house in your gf name but how much do you trust her?

30+30+30 year lease,forget about that .

When you lease it will be harder to sell on.

Is your gf working?

Would you buy the house you are living in now?