Can I Buy A House In Gbp

[kevkev1888]

Hi

I am a Brit say for example i want to buy a house off another Brit. Can we do a deal and pay in GBP in the uk????

Thanks

[katabeachbum]

Hi

I am a Brit say for example i want to buy a house off another Brit. Can we do a deal and pay in GBP in the uk????

Thanks

I m not a Brit, but you can certainly pay me in GBP in the UK, if you want to buy property in Phuket.

[LennyW]

Absolutely no problem, as long as you both agree, and you know what you are buying!

And of course you will need to have some Baht handy for the transfer fees at the land office.

[jbaldwin]

If you are not Thai you cannot buy a house whatever currency you use

[Orac]

If you are not Thai you cannot buy a house whatever currency you use

Technically a house can be bought but not the Land it is built on.

[tangoll]

If buyer is non-Thai, he/she will have to supply Land Dept with Foreign Exchange Transaction Forms to show sufficient funds for purchase had been imported into Thailand. Whether funds actually used for transaction is immaterial, but the importation has to have been made in order to have receiving bank issue the forms.

Edited June 9, 2009 by tangoll

[katabeachbum]

If buyer is non-Thai, he/she will have to supply Land Dept with Foreign Exchange Transaction Forms to show sufficient funds for purchase had been imported into Thailand. Whether funds actually used for transaction is immaterial, but the importation has to have been made in order to have receiving bank issue the forms.

If foreigner buy house/land, this will often be a lease or co ltd. Both can be purchased and payed outside Thailand.

If foreigner buy freehold condo, some funds need to be declared into Thailand.

Often the official land office sales amount is not similar to the actual sales amount due to tax reasons, The differense is often payed outside the country.

[kevkev1888]

If buyer is non-Thai, he/she will have to supply Land Dept with Foreign Exchange Transaction Forms to show sufficient funds for purchase had been imported into Thailand. Whether funds actually used for transaction is immaterial, but the importation has to have been made in order to have receiving bank issue the forms.

If foreigner buy house/land, this will often be a lease or co ltd. Both can be purchased and payed outside Thailand.

If foreigner buy freehold condo, some funds need to be declared into Thailand.

Often the official land office sales amount is not similar to the actual sales amount due to tax reasons, The differense is often payed outside the country.

Hi I probably should have given more detail.

I know about the rules regarding house/land purchase and am ok with that, If and when we buy I would intend to get married 1st as i belive this would give me claim to half the house if we split correct? This I would be happy with.

So I will be financing the purchase but will be in my Thai wifes name.

If as you say I have to show transfer of the money into Thailand then surley the idea is a non starter?

[imaneggspurt]

It wont be a brit that owns ( or at least the plot its on ) i should ask the thai owner if i were you, and watch out for scams, thailand is fulll of them !

[kevkev1888]

[quote name='katabeachbum' date='2009-06-10 09:13:02' post='2794809

Often the official land office sales amount is not similar to the actual sales amount due to tax reasons, The differense is often payed outside the country.

So i maybe if sale is 1.5 mil can declare sale as 500k pay this in thailand and the rest in the UK?

[kevkev1888]

Absolutely no problem, as long as you both agree, and you know what you are buying!

And of course you will need to have some Baht handy for the transfer fees at the land office.

Do you know how much these fees and say lawyers fees are likely to be on a purchase of say 1.5 million?

[katabeachbum]

Often the official land office sales amount is not similar to the actual sales amount due to tax reasons, The differense is often payed outside the country.

So i maybe if sale is 1.5 mil can declare sale as 500k pay this in thailand and the rest in the UK?

Yes.

The land office in co op with village headmen decide what is the lowest transfer value. Most sellers/buyers register transfer at this value to reduce transfer tax. When you know what you want to buy, check the lowest accepted transfer value for this property at landoffice.

[thaiwanderer]

Hi I probably should have given more detail.

I know about the rules regarding house/land purchase and am ok with that, If and when we buy I would intend to get married 1st as i belive this would give me claim to half the house if we split correct? This I would be happy with.

So I will be financing the purchase but will be in my Thai wifes name.

If as you say I have to show transfer of the money into Thailand then surley the idea is a non starter?

oh dear

more research required for you i think

[chiang mai]

Split the transaction into two parts: Let your spouse have title to the land and you have title to the house (which you can legally own) and make sure that the land office registers your interests in the property on the land - also consider having your lawyer write up an ufstruct (sp) which allows you to live in the house regardless of what happens in the future.

[chiang mai]

Hi

I am a Brit say for example i want to buy a house off another Brit. Can we do a deal and pay in GBP in the uk????

Thanks

If you know and trust the other person then yes you could do that. But what if the other party scams you, what recourse do you have in the UK for a Thai based property! Just a thought.

[MJo]

Split the transaction into two parts: Let your spouse have title to the land and you have title to the house (which you can legally own) and make sure that the land office registers your interests in the property on the land - also consider having your lawyer write up an ufstruct (sp) which allows you to live in the house regardless of what happens in the future.

And do it before you get married, at least i was adviced that there is fair chance that all agreements between married couple can be overturned in case of divorce...

[mickba]

Split the transaction into two parts: Let your spouse have title to the land and you have title to the house (which you can legally own) and make sure that the land office registers your interests in the property on the land - also consider having your lawyer write up an ufstruct (sp) which allows you to live in the house regardless of what happens in the future.

If it's an existing property already registered, then I think it's difficult to subsequently split the house from the land isn't it?

With respect (as they say) if you are planning to marry the girl, is it worth going to too much trouble to protect half of £30k? I think you might have to sign your rights away anyway (see Illegal for Thai Wife to Own.......).

The answer to the original Q must be yes. It's just a Q of the methodology for it to be safe for both parties. I think ultimately that the cash or a cashier's cheque/banker's draft would have to be physically present at the point of transfer (i.e. at the Land Office) unless both parties were very trusting and you relied on Power of Attorney/s.

There are loads of houses up for sale in this price range and no doubt many are "company" owned, so one way would be to buy the company. You could then take it out later and put it in her name if you wanted or leave it as it is. The company route is dodgy, but thousands are still doing it and it might be a useful temporary vehicle (it does cost though).

A Usufruct in your favour would probably be a good idea for your peace of mind.

Edited June 11, 2009 by mickba

[Royale]

Having read the recent article in the Gazette about foreigners not being allowed to use their spouses to purchase property, [Phuket Gazette, May 31, “Land chief warns foreigners against buying land using Thai nominees”] I’m left wondering how it is possible for me to buy my wife a house here in Thailand?

In the country where we were married, the law of the land states that all of the money we have is now “our” money, rather than simply mine or hers.

Given this state of affairs and this apparent new legislation, is it now impossible for us to purchase a house in Thailand?

Graham Rance,Singapore/UK Friday, June 5, 2009 “As your wife is a Thai national, of course she is able to purchase property here in Thailand. If she has her own account, but doesn’t have the necessary funds, then you cannot use her as a nominee and use your own money. Such an action would see your land title revoked.

Should you decide to move forward and purchase a property together using funds from a joint bank account established either inside or outside of the Kingdom, you and your wife will have to sign an agreement stating that the house lawfully belongs to her.

In the event of a divorce, you waive all rights to a share of the property.

Under Thai law, marrying a Thai national does not grant you an entitlement to property accrued during your marriage.

The only way for a foreign national to purchase property in Thailand is to do so under the condominium 40% rule, which allows foreign nationals the right to own a total of two fifths of the floor space of a condominium development.

In summary, you and your wife may purchase a house in Thailand, but it can only be registered in her name. Should you divorce, you will be entitled to nothing.

For more information on all property-related laws, contact the Phuket Provincial Land Office at 36 Damrong Road, Muang, Phuket 83000. T: 076-212103 F: 076-212103.”

Friday, June 5, 2009 A Phuket Provincial Land Officer