How Can I Stop Wifes Family From Mortgaging My House

[siamkiwi]

I want to by a house under my wife's name.

The problem is her family have a bad habit of using her (our) assets to borrow money from the bank.

Is there some way I can arrange the ownership so they can't pressure her into mortgaging the house.

[saintofsilence]

If you have problems like that now it means you cannot trust your wife. Why would you buy a house in her name if she does things like that.

You must have more money than sense.

[BEENTHEREDONETHAT]

Get a condo in your name.

[Artisi]

Keep renting.

[dr_Pat_Pong]

Get a condo in your name.

Best idea.

[donx]

I want to by a house under my wife's name.

The problem is her family have a bad habit of using her (our) assets to borrow money from the bank.

Is there some way I can arrange the ownership so they can't pressure her into mortgaging the house.

Put the house in your name if you can. If you are buying a house already built, then get a usufruct attached to the land title. A bank won't lend against property with a usufruct attached.

[siamkiwi]

If you have problems like that now it means you cannot trust your wife. Why would you buy a house in her name if she does things like that.

You must have more money than sense.

I don't really have any probs now. Just dont want to run into any in the future. I just know during the low season they tend to borrow money against property and cars. They are actually pretty generous.

[siamkiwi]

Get a condo in your name.

Best idea.

Have looked at condos. limited to where you can buy, I'm not really into appartment lifestyle.

[siamkiwi]

I want to by a house under my wife's name.

The problem is her family have a bad habit of using her (our) assets to borrow money from the bank.

Is there some way I can arrange the ownership so they can't pressure her into mortgaging the house.

Put the house in your name if you can. If you are buying a house already built, then get a usufruct attached to the land title. A bank won't lend against property with a usufruct attached.

Thanks, will look up insufruct. Is that like a caviate?

[apetley]

I want to by a house under my wife's name.

The problem is her family have a bad habit of using her (our) assets to borrow money from the bank.

Is there some way I can arrange the ownership so they can't pressure her into mortgaging the house.

Put the house in your name if you can. If you are buying a house already built, then get a usufruct attached to the land title. A bank won't lend against property with a usufruct attached.

Good advice and easy to set up at the local Amphur or if you want to pay more get a local solicitor to do it for you.

[Geekfreaklover]

RENT.

It seems the only reason that people buy over here is to make ther other half happy. If your gal is happy with you renting, wherever in the kingdom then she be the right gal for you.

I might start a new thread on 'building a house in the villiage'

[saintofsilence]

If you have problems like that now it means you cannot trust your wife. Why would you buy a house in her name if she does things like that.

You must have more money than sense.

I don't really have any probs now. Just dont want to run into any in the future. I just know during the low season they tend to borrow money against property and cars. They are actually pretty generous.

Well best of luck to you Its good to see you are being careful and getting a bit of advice, I hate seeing people get taken for a ride.

[ballbreaker]

Since you don't like condo lifestyle then a usufruct in your name listed on the land title is best option. It can be for a specified period of time or end of your life.

Edited August 20, 2009 by ballbreaker

[siamkiwi]

RENT.

It seems the only reason that people buy over here is to make ther other half happy. If your gal is happy with you renting, wherever in the kingdom then she be the right gal for you.

I might start a new thread on 'building a house in the villiage'

I'm hearing ya. It's all that face rubbish. Thai people are obsesed with their social standing and what everyone else thinks.

[losworld]

Pretend you are broke then if she stays with you she really loves you.

[stgrhe]

I want to by a house under my wife's name.

The problem is her family have a bad habit of using her (our) assets to borrow money from the bank.

Is there some way I can arrange the ownership so they can't pressure her into mortgaging the house.

Put the house in your name if you can. If you are buying a house already built, then get a usufruct attached to the land title. A bank won't lend against property with a usufruct attached.

Good advice and easy to set up at the local Amphur or if you want to pay more get a local solicitor to do it for you.

I second this as this is the way to go. However, it is very important that the usufruct agreement is correctly worded.

Also your problem here appears not to be your wife's family but your wife as she apparently seems unable to coupe with the demands from her family.

[billaaa777]

This is really not that hard.

Before you register the house at the land department have your lawyer draw up an agreement with you as the principle mortgage holder, with all other mortgage holders second in line to receive proceeds if the house ever has to be sold.

Make the mortgage 150% the value of the house and register it at the land department. When a bank goes to loan money on the house they will have to check the status of the house with the land department. No bank would ever loan money under the conditions stated above.

All finished, you win. That is until the family tries to borrow money on the house and finds out they can't and come to ask you why you did that.

[Livinginexile]

If you have problems like that now it means you cannot trust your wife. Why would you buy a house in her name if she does things like that.

You must have more money than sense.

I don't really have any probs now. Just dont want to run into any in the future. I just know during the low season they tend to borrow money against property and cars. They are actually pretty generous.

How can they borrow money from the bank against property they don't own?

Is your wife borrowing the money and then giving it to them?

[wilsongbrown]

If you have problems like that now it means you cannot trust your wife. Why would you buy a house in her name if she does things like that.

You must have more money than sense.

I don't really have any probs now. Just dont want to run into any in the future. I just know during the low season they tend to borrow money against property and cars. They are actually pretty generous.

How can they borrow money from the bank against property they don't own?

Is your wife borrowing the money and then giving it to them?

This is a very good question. I've often seen Thais in the banks clutching their Title Deeds asking for loans and assume the land is theirs, although a neighbour stupidly had the builder on the list of directors to form a company to buy the land - the builder then went ahead and borrowed 4m against the house in total. There's now a metal sign on the wall of the house stating the name of the current owner, in Thai.

We rented a house a few years back, the landlord was forever having people from the bank round to take a look at it for yet another loan when he was broke.

Does anyone know how it works here? In the uk for instance, you have to show an income of some sort from which you can pay the loan back, surely many Thais are borrowing against their land/property because they too are broke? Is all that is needed is to flash a Chanote at the bank manager?

Edited August 20, 2009 by wilsongbrown

[zorro1]

I want to by a house under my wife's name.

The problem is her family have a bad habit of using her (our) assets to borrow money from the bank.

Is there some way I can arrange the ownership so they can't pressure her into mortgaging the house.

Since you dont own a house, what assets are your in laws using to secure loans from your wife?

How can they borrow against your assets, what do you have that they can access without your approval

[getgoin]

Don't let them or the wife have the paper. They can't borrow on something if they do not have the chanote.

[GungaDin]

RENT.

It seems the only reason that people buy over here is to make ther other half happy. If your gal is happy with you renting, wherever in the kingdom then she be the right gal for you.

I might start a new thread on 'building a house in the villiage'

I'm hearing ya. It's all that face rubbish. Thai people are obsesed with their social standing and what everyone else thinks.

Seconded. Why build????

Rent......... or you'll be sorry!

Never live closer than 90 minutes drive from your Thai in-laws.

Edited August 20, 2009 by GungaDin

[thaiwanderer]

Don't let them or the wife have the paper. They can't borrow on something if they do not have the chanote.

If you mean purely the physical paperwork that is incorrect.

[zorro1]

Not sure as to the reasoning behind not building and better to rent, Comes a time in your life where your home is your castle. I hate hate renting, you never really feel at home being to scared to place a nail in the wall in case they take your bond money`lol so I can see the attraction in owning but NEVER in anyone else s name unless your building a house with beer money, everything relative of course

[GungaDin]

Not sure as to the reasoning behind not building and better to rent, Comes a time in your life where your home is your castle. I hate hate renting, you never really feel at home being to scared to place a nail in the wall in case they take your bond money`lol so I can see the attraction in owning but NEVER in anyone else s name unless your building a house with beer money, everything relative of course

In Thailand, your home is not your castle, you own diddley squat, even though you have paid for it!

Unless you are lucky enough to lease the land the house is on. Rare.

I've never had a problem renting as I always ask the owner can I do this & that and get it in writing.

[zorro1]

I should have been clearer I was talking Condo in my case. What do you mean by you own diddley squat? I have freehold and there are ways to own land in your company name. Not sure what you mean

Edited August 20, 2009 by zorro1

[wilsongbrown]

There are always those who insist renting is the only way to go. That's fine if you're on your own, no family, not bothered with planting a garden or decorating, whatever.

We rented an old Thai house for five years (only meant to stay three months but got attached to the jungle atmosphere), and the only improvement we felt comfortable about spending money on was painting the walls and putting a few pot plants out, in the certain knowledge that the landlord/lady could turn up any day and turf you out. No Tenant's Rights Act here.

Poor nice couple across from our new bought and paid for house, (never mind all the 'but it's not really yours', this ain't Zimbabwe and the natives aren't going to come and lay claim to it any time soon), painted up the rental, maintained and added to repairs and cultivated a garden for six years. Then one day landlady (another farang) turned up and just threw them out, and all for another 5k lousy baht.

Some of us realise this life's not a rehearsal and if you want some place secure to hang your hat, BUY something. Quality of life more important than hanging on to some perceived sense of security and leaving it all in some bank for your heirs to squander on booze and plastic surgery

[zorro1]

There are always those who insist renting is the only way to go. That's fine if you're on your own, no family, not bothered with planting a garden or decorating, whatever.

We rented an old Thai house for five years (only meant to stay three months but got attached to the jungle atmosphere), and the only improvement we felt comfortable about spending money on was painting the walls and putting a few pot plants out, in the certain knowledge that the landlord/lady could turn up any day and turf you out. No Tenant's Rights Act here.

Poor nice couple across from our new bought and paid for house, (never mind all the 'but it's not really yours', this ain't Zimbabwe and the natives aren't going to come and lay claim to it any time soon), painted up the rental, maintained and added to repairs and cultivated a garden for six years. Then one day landlady (another farang) turned up and just threw them out, and all for another 5k lousy baht.

Some of us realise this life's not a rehearsal and if you want some place secure to hang your hat, BUY something. Quality of life more important than hanging on to some perceived sense of security and leaving it all in some bank for your heirs to squander on booze and plastic surgery

couldn't agree more.

[GungaDin]

I should have been clearer I was talking Condo in my case. What do you mean by you own diddley squat? I have freehold and there are ways to own land in your company name. Not sure what you mean

The OP wrote HOUSE.

That's what I referred to.

Please try to keep up.

[stgrhe]

There are always those who insist renting is the only way to go. That's fine if you're on your own, no family, not bothered with planting a garden or decorating, whatever.

We rented an old Thai house for five years (only meant to stay three months but got attached to the jungle atmosphere), and the only improvement we felt comfortable about spending money on was painting the walls and putting a few pot plants out, in the certain knowledge that the landlord/lady could turn up any day and turf you out. No Tenant's Rights Act here.

Poor nice couple across from our new bought and paid for house, (never mind all the 'but it's not really yours', this ain't Zimbabwe and the natives aren't going to come and lay claim to it any time soon), painted up the rental, maintained and added to repairs and cultivated a garden for six years. Then one day landlady (another farang) turned up and just threw them out, and all for another 5k lousy baht.

Some of us realise this life's not a rehearsal and if you want some place secure to hang your hat, BUY something. Quality of life more important than hanging on to some perceived sense of security and leaving it all in some bank for your heirs to squander on booze and plastic surgery

couldn't agree more.

I second that, who wants to be the richest person on the graveyard? The life is now!