30 Years Lease, If You Sell?

[sarizz]

Alright so let's say I purchase a house with a 30 years old contract. Lets say after 10 years I want to sell the house, am I selling a 20 years old lease or the house itself forever if it's a thai?

[taninthai]

Since you only have a long term rental contract on the property it's not a decision you can make ,it's up to the legal owner.

[dksharron]

Lease = rent

You would have the right to live in the house on the land for 30 years.

After 10 years, you would be selling the remaining 20 years of usage.

You would not OWN the house or the land.

You own the right to use it for a time period.

It is very difficult to sell a lease with any amount of time on it. VERY VERY DIFFICULT

If you are in a city like Pattaya, Phuket or Bangkok, put it in a company name, like 10,000 others have.

If it is upcountry, then look at Isaan Lawyers. They have done a lot of good work for many posters on this board. Unless it is not in Isaan.

I would suspect that they would do the same in forming a company and putting the land into the company.

If you choose to move, and 30 years is a long time, then you would be stuck with a prepaid rental for a long, long time. maybe you could find someone to rent it from you monthly, if that is allowed in the lease, but maybe you can't find someone, and then what? It would sit while you are far away.

The 30-year lease is not a good choice.

Best of luck to you.

[chiangmaibruce]

<snip>maybe you could find someone to rent it from you monthly, if that is allowed in the lease, but maybe you can't find someone, and then what? It would sit while you are far away. The 30-year lease is not a good choice.

1. Insist on a clause in the agreement that you are allowed to assign the remainder of the lease without the need to obtain the owners permission. Without that clause the situation goes from 'quite difficult' to 'extremely difficult'. I recently read another thread in here some about a guy who got a 30 year lease from his wife (without this clause). He wanted to relocate after their relationship ended and she wanted 2 mill baht to allow him to (try to) sell the remainder of the lease.

2. Don't agree with the blanket statement that 30 year lease "is not a good choice". As with all of these approaches you need to look at each person's situation on a case by case basis. For e.g. 30 year lease is great for some people and putting in the name of a child would be a bad move ... for the next person could be the other way around.

Edited April 22, 2012 by chiangmaibruce

[MAJIC]

Lease = rent

You would have the right to live in the house on the land for 30 years.

After 10 years, you would be selling the remaining 20 years of usage.

You would not OWN the house or the land.

You own the right to use it for a time period.

It is very difficult to sell a lease with any amount of time on it. VERY VERY DIFFICULT

If you are in a city like Pattaya, Phuket or Bangkok, put it in a company name, like 10,000 others have.

If it is upcountry, then look at Isaan Lawyers. They have done a lot of good work for many posters on this board. Unless it is not in Isaan.

I would suspect that they would do the same in forming a company and putting the land into the company.

If you choose to move, and 30 years is a long time, then you would be stuck with a prepaid rental for a long, long time. maybe you could find someone to rent it from you monthly, if that is allowed in the lease, but maybe you can't find someone, and then what? It would sit while you are far away.

The 30-year lease is not a good choice.

Best of luck to you.

Agreed,and neither is any other method of trying to circumvent the laws,and finding that loophole, that can be closed at any time,the Thai Government decides.

The only safe answer is to Rent,or buy a Condo,and have a modicum of control over your life.

[sarizz]

If I have a company it's will not be mine so it's will be on my wife name and she will have total control on it right?

[Farma]

Slightly at a tangent but this is my experience with commercial properties on leasehold land.

1st rented for 2 years with an option to buy at the end. It was located in the town centre where all land was royal trust. At the end of the rental period we were offered the building including the remaining 12 years lease. If we took the offer, the building and lease would transfer to the wife’s name. At the end of those 12 years the wife would renew the lease with the royal trust which was basically guaranteed.

2^nd building purchased on land leased from the railway dept. Land lease renewable every 3 years. These buildings are bought and sold regularly with change of land leaseholder a simple matter of notifying the railway dept. The building ownership change was registered with the land department.

The only restrictions on external change to the building itself were as per the land owners conditions of lease or local planning laws. In the case of the 2^nd building, no additional structures or permanent modifications were allowed to the outside of the building. I.E. No extra floors to be added etc. Awnings, advertising signs were permitted.

Both buildings have since sold without problem.