Property Issue

[Shrek]

Here's the story so far...

Me and wife have been together with the Thai kids in England 8 years now, them 3 all have British citizenship.

Family all in Don mafai.

Sister has nice Thai house with field near Sakhon Nakhon. (very near town)

Sister sells field part to Thai business person for 150,000 (Mrs x)

Mrs x pays 120,000 but not the last 30,000 as she finds out the house and field are on one deed.

Waiting list to be measured is 9 months

Thai person and sister sign letter selling 'field' to Mrs x when land is split.

This letter lodged with land registry in SN.

Sister then borrows 200,000 from Mrs x offering house part as security

Interest 6000 per month

Security appears to be another 'letter' securing loan against house part of land.

This letter lodged with land registry in SN.

Sister cant afford 6000 payments

Sister calls wife scared of losing house

House part worth about 600,000

We want to buy house part now for 200,000, pay money direct to Mrs x to discharge loan, and let sister live for cheap rent

When they eventually sell house part sister and my wife split profit 50/50

Family have suggested that we lend sister 200,000 and she signs similar letter to be lodged at land registry selling house part to my wife when measured in march 2013

Family are now saying that the two 'letters' that Mrs x has lodged with the land registry prevent my wifes letter being accepted by land registry therefore would just be 'held' by family

As I see it there is no security for our 200,000 loan...sister could sell house part quickly in March 2013 and with it our security or

Sister could borrow from Mrs x again between now and 2013 and again eat away at our security, without our letter being at the land registry I see it as worthless security

Finally, I have known these people for many years and suspect the story is, by and large, true.

If anyone can help, or even point me at a local solicitor or the number for the land registry, I would be grateful

Thanks

Graham

[Daffy D]

Unfortunately this kind of thing is common, borrowing money against family property from local loan sharks.

Stands to reason that most of the loans cannot be repaid and so the family looses another piece of land. Our local loan shark is a sweet old lady who years ago had almost nothing but now owns chunks of land everywhere has just built a new supermarket and is worth millions.

Sorry got no answers for you

I'm currently running another thread where I'm trying to establish what ownership papers I need to look at and verify to be sure I'm dealing with the actual owners of any property before committing any money.

[yoshiwara]

The sister could sell her total interest in the property to your wife for 200K and that 200k is used to pay off Mrs X.

Your wife promises to pay the sister her split when the property is eventually sold.

Sister will have to trust your wife and you will have to trust your wife.

[Shrek]

The sister could sell her total interest in the property to your wife for 200K and that 200k is used to pay off Mrs X.

Your wife promises to pay the sister her split when the property is eventually sold.

Sister will have to trust your wife and you will have to trust your wife.

That's exactly what we want to do. The problem surrounds the deeds...the house and the 'sold' field are still on one deed until the measuring man comes in march 2013. Family says we cannot register our interest on the house till then as Mrs x already has an interest on the deed due to the 120,000 she has paid for the field part. I feel very dubious about parting with 200,000 with no security

[Shrek]

Unfortunately this kind of thing is common, borrowing money against family property from local loan sharks.

Stands to reason that most of the loans cannot be repaid and so the family looses another piece of land. Our local loan shark is a sweet old lady who years ago had almost nothing but now owns chunks of land everywhere has just built a new supermarket and is worth millions.

Sorry got no answers for you

I'm currently running another thread where I'm trying to establish what ownership papers I need to look at and verify to be sure I'm dealing with the actual owners of any property before committing any money.

she is indeed a sweet old lady who has gradually bought all of sisters land as the sister got stuck in the debt spiral. We are trying to save the last piece...the house. Seems we cant lodge this 'letter' selling house part to us with deeds as she has already lodged a similar letter stating her intention to buy the field part for 150,000...at present its all on one deed till measuring man comes in march 2013

I could pay the interest 6000 pm till march 2013 then buy house march 2013 and sister owes me 254,000 at least then I am only trusting her with 54,000

[cdmtdm]

Unfortunately this kind of thing is common, borrowing money against family property from local loan sharks.

Stands to reason that most of the loans cannot be repaid and so the family looses another piece of land. Our local loan shark is a sweet old lady who years ago had almost nothing but now owns chunks of land everywhere has just built a new supermarket and is worth millions.

Sorry got no answers for you

I'm currently running another thread where I'm trying to establish what ownership papers I need to look at and verify to be sure I'm dealing with the actual owners of any property before committing any money.

she is indeed a sweet old lady who has gradually bought all of sisters land as the sister got stuck in the debt spiral. We are trying to save the last piece...the house. Seems we cant lodge this 'letter' selling house part to us with deeds as she has already lodged a similar letter stating her intention to buy the field part for 150,000...at present its all on one deed till measuring man comes in march 2013

I could pay the interest 6000 pm till march 2013 then buy house march 2013 and sister owes me 254,000 at least then I am only trusting her with 54,000

thats the safest bet , in the meantime put pressure on the dept to get the land done earlier or get a private surveyor speed it up saving you money ...

[Shrek]

Unfortunately this kind of thing is common, borrowing money against family property from local loan sharks.

Stands to reason that most of the loans cannot be repaid and so the family looses another piece of land. Our local loan shark is a sweet old lady who years ago had almost nothing but now owns chunks of land everywhere has just built a new supermarket and is worth millions.

Sorry got no answers for you

I'm currently running another thread where I'm trying to establish what ownership papers I need to look at and verify to be sure I'm dealing with the actual owners of any property before committing any money.

she is indeed a sweet old lady who has gradually bought all of sisters land as the sister got stuck in the debt spiral. We are trying to save the last piece...the house. Seems we cant lodge this 'letter' selling house part to us with deeds as she has already lodged a similar letter stating her intention to buy the field part for 150,000...at present its all on one deed till measuring man comes in march 2013

I could pay the interest 6000 pm till march 2013 then buy house march 2013 and sister owes me 254,000 at least then I am only trusting her with 54,000

thats the safest bet , in the meantime put pressure on the dept to get the land done earlier or get a private surveyor speed it up saving you money ...

Wow that was shot from the blue...can you do that...I didnt know you could bring in a private surveyor? I thought you had to wait for the official one? I wonder how the hell I find a surveyor in Sakhon Nakhon? It took me 3 weeks to find a car to hire !!

[cdmtdm]

well i have not done it personally but have heard of farmers in isaan doing it , they may come from a bigger town or city so look a bit further for one ... again worth investigating ..goodluck

[yoshiwara]

The sister could sell her total interest in the property to your wife for 200K and that 200k is used to pay off Mrs X.

Your wife promises to pay the sister her split when the property is eventually sold.

Sister will have to trust your wife and you will have to trust your wife.

That's exactly what we want to do. The problem surrounds the deeds...the house and the 'sold' field are still on one deed until the measuring man comes in march 2013. Family says we cannot register our interest on the house till then as Mrs x already has an interest on the deed due to the 120,000 she has paid for the field part. I feel very dubious about parting with 200,000 with no security

Understand. Yes, I would feel dubious as well about parting with 200k with no security.

OK agree with advancing some money each month to the sister. Maybe not 6000 but 5000 or less. Discuss with the family. Has she really gone from paying 6000 per month to zero affordability? Make a song and dance about getting a receipt each month and insist on seeing evidence that the money is paid off against the loan. Make your monthly loan a legal agreement to be signed by the sister. The formality of the process may keep her on the straight and narrow. In the new year you can review the situation as to whether you want to get further involved come March 2013.

[yoshiwara]

There is one additional point worth making. Come next year and you now have the 200k decision. I am advised that where there is the situation of possible property sales/transfers between family members and there is a falang with a wad of cash, the main objective is to get the falang to empty his pocket. With deeds passing backwards and forwards between family members, you might be the patsy. At no stage in this possible transaction will you be the legal owner of this property and in the event of a loan default the devil of a job recovering it. You might be willing to invest 200k to support the family, but if it all goes wrong, then you have a family who have effectively taken the piss and lingering doubts as to whether your wife was either a party to it or aware of it. Be warned.

[steelepulse]

I'm sure if you went to the land department and offered a bottle of black and a few thousand baht as an inducement, the land could get surveyed much sooner .