Buying Land from a friend in UK

[AlfGarnett]

My friend has a small plot of land next to my Land/House. He has not been in Thailand for a few years now, his land is owned by his Thai Company on a Chanote Title. We have agreed a price in principal, but there are a few issues.

1. He is resident in UK, so all paperwork is with him.

2. His Company has not filed yearly reports for a few years now. Major updating needed.

3. The price is very cheap, would the land registry believe me ?

Is there a way I can claim the land if I have his chanote ? So to avoid all the accounting costs associated with updating his company ? I already have two companies here so dont want another one.

Really want the Land legal if I include it with sale of my Land/House.

Could I agree a long lease with him, but then i worry his company is out of date and assets could be seized ?

My Wife is a Thai National, should that make any claim on the Land easier/Changing of name etc.

Many Thanks

AG

[KittenKong]

His company can sell your company (or your wife) the land. That way you dont need to get involved with his company and its lack of accounts etc.

The Land Office will have their own idea of the value of the land which they will use unless you tell them a higher value.

[JeremyBowskill]

I think KittenKong has already suggested the best way, nothing really to add.

[PattayaPhom]

Company-Thai transfer incurs taxes/transfer costs 6.3% of valuation but extra cost certainly worth it.

[AlfGarnett]

Update:

Can we do this without his Company being:

1. Up to date with Tax, he has not paid for 5 years.

2. He is in the Uk, he can sign Power of Attorney to me and send all papers.

He has no intention of returning here, so he is not bothered about the company. But I would legally like to own the land without any problems later.

Could I do it all myself at the Land Office ? I would effectively be both parties ??? ?

Thanks for replies so far.

AG.

[AlfGarnett]

Just to add, really trying to avoid accounting costs as once land is sold he will no longer need the company.

Thanks

AG

[rocketboybkk]

As said power of attorney can be used but he'll need to be in Thai to sign it so may as well transfer/sell while he's there.

I'm not sure about your comments claiming the land.

As said, you can buy cheap but the land office has their own figures for exactly this reason, I think it's called tax avoidance.

Sent from my iPhone using Tapatalk

[AlfGarnett]

With Power of Attorney, can I not send him the relevant documents to the UK to sign ? Or do I need a copy of his Passport to prove he is in Thailand ?

Would the Land Office check that his company is up to date with Tax ? I know many questions to answer but am trying to make the whole transaction easy for both of us, rather than keep getting sent away due to insufficient paperwork.

Many Thanks

Mark.

[rocketboybkk]

He needs to be in Thai to sign power of attorney.

I used a legal company in Pattaya when I sold my house & I needed to go there to sign. The legal company acted for me at the land office. All very simple.

Sent from my iPhone using Tapatalk

[bangkoklawyer24]

Another topic you should consider: How would you pay the purchase price of the land to the seller, i.e. the Thai limited company? If you pay directly to England, you can be sure that your friend will not pay Thai taxes. You participate in his tax evasion and, therefore, the tax man may sooner or later knock on your door - together with the police man.