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30 Year Lease And Financing

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Hi there.

I am buying a house here and I would like to put it on my wife's name with a 30-year lease [Thanks TV for the lot of information about this]. However, I asked for a partial loan for this house [from SCB] but when we went to sign the contract, I was told that this 30-year-lease is only possible if I pay the house cash. The bank will not let my wife lease that house: bank policy.

Anyone got some experience about that ?

Hi there.

I am buying a house here and I would like to put it on my wife's name with a 30-year lease [Thanks TV for the lot of information about this]. However, I asked for a partial loan for this house [from SCB] but when we went to sign the contract, I was told that this 30-year-lease is only possible if I pay the house cash. The bank will not let my wife lease that house: bank policy.

Anyone got some experience about that ?

Normal policy I'm afraid. Look at it from the bank's point of view. You and your wife (as loans are Community) fail to keep up with the mortgage payments. They repossess the property, but now have you and your wife living there for up to 30 years, rent free. :o

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