Land & house in the girlfriends name

[DAVESPORTS]

I am wanting to build a house on a piece of ground i have just brought. The situation is that i will have to get a mortgage and it's much easier/cheaper to get it in the girlfriends name ( girlfriend of 10 years) With her income she is eligible for the mortgage. Problem is until the mortgage is paid of in full the house and land will be legally hers and she could sell at any time.  Does anyone have an ideas how i can safe guard my investment?

[manfredtillmann]

you have not 'brought' (i suppose it was always here and not something you carried in your luggage?) the land and you have not 'bought' it, either. unless you are thai...???

check out related posts on this forum.

in short: (assuming you are not thai,) if you can't effort to loose it - don't do it.

cheers

mft

 

[Goldieinkathu]

" Problem is until the mortgage is paid of in full the house and land will be legally hers and she could sell at any time"

As I see it the land is hers and the house belongs to the bank until she clears the mortgage - what are you worried about?

If you are paying towards the mortgage then look at is as rent that you would have to pay anyway.

[chiang mai]

If your girlfriend owns the land outright she could grant you an usufruct on it, that would give you rights to it for life (if written as such). The usufruct becomes unsafe if you marry since it would be considered martial assets and can be cancelled, whilst you are single it cannot and it will provide full ownership rights. Notes: usufructs are granted at the discretion of the local Land Office, some areas will not grant them to anyone - the cost of registering the usufruct is 86 baht, at the LO.

 

Exactly how you get from the above scenario to building a house on the land you now effectively own, is your next challenge.

 

 

[blackcab]

If you are not Thai you can not own land. Did you put the land in your girlfriend's name?

[Paul944]

You gave your girlfriend money to buy a piece of land but you did not have saved enough money to build a house? The good news is you do not have to worry anymore because the money is already gone. So she can apply for a mortgage and you can build a house together. 

 

If you had the money to build a house you could consider an usufruct or 30 year lease. But no bank will give a mortgage under those conditions.

[4MyEgo]

3 hours ago, Goldieinkathu said:

" Problem is until the mortgage is paid of in full the house and land will be legally hers and she could sell at any time"

As I see it the land is hers and the house belongs to the bank until she clears the mortgage - what are you worried about?

If you are paying towards the mortgage then look at is as rent that you would have to pay anyway.

 

Only invest as much as your prepared to lose, having a mortgage could work in your favour if things ever went pair shape, you could just up and leave, not saying that, that is ever going to happen, I provided the funds for my wife to buy land 10 years ago, and we recently built the house as we moved here 10 months ago, then I purchased a new car in her name, but then again, that is all I am prepared to lose if we ever split up, but she keeps saying to me; if you ever leave me, I follow you, you are my ATM, still haven't worked that one out yet ?

 

Edited September 27, 2016 by 4MyEgo

[DAVESPORTS]

On 27/09/2016 at 6:59 PM, blackcab said:

If you are not Thai you can not own land. Did you put the land in your girlfriend's name?

Yes, the land is in her name

 

[DAVESPORTS]

On 27/09/2016 at 6:58 PM, chiang mai said:

If your girlfriend owns the land outright she could grant you an usufruct on it, that would give you rights to it for life (if written as such). The usufruct becomes unsafe if you marry since it would be considered martial assets and can be cancelled, whilst you are single it cannot and it will provide full ownership rights. Notes: usufructs are granted at the discretion of the local Land Office, some areas will not grant them to anyone - the cost of registering the usufruct is 86 baht, at the LO.

 

Exactly how you get from the above scenario to building a house on the land you now effectively own, is your next challenge.

 

 

Thanks for your reply, very helpful. I have looked in to the idea of an usufract but, as you mentioned, i could get a usufract on the land now but then the bank will not grant a mortgage. If i were to get the mortgage first the bank then hold the Chanote and will also not allow a usufract on the chanote until the mortgage is paid off. Any other ideas would be appreciated greatly

[blackcab]

A mortgage, a lease or a usufruct are all encumbrances. You can not normally get more than one encumbrance on a residential property at the same time. Or as it was explained to me, you can't have the penny and the bun.

 

What I don't understand is when you said:

 

"until the mortgage is paid of in full the house and land will be legally hers and she could sell at any time."

 

Let's fast forward to the time the mortgage is paid off. What do you think happens now? How does the land or house stop being something she can sell?

 

We're you thinking of getting a usufruct in 10 or 20 years time?

 

 

[trogers]

One need not safeguard the item that has been freely gifted...

 

If it is not a gift, then you have the intention to circumvent laws that disallow foreigners to own land.

 

Now, how do we teach you to do something illegal and get away with it...?

[DAVESPORTS]

14 hours ago, blackcab said:

A mortgage, a lease or a usufruct are all encumbrances. You can not normally get more than one encumbrance on a residential property at the same time. Or as it was explained to me, you can't have the penny and the bun.

 

What I don't understand is when you said:

 

"until the mortgage is paid of in full the house and land will be legally hers and she could sell at any time."

 

Let's fast forward to the time the mortgage is paid off. What do you think happens now? How does the land or house stop being something she can sell?

 

We're you thinking of getting a usufruct in 10 or 20 years time?

 

 

The plan is to have the mortgage paid off in 5-6 years. I would then have a few different options as in an usufract, move to company name or possibly put in my Thai sons name. I was really trying to come up with an idea to safe guard the investment for the next 5 years or so

[meatboy]

there is no safe guard for the next 5yrs.you pay only what you can afford to LOOSE.

as for a loan to build a house, how much is the land worth? and does the gf.have any other assets,the bank will only lend you a percentage of the value of the land.

to give you an idea how they work,see what an insurance co.will value your brand new car at.a lot less than what you paid.