Thread: Legal rights home loan house

I recently bought another property, house for the wife
I got a loan with a Thai bank 50% down in my name and the bank said they will arrange a 30 year lease for the property. Which they have not yet arranged. Moving into the house next month.
So what protection do I have if my marriage went south with out the 30 year lease.
Especially after the finial payment of the loan as the loan has been taken over a long period when realistically I am looking and paying off in about two years.
Never really bothered me with the other houses but this one has potential to be a good investment for the future or place that I would live in my retirement in about 20 years time.

What protection do you think you have? (Protection for/from what?)

Whose name is the property and land in? Your wife's?
Did you sign anything to say the house and/or money belongs to your wife and not you?

With no lease, the property not in your name, the land not in your name, what other measures for protection did you take?

Yes land and property is in the wife's name but the loan in mine,
The only thing I have at the moment as I see it if things went wrong is she would need to sell the house and give me half by Thai law.

If you took a loan out then the bank owns the 50% until it's finished being paid for.

And the fact she can't sell while I have the loan

Originally Posted by Pragmatic

If you took a loan out then the bank owns the 50% until it's finished being paid for.

Yes but I want to pay the loan quickly so I guess the only way to really lock the house in is a 30 year lease

Pay it off slowly over 30 years. Same same.

You probably still get charged 30 years interest - most Thai loans do not give anything off the contract for early payment.
So no advantage to pay off early.

I was under the impression that with real legal representation you should be able to receive 50% of the value if it can be shown that is was your money that purchased the house - international bank transfers etc

Originally Posted by baldrick

I was under the impression that with real legal representation you should be able to receive 50% of the value if it can be shown that is was your money that purchased the house - international bank transfers etc

I have friend that split with his wife, he tried to divorce her and she asked for a large sum of money and refused to sign unless he paid. 12 months down the road she wants the divorce and his lawyers have told him not sign until property's are sold and divided.

y

Originally Posted by Evilbaz

You probably still get charged 30 years interest - most Thai loans do not give anything off the contract for early payment. So no advantage to pay off early.

You could not be more wrong. Thailand is not like the USA you can and should pay off your loan as fast as possible. We paid off our 4 million baht loan in 5 years and have been free and clear since. Please dont post if you dont know what you are talking about. Thanks.
Most foreign buyers I know have done this and are well happy you can.

Pay off the loan except for the final thousand baht.

Yes but from experience here even if I pay say double or triple payment this month they will still expect a minimum payment the following.

Originally Posted by aging one

y

Originally Posted by Evilbaz

You probably still get charged 30 years interest - most Thai loans do not give anything off the contract for early payment. So no advantage to pay off early.

You could not be more wrong. Thailand is not like the USA you can and should pay off your loan as fast as possible. We paid off our 4 million baht loan in 5 years and have been free and clear since. Please dont post if you dont know what you are talking about. Thanks.
Most foreign buyers I know have done this and are well happy you can.

Was the loan solely in your name and without any lien or caveat on the title of the land and house, as apparently is the O.P.'s situation ?

Why would I give a FF about what happens in the USA ?

Age in peace and don't lecture your elders or they may give you a lesson on the use of apostrophes ...

[QUOTE=Evilbaz


"Was the loan solely in your name and without any lien or caveat on the title of the land and house, as apparently is the O.P.'s situation ?"

The initial post does not state that there was no mortgage secured on the title in the O.P.'s post, only that he was informed the bank would create a "lease for 30 years" in his favour. Unusual for a bank to handle this side of things, I would say. More likely that a mortgage to secure the loan was taken out and the bank intimated that it would protect him as borrower by creating a lease for him as well. Which it apparently has neglected to do.

Trouble with 30 year leases, it's a long term rental agreement, you pay rent. Don't pay and you break the lease.
In real terms you would be paying twice to be legal, no safe ways. Jim

Can you pay peppercorn rent just to satisfy the legalities?

Look up superfices, right to occupy.

True, but...

We have done this several times but have always had to pay a penalty fee for paying off earlier. I think the most was B60,000.

The bank we use is Kasikorn so other banks may have different rules.

Originally Posted by aging one

y

Originally Posted by Evilbaz

You probably still get charged 30 years interest - most Thai loans do not give anything off the contract for early payment. So no advantage to pay off early.

You could not be more wrong. Thailand is not like the USA you can and should pay off your loan as fast as possible. We paid off our 4 million baht loan in 5 years and have been free and clear since. Please dont post if you dont know what you are talking about. Thanks.
Most foreign buyers I know have done this and are well happy you can.

Originally Posted by Iceman123

Can you pay peppercorn rent just to satisfy the legalities?

Pay what you want as long as your wife stays happy, but think the land department sets a fair rental price for the tax department.
Unhappy ex wife and she'll want her money, back dated.

Plus any agreement between husband and wife during marriage can be voided by either party at the land office.

No safe ways, best you can hope for is a good judgement in the divorce court.