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anakot
November 30th, 2007, 07:17
On one of my regular recent trips to Pattaya I heard accounts of local lads accumulating considerable property portfolios funded by geriatric westernersтАЩ cash with 30 year leaseholds being provided in exchange.

Regular readers of SF will be aware of all the issues for тАШforeignersтАЩ (farangsтАж oh all right then falangs) surrounding the idiosyncratic enforcement of laws pertaining to property in Thailand and therefore the reasons for these leases.

But tell me what happens to the poor falangs if тАШlocal ladтАЩ sheds his mortal coil in a few years?

Anakot
jvt22222
November 30th, 2007, 07:40
............ one would assume that his assets go to his nearest relative ....... wife or child or parents .......... have often thought of this issue re friends who put their property in the name of Thai partner ....... all well and good while Thai partner alive and kicking, but if such an asset is inherited by nearest kin, they might be in the position to kick out the farang partner and take over the property???
November 30th, 2007, 07:56
............ ....... all well and good while Thai partner alive and kicking, but if such an asset is inherited by nearest kin, they might be in the position to kick out the farang partner and take over the property???

My understanding is the lease comes with the property so if its a 30 yr lease they cant "kick the farang out" until the 30 yrs is up.

BUT! Remember the other party owns the property, not you. That means after 30 yrs you will NOT get your money back or any of the price appreciation on the property. You can't sell it since it doesnt belong to you. In fact you'll probably be stuck for maintenace costs for years and years. Not a good investment at all.
The only reason I can see for doing this is to make sure the Thai guy has something to fall back on if you die first.

Wouldn't it be easier to just rent a house?
November 30th, 2007, 09:13
That means after 30 yrs you will NOT get ... any of the price appreciation on the property.If any exists. Although I don't have one of these leases, I expect to be dead in 30 years' time, and my Care Factor ~ 0