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BANGKOK 11 December 2018 06:45

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I have a mortgage already but could pay it off any time.

I want to buy a new house in Hua Hin and starting to research.

One thing I see is freehold lease, can anyone tell me what this means?

I see some nice houses around 15 million and think I could buy some land and build my own for much cheaper, any thoughts on this?

Any other main things I should be thinking about at this stage, I'd do I need a lawyer etc.

Thanks

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No way to own land, and owning the house is worthless. Forget all the companies, leases, usufructs etc, thais will own and have control of it, dont bother.

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I find the properties in Hua Hin horrible. It's all prefabricated Type A or B sort of box.

 

Is it for living or investment?

 

You can find so many "wow" properties in Ko Samui while everything in HH is "meh" with the same sort of expected return on investment.

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Freehold / leasehold is the system used in the U.K.

Freehold means you own the house AND the land, leasehold means you only own the house but lease the land for a certain number of years.

The last property i owned in the U.K. had a "peppercorn" lease, which means 999 years

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3 minutes ago, rwill said:

This below from the link……...and those options are what exactly?

 

"Although Thai Law stipulates that a foreigner may not own land in Thailand, there are alternative options to owning a land in Thailand. We would be more than happy to discuss the options available to you with a meeting, an over the phone conversation, or by email".

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1 hour ago, Geordieabroad said:

Freehold / leasehold is the system used in the U.K.

Freehold means you own the house AND the land, leasehold means you only own the house but lease the land for a certain number of years.

The last property i owned in the U.K. had a "peppercorn" lease, which means 999 years

A peppercorn means you pay a tiny amount for the lease. It doesn't have anything to do with the length of the lease. 

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Freehold Lease sounds a bit of an oxymoron.  It's either one or the other.

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We are just completing a luxury pool villa in Hua Hin. The land is in my wife's name but leased to me. The house is in my name. A similar house in a moo baan would cost almost twice the amount. We bought a number of plots together to create a resort type environment, with the aim of selling to like minded people. The way I see is that should I survive for 30 years, if I had rented, the rent paid would exceed the cost of the house. Meanwhile we have a good quality villa to enjoy in our retirement years.

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On 11/18/2018 at 1:11 PM, baansgr said:

No way to own land, and owning the house is worthless. Forget all the companies, leases, usufructs etc, thais will own and have control of it, dont bother.

Not true.

 

Usufruct - if its registered at the Land Office and you use a lawyer to dot the i's and cross the t's, its fine and fully legal. 30 years max - the Thai courts have recently ruled that extension clauses are not legal.

 

Company Ownership - provided the company actually trades and has a reason to own property you can hold up to 49% of the shares in that company although some Land Offices will only accept 39%. The remaining shares must be Thai owened and the shareholders must comply with all the other requirements but if their shares do not hold voting rights, you control the company and therefore any property it owns.

 

Company ownership (genuine) is also the best route to take if you wish to pass your assets on to anyone when you die. You simply leave them your shares - no property taxes involved unless they decide to sell.

 

I am not a lawyer but the information above was given to me by a respected Thai lawyer - I believe it to be correct.

Edited by KhaoYai
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This below from the link……...and those options are what exactly?
 
"Although Thai Law stipulates that a foreigner may not own land in Thailand, there are alternative options to owning a land in Thailand. We would be more than happy to discuss the options available to you with a meeting, an over the phone conversation, or by email".
Probably to set up a company that can own land... agree or disagree... accept the fact that legal people are paid to find loop holes which can be the options they are taking about

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