Jump to content
BANGKOK
London Boy

Bought a condo with girlfriend, but how do I protect my deposit?

Recommended Posts

48 minutes ago, stouricks said:

Paying interest to the bank is just the same a paying rent to an owner. DEAD.

You don't want to pay a further GBP 25,000 rent over 6 years = GBP 4170 per year = Bht 167,000 = ca THB 16,000 per month. What's the INTEREST on your THB 3M mortgage, plus the interest you are losing on you THB 1.3 M. Just asking.

 

Interest for the mortgage is 2.71% (through Krungthai) Whereas interest I was earning on my 1.3 million Bhatt is only 0.01% (in a Nationwide ISA) so the money Doesn’t really have an opportunity cost

  • Like 1

Share this post


Link to post
Share on other sites
17 minutes ago, smutcakes said:

Why dont you joint own the condo? A condo can be owned by more than one person, with both names on the title deeds. As long as you are in Thailand legally there is nothing to stop you buying a condo.

 

Make sure its a Condo (which is freehold) versus apartment which is leasehold.

When we first approached Krungthai (as well as 6 other banks, but they had the beat rate) they told us the only way a foreigner can be on the title is to pay for 50% of the asking price. Having a lot of experience in real estate (this is my twelve property I’ve bought, although first in Thailand) I’ve always tried to leverage as highly as possible to preserve capital. So I’m reluctant to commit any more then ฿1.3mllion

  • Like 1

Share this post


Link to post
Share on other sites
39 minutes ago, thaibeachlovers said:

Have you read any of the posts on TVF about how difficult it is to sell a condo?

Just because some anonymous Thaivisa posters say so doesn't mean that it is true!

  • Like 1

Share this post


Link to post
Share on other sites
23 minutes ago, smutcakes said:

Why dont you joint own the condo? A condo can be owned by more than one person, with both names on the title deeds. As long as you are in Thailand legally there is nothing to stop you buying a condo.

 

Make sure its a Condo (which is freehold) versus apartment which is leasehold.

Only in a building which is owned 51% by Thais ( unless that's changed ).

Share this post


Link to post
Share on other sites
2 minutes ago, Bob A Kneale said:

Just because some anonymous Thaivisa posters say so doesn't mean that it is true!

Perhaps the OP should find out then, before thinking a resale is a sure fire proposition.

  • Like 1

Share this post


Link to post
Share on other sites
3 minutes ago, London Boy said:

I haven’t bought it yet. Completion is on the 23rd June which is why I’m tackling it now. 

Still time to save yourself a ton of money then.

  • Like 1
  • Thanks 1

Share this post


Link to post
Share on other sites
45 minutes ago, thaibeachlovers said:

Have you read any of the posts on TVF about how difficult it is to sell a condo?

I have and have been following this particular condo block for around 6 months. I’ve seen a decent turnover So I’m confident it can be sold when I’m ready, even if it take 6-9 months. 

  • Like 1

Share this post


Link to post
Share on other sites

Op...don't do it.

 

Or else be willing to loose the money in the future. 

 

Ask yourself if you would do the same financial arrangement with a girlfriend of 2 years in your country.

 

 

  • Like 1

Share this post


Link to post
Share on other sites
Posted (edited)
1 hour ago, bert bloggs said:

How sad to go through life feeling like you do ,by the way in your other post you say that the bank would lend the whole amount as the property is "undervalued" no they wont ,they will only loan according to her salary, my wife has been in the property business many years and her besty is a lawyer . also one of my friends ran an agency  . so i know a little about the work😉

Sarcasm.  Yet many "go through life" spending with little concern with the "returns".  OP is paying the down payment, yet will have no ownership rights if the girlfriend got the mortgage because of her job and in her name. Hope it all works out for the OP.  30% is quite a chunk of change for a downpayment in a city with over 100,000 empty condos and growing

Edited by Skallywag
read other posts from OP
  • Like 1

Share this post


Link to post
Share on other sites
39 minutes ago, thaibeachlovers said:

This thread is what an OP can expect if they come on TVF, a forum full of hard done by men that got screwed by the women they trusted.

Better to have just asked for a recommendation for a trustworthy lawyer, though that might be a hard task in LOS.

But probably most those that got screwed had talked to a lawyer....lawyers in Thailand tell you want you want to hear...not what is best for you or the truth....fact is OP is open to losing his deposit...contract or not, getting money back from anyone is time consuming and again involves those oh so very expensive lawyers.

  • Like 1

Share this post


Link to post
Share on other sites
8 minutes ago, thaibeachlovers said:
11 minutes ago, Bob A Kneale said:

Just because some anonymous Thaivisa posters say so doesn't mean that it is true!

Perhaps the OP should find out then, before thinking a resale is a sure fire proposition.

 That's what you seem to think but, then, that's his prerogative. Why are you telling me that? 

Share this post


Link to post
Share on other sites

I would be surprised if there is any easy way of getting the 1.3M back that you paid as a deposit.

 

Is the mortgage fully in her name? Who is going to be paying off the mortgage?

 

  • Thanks 1

Share this post


Link to post
Share on other sites
Posted (edited)
20 minutes ago, Skallywag said:

30% is quite a chunk of change for a downpayment in a city with over 100,000 empty condos and growing

How does the number of allegedly available condos affect the amount of a buyers deposit?

Edited by Bob A Kneale

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...