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London Boy

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

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I like to play devil's advocate. 

You are making the down payment for the condo. You will be paying the bulk of the mortgage. You will have no claim on the property but most of the investment. Should your relationship turn sour, what will be your plan? Will you just walk away from it all or continue to pay to protect your investment? Could your girlfriend pay the full amount of the mortgage if you left?

Protecting your investment with a legal agreement that when she sells she will pay you back will just ensure that she will never sell. However, she could contact the police at any time and have you removed from her condo.

On the other hand, if you're good together now, it does seem like a good arrangement. Just don't expect to get any money back.

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14 hours ago, Skallywag said:

Money spent in a foreign country is money gone is my philosophy

Enjoy life and kiss that 1.3 M baht goodbye.

Never discuss finances with a lady.

You give, they take is all you need to know to be happy 🤣

 

 

14 hours ago, Skallywag said:

Money spent in a foreign country is money gone is my philosophy

Enjoy life and kiss that 1.3 M baht goodbye.

Never discuss finances with a lady.

You give, they take is all you need to know to be happy 🤣

 

Exactly, it's gone now, never to return. The interest you are earning, in YOUR bank, in YOUR country , on YOUR money is paying for half the rent. And YOUR mney stay there, not in banana land. 

So it was basically free. Now your gal with the bank loan in her name will be very grateful for your money.

hopefully things turn out for you, perhaps she is different.

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I don't want to stick the boot in, but a bit late to be asking for advice once you've parted with your cash.  

 

The way the condo market is going in LOS then bigger savings could be found in the months to come, making your bargain purchase look not such a bargain.

 

Your OP is asking the same question as 'can your new wife sign a prenup after you're married'.  Well yes, but little motivation to do so. 

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Any deposit is at risk of default once the purchase contract is signed and the present owner or developer won't be keen on returning it. It's difficult to protect a deposit, as such. See (2) below.

 

 

Some advice:

 

1. Stop everything. If I were you I would wait - there is a good chance that the market will drop further in the next few months at least - real bargains will likely increase in number - don't rush. As the g/f has arranged the loan then this sudden brake risks pissing her off (loss of face etc). But if she is an understanding girl..then she will understand..another risk there but also a good test of her character. If you explain that by waiting you might find a better place for the same money it might help.

 

2. In the meantime find the best and most reputable law firm that you can (also almost certainly among the most expensive) and seek advice for any future purchase like this. In my experience it is worth it.

 

3. There are ways to protect yourself (see 2) and the easiest one is to become the mortgagee but I that this can only be done after the bank loan is satisfied and the bank is no longer the sole mortgagee. At that stage, the chanote should be available from the bank.  

 

4. You can try to get your name in as co-owner but that is probably going to be not acceptable to the bank if the loan arrangement is with the g/f only. The best way here is to buy the place in your name.

 

5. Best of luck whatever you do. 

 

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I am dead serious....best way to protect your money?  Put everything in your name and run......away......fast would be best.....😋🙏🏼🥳

4151317B-75E4-4BE2-ABA1-4C8CCD11E1F3.jpeg

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Put it in your name only. Buy it yourself.  Buying property with a girlfriend? Who would do that? No mention of who's name is  on the house book? 

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8 hours ago, torturedsole said:

I don't want to stick the boot in, but a bit late to be asking for advice once you've parted with your cash.  

 

The way the condo market is going in LOS then bigger savings could be found in the months to come, making your bargain purchase look not such a bargain.

 

Your OP is asking the same question as 'can your new wife sign a prenup after you're married'.  Well yes, but little motivation to do so. 

You really should read previous posts before replying. As previous explained, settlelement is not untill the 23rd june and the deposit money of ฿1.3million is still in the Uk, in a Nationwide ISA only earning 0.01%. So now is very much the right time to ask this question.

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Just to update everyone who has an interest in my dilema I spoke to an English trained lawyer last night (working in Bangkok). He said that a document between myself and GF won’t really carry much weight if it ever went to court. The cost of such a legal document is around ฿30-50,000, and its primary purpose is to to cement the idea in her mind that the deposit is not joint property. He said the only real protection is to supply 50% of the purchase price so your name is on the land registry documents. As such I think the best course of action is to increase my percentage to 50% (in 3 years time) after the fixed mortgage period runs out and get my name on the title.

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4 minutes ago, London Boy said:

As such I think the best course of action is to increase my percentage to 50% (in 3 years time) after the fixed mortgage period runs out and get my name on the title.

 

This would be problematic.

 

Do you mean that in three years your partner will have completely repaid the three million baht mortgage and the property will be free of encumbrances?

 

If you do mean this then you must understand that there is no simple process of adding a name to a chanote. Such a transaction would be classed as a sale, which would mean there would be Land Office fees and taxes to pay. You should clarify whether your Land Office will accept a 50 per cent fee in this case as the original owner would stay on the chanote.

 

If, on the other hand, your partner would need to re-mortgage in three years then I refer you to my previous answer: It would be unlikely that the new mortgagor would permit you to be a joint owner unless you were a joint mortgagee.

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29 minutes ago, London Boy said:

You really should read previous posts before replying. As previous explained, settlelement is not untill the 23rd june and the deposit money of ฿1.3million is still in the Uk, in a Nationwide ISA only earning 0.01%. So now is very much the right time to ask this question.

ISAs in the UK are more than 0.01%, you could move your money, maybe 1% if fixed account

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1 hour ago, scubascuba3 said:

ISAs in the UK are more than 0.01%, you could move your money, maybe 1% if fixed account

They were in March, but since the Bank of England reduced the base rate to 0.10% most ISA's and saving rates have tumbled.

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your  GF struck  gold.  she will have instant  30% equity.   the condo will be hers in how many  years?  so the mortgage is 3 years  fixed  rate then what?  

she  could easily find   another man to pay what  was it 13,000? 

She could  always kick you  out  so you  better be good to her standards. 

so your  betting 1 good year of retirement that this woman is the one. 

I have to  think condo prices will be dropping more but the bottom is hard to find.  

I guess  you have been researching this block for 6 months so you must feel it's well cared  for and a food quality build and  owners?  how did you happen on this deal  before others? 

it is nice sized.  

so how are you going to stay in Thailand  as I recall you are 46? 

how do you earn money? visa.  

 

I'm sorry  but this just seems like something a dad would do for a child not his GF. 

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1 hour ago, London Boy said:

They were in March, but since the Bank of England reduced the base rate to 0.10% most ISA's and saving rates have tumbled.

Virgin Money have a one year fixed ISA at 1.05%, more than your 0.01%

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OP, I saw your post day 1 of your post. 

Without even reading the last 7 pages, I know that there would be MANY stating that your crazy. The main reason is that you are being foolish. Naive at best.

GF 2 years. A very small deposit %. 

Rents in Thailand are cheap. 

Coincidentally I'm looking to buy property similar price to you. I'm going to put it solely into GF name (defacto 8 years). Why my double standard.

Firstly 8 years living together she would get much more if we were back in my home country. I'm gifting it to her. 

Secondly I'm much older than you and sounds like acquired a lot more, hence can happily walk away from it if <deleted> hits fan.

Hope is sounding too superior, but don't do it mate your making a rod for not only you back but also for the relationship.

Still together in 3 years then have another look. 

 

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