You are correct in leasing the land. For your lease to be valid for 30 years you have to have the lease in your name. After you have the lease you have to go with the property owner to the local land office and have the 30 year lease registeted on the chanote, or deed. That would cover you for the land. Then to own the house you also need to have a right of superfices also put on the chanote, or deed to own the house. Only then are you completely covered and can't be thrown out. If there is a new owner in the future the new owner is legally required to honor the lease for the full duration. Also there is only a 30 year lease, renewals are not automatic. This is according to the Thai land act, section 540. The lease can be renewed again at the end but has to be agreed to by both parties and re-registered on the chanote, or deed.
But as I questioned before , what if the owner in 30 years does not want to renew the lease .? Do you lose your house which you were probably leaving to one of kids. Or will the owner offer you a ridiculous amount of money to buy your house , fully knowing that if he doesn't renew the lease then you have to move out and he can knock it down.
@@bravefart1000 if you are worried about leaving a house to children you are in the wrong country. You should be living where you can own land, or seek Thai citizenship. As for the lease, if the owner doesn't want to renew then yes, you would have to either sell your house to him, remove it, or just desert it. If you are older and won't outlive the lease what does it matter?
@@bravefart1000 As far as we know at the end of 30 years they cannot sell the land and we cant sell the house. So the agreement is passed down to the respective families on both sides.
Nice to see you all settled in your new house. It looks really nice and I hope you’re very happy there. I have found a reasonable rental on Soi 102 so I’m settled now as well.
Hey Parkers, I'm so thrilled others are starting to catch onto one of my favourite channels. Your down to earth approach to life and video creating is an absolute joy. Hopefully the new mattresses are more comfy than the AI generated ones that came with the house. Highlight of my day is seeing a new video pop up from your guys, many thanks 🤗
Thank you for watching and commenting. You have been a great supporter of us and our channel and we genuinely appreciate it. The new mattresses are excellent!
Thanks for the family background story, guys - very interesting indeed. When I watch your videos, I see two honest and authentic people who are sharing valuable insights into purchasing a house and retiring & living in Thailand. Your work is appreciated. As for the 'funny' comment, welcome to the weird and wonderful word of the 'comments section'. Have a wonderful day and keep up the good work!
Hey guys, first of all many congrats on the new house, looks amazing!!! Just wanted to apologise as I said I would take you guys out for a meal in April but we all got the dreaded tummy bug which lasted for many days for some of us. We are back in July next year and will defo see you then!
Hey Parkers congrats on your beautiful new home good size of land how far your house from CHA AM beach and local market look forward more videos of new homes have wonderful day thanks for sharing 🙏
Thank you for taking the time to comment. Our house is approx 12 klms from the beach. We have a local 7/11 and hardware store 900 meters down the road. Also a little local restaurant which we are yet to try.
Thank guys love watching your vlogs real down to earth Lots of interesting information Carnt wait to get there in acouple months I hope you’re real people lol if you know what mean Nice to get some information how you got there 😀
Congratulations and best wishes with your new home. I have been considering the same myself in retirement in a few years time. I would be highly unlikely to be around by the end of a 30 year lease so assuming I have a property there that is part of my estate, I wonder if it is sold with the remaining time on the lease eg, 10 years, in which case it would be less desirable to many purchasers, or does the lease get renegotiated for another 30 years. Have you had and discussions regarding this?
Thank you for your comment. Please get your own Thai legal advice. We are not experts. Estate law in Thailand is something we know nothing about. Sorry, we are not qualified to comment on something as critically important as this. We have had no discussions with anyone on this matter because we don't care what happens after we die.
Thank you for sharing. I've appreciated your videos. I've lived in Phuket for 2½ years, but I'm getting sick and tired of it. Moving up to Hua Hin in October with my thai wife.
I always laugh when I read about people complaining about busy phuket so moving hundreds of kilometres away. Most of Thalang District (which makes up the northern half of the island) is fairly quiet. Hua Hin is horrible every weekend when hundreds of thousands travel down from Bangkok
Hi guys, great house, great video. One question - can you confirm what amount would be required to be paid at the 30 year point to extend the lease? Is it a nominal fixed payment agreed in advance, is it the same amount paid at the beginning, or is it some sort of market valued amount?
Thank you for watching and commenting! It is not something we are concerning ourselves with because we will most likely not be in this world any more (90+ years old) when it comes around.
Foreigners can buy freehold "property" such as condominiums (up to 49% of condo building/project) and houses but not the land on which it sits, in Thailand. There are some very, very, very rare exceptions to this. Recently, the Land Department proposed to allow legitimate foreign heirs of landholders to inherit land. And depending on some investment schemes, foreigners can hold up to 1 rai of land for residential use or 10 rais for agricultural purposes. There are quite a few places in "Western" countries where lease-holding is common. The UK is a prime example; huge parts of London is held by trusts controlled by the Duke of Westminster owning the land on which houses, stores and businesses, that he does not own, are built. In any transaction, consult a licensed and reputable real estate lawyer. Creating Thai companies, using Thai nominee shareholders to own 51% of the company, can be considered illegal. Phuket is now (June 2024) cracking down on this activity, as lots of illicit activities are happening with these companies owned by foreigners using the nominee shareholders to circumvent the law. I suspect this scrutiny will move across the country soon, as land prices have increased dramatically.
Thanks for sharing. My only question is how freehold can become leasehold. If any Thai person can issue a lease then they're wouldn't be a difference. Property developers may be given some special rights or the entire property market would open to foreign ownership via leases. Is that you're understanding, that only certain properties can be leased?
The entire property market is open to Thais and foreigners equally. Thais get to own the land the house sits on. Foreigners get to lease the land the house sits on (from a Thai person who owns the land). I guess there will be some sellers who do not wish to sell to foreigners but given that right now foreigners are the only ones with money and Thais are not buying it's not a great strategy. Remember we are only talking about the land here. There are no restrictions on foreigners owning the actual house.
@@HereComeTheParkers I guess you would need to ask the seller if they're willing to lease. It would be some extra work for them and I bet most Thai's never knew about leases. I've bought land recently but it's just in my Thai wives name so tied to the marriage and I bet I'm lucky to get even 50% if we split up. Never thought about leasing the land but I don't figure I could get away with that since i'm married. :)
@@HairyPixels well given that under no circumstances can foreigners own land it would follow that any separation will mean she gets 100% of the land. The house will probably get split 50/50 but I'm only guessing.
How much will the lease renewal cost? These things are rarely done without a charge. For the more unscrupulous landlords in the west, it's an opportunity, and if the renewal charge is deemed over the top by the lessee, then it's arbitration time.
What kind of guarantee do you have on that lease contract though? Say the owner of the land has a forced bankruptcy + liquidation. His bank can’t take that land from him? Your contract is protected from that? I get that it’s easy to setup the lease and purchase the home / pay for temporary use of the land but my biggest concern is over the lifetime of the lease, what are the potential ways it can be broken. None of those were covered
@@steampunk888yea when I watched the video I actually did some napkin math on it. It ends up being twice as costly as renting when you add in home maintenance, repairs, insurance, etc over the 30 years. Plus you are locked into one specific location. Financially it absolutely doesn’t make sense but from a peace of mind perspective and if you don’t need the money, I can see why people would do it. My napkin math ~ Based on 3% inflation 7.6m / 30 years rent 21.2k/month which is starting from 12.5k which is equal to 4.5m initial price of house and land today 4.5m initial cost to buy house / 30 year lease land. Opportunity cost of that 4.5m at 3% is 10.9m over 30 years Renting saves 3m thb over 30 years. That 3m compounded at 3% is 5.13 million (doesn’t include extra costs of owning a house, savings are likely 7-8million over 30 year renting vs owning Average home owning cost per month is 30.2k (owner needs to cover insurance, taxes, repairs, upgrades Average rental cost is 21.2k (renter pays no additional fees)
@@steampunk888 lose value in what way? They get the lease on the land for 30 years. They also own the structure and can do as they wish with it. I would think if you do the math it turns out far less expensive then renting and the person on the lease has full LEGAL protection for 30 years. They can't be evicted. How is this "pissing money away"?
What would happen if in 30 years you wished to renew the lease for another 30 years but the owner chooses not to renew and wishes to use the land for his family or relatives or sell the land , what would happen to your house then ? As far as I know legally you are covered for the 30 years but that is the end of that agreement.
Well we won't be here in 30 years. But we can renew it for our kids. If you are younger than us we suggest that you consult a lawyer. Thai laws change all the time so who knows what will go on.
The land is the part that retains value. The structure loses value constantly. All Thailand would have to do to safely encourage wealthy foreigners to come to Thailand is: 1. Restrict ownership to 2 or 3 provinces only, likely the tourist zones. 2. Impose large inheritance and transfer taxes on foreign owned property, which is generally how to insure that landed property is sold on the death of the owner, i.e., in order to pay the tax.
Hi, I’m trying to find your email address but am having difficulty finding it. I’ve looked under the “about” section of your homepage but I can’t see it anywhere. Can you please point me in the right direction. Thanks.
The “About” section is only available if you access the channel on a desktop computer or laptop. It is not available on a smartphone or tablet. It’s a RU-vid thing. I don’t know why it’s that way.
@@HereComeTheParkers I would think that it's more about control, and retaining Thailand as a Thai country. I live in Vietnam, which being Commy, is pretty much the same.
Hey guys, you said that on your about Pages where your email is don’t see it. I’m the only thing I see is at here comes the Parkers but it says it’s an invalid email address. Could you send me your email address? Thank you.
The "About" button I mentioned is not available when you access RU-vid from a smartphone or a tablet. You have to use a desktop or laptop computer (Windows or Mac) to access the "About" button. This is a RU-vid thing. I don't know why it's like that.
