Quote:
Originally Posted by DrDave
One thing to consider is that while most developers talk about a 30+30+30 (total 90 year) lease for a leasehold, there's been a lot of discussion as to whether Thai law will recognize the commitment for the additional two 30 year extensions. Only a single 30 year (maximum) lease period can be registered with the land department. In my mind - assuming that the extensions will actually be granted is somewhat of a gamble. The developer's company could go bankrupt, or be sold to someone with a different business agenda. It seems foolish to assume that the same developer, company and attitude toward extending leases will be in place after the initial 30 year lease period ends, knowing that the courts may not uphold your right to extensions if later, the owner of the freehold title refuses to honor the extensions. Developers and their legal assistants tend to write a lot of things into contracts that probably cannot be upheld under Thai law.
|
100% correct.
Thai law is only able to hold the initial 30 years, the +30+30 options are merely 'a future intention' and one with huge holes in the law if the owner could demonstrate any material change which after 30 years is guaranteed. Thats even assuming the same person still owns the land which the lease is drawn up on.
A usufruct is possibly better but all of these options presume that the home is purely a dwelling not a tradeable asset. The whole idea of 'investing' in real estate over providing yourself a place to live long term is simply not catered to in the options.