Getting full control of land through USUFRUCT

Legal issues related to buying land, houses, condos in the LOS. Anything about contracts. Finance related, such as getting a mortgage, buying property from the bank, etc.

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Re: Getting full control of land through USUFRUCT

Postby geordie » Wed Aug 15, 2012 10:07 am

saorsa wrote: I only want a 3yr mortgage anyway as that is the minimum time to pay off without penalties


Surely if you are in a position to settle the loan in three years it would be better to bite the bullet and wait till you saved the money to do the build ? At least that still leaves a userfruct available and ultimately ownership of the house ? Alternately do the build in stages a prospect that i would find frustrating having to "break in new labour " regularly houses are available and cheap as hell to rent here
my comments may be wrong but never deliberately
If it aint broke, dont fix it
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Re: Getting full control of land through USUFRUCT

Postby saorsa » Wed Aug 15, 2012 12:52 pm

geordie wrote:
saorsa wrote: I only want a 3yr mortgage anyway as that is the minimum time to pay off without penalties


Surely if you are in a position to settle the loan in three years it would be better to bite the bullet and wait till you saved the money to do the build ? At least that still leaves a userfruct available and ultimately ownership of the house ? Alternately do the build in stages a prospect that i would find frustrating having to "break in new labour " regularly houses are available and cheap as hell to rent here


Once I decide to do something, I like to do it as soon as possible. 3yrs is a long time to wait, I prefer to get a mortgage and make a start as soon as possible. After I get the fill dirt put in, I will be waiting 3 months or so before starting the actual build, but that is as long as I want to wait.
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Re: Getting full control of land through USUFRUCT

Postby geordie » Wed Aug 15, 2012 4:55 pm

saorsa wrote:
Once I decide to do something, I like to do it as soon as possible. 3yrs is a long time to wait, I prefer to get a mortgage and make a start as soon as possible. After I get the fill dirt put in, I will be waiting 3 months or so before starting the actual build, but that is as long as I want to wait.


Having been there with the fill dirt already ?why not put the foundations in first you will have to dig through the new fill to find "solid" anyway But getting away from the point i understand what you are saying about leaving it hanging but it was just sugested as another solution if the morgage route fails
my comments may be wrong but never deliberately
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Re: Getting full control of land through USUFRUCT

Postby Roger Ramjet » Wed Aug 15, 2012 6:07 pm

Saorsa,
saorsa wrote:I only want a 3yr mortgage anyway as that is the minimum time to pay off without penalties

You are totally correct, most banks stipulate that you must pay the loan monthly for three years not to pay a hefty penalty. You can also pay twice the amount in the first 3 years, but not a baht more. Bangkok Bank however, refuse to let you pay twice the amount and go out of their way to make things stretch out so you are always indebted to them. My wife got around a previous loan through them by paying the whole thing off after 3 years to the day, and they screamed loud and long.
Good luck may it be smooth sailing.
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Re: Getting full control of land through USUFRUCT

Postby saorsa » Wed Aug 15, 2012 7:14 pm

geordie wrote:Having been there with the fill dirt already ?why not put the foundations in first you will have to dig through the new fill to find "solid" anyway But getting away from the point i understand what you are saying about leaving it hanging but it was just sugested as another solution if the morgage route fails


I need to save some cash to pay for the pilings after wiping out my nest egg when I didn't like the 200TW piece of land and decided on the 335TW plot instead. :P My mate said the fill dirt needs to settle for a few months anyway, so that gives time to put something aside for getting started and also to get the architects drawings finished and permission signed off.

If the mortgage falls through, then my plan B is for the fill dirt to have an extra year to settle down while I save the money to pay cash for the build. I'm hoping all will be good with the bank though. They certainly seemed happy enough when I told them what I earned from working offshore even though I don't have a WP. KTB said if I had a WP, they would have gone for 80% mortgage. I do know though, as this is Thailand, there is always the chance for things to go horribly wrong...there is also always the chance that a little bit of tea money to the right person can fix what went wrong! :roll:
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Re: Getting full control of land through USUFRUCT

Postby saorsa » Wed Aug 15, 2012 7:20 pm

Roger Ramjet wrote:Saorsa,
You are totally correct, most banks stipulate that you must pay the loan monthly for three years not to pay a hefty penalty. You can also pay twice the amount in the first 3 years, but not a baht more. Bangkok Bank however, refuse to let you pay twice the amount and go out of their way to make things stretch out so you are always indebted to them. My wife got around a previous loan through them by paying the whole thing off after 3 years to the day, and they screamed loud and long.
Good luck may it be smooth sailing.


Roger, I plan to just make normal payments for the 3years and save my money, then do exactly as your wife did and pay the remainder off as soon as the 3yrs is finished. Must remember to wear my earplugs when I go into the bank that day judging by your experience! :)
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