Selling inheritace property

Discussion in 'Thailand property' started by lilone, May 2, 2011.

  1. lilone

    lilone New Member

    Lets start from the begining, my Dad died 8 years ago he lived in Thialand at the time in a propery he had bought, which then got left to me and my two brothers.

    Being so young at the time we never had to deal with anything, family and solicitors sorted everything for us, a man from London living in Thialand who my Dad got to know very well is looking after the condo, renting it out, he keeps the money made to keep the upbringing of the condo.

    Now I have been told after 10 years of looking after it he can claim the property, I have also been told off family its very corrupt in Thiland that we have sold the condo once before but the money went missing an the sale didnt go through.

    Can anybody advise me on the best thing to do here? Keep the property and rent it out myself, sell it??

    I have read on the internet if its inheritance you get taxed 50% on it when you sell, and have been told its only worth about £10,000. That means we come out with less than 5 then pay all the solicitors fees, then split between 3 of us, is it worth selling? Will i have problems trying to sell from over here? Will i need to go over there?

    Time is running out now its 9 years in June!

    Any advice is great thanks.
     
  2. CNX_Bruce

    CNX_Bruce New Member

    OK I realise this is an old thread but here goes ...

    1. You don't say whether the guy minding the property is Thai or foreigner ... only a Thai can make a claim on the property (google on "adverse posession"). Either way you need to take control of the situation as I am sure the rent is more than paying for the upkeep ... and the surplus funds should be going to you (less a fair commission)
    2. There is no inheritance tax in thailand
     
    Last edited: Apr 6, 2012
  3. lilone

    lilone New Member

    He is English, lived there for years. Got a few numbers for him but cant get an answer, keep getting a thia woman answering an cant understand a word she says! All i get is 'he be home when its dark!' Kinda given up on the situation thinking we cant get nower with it!
     
  4. CNX_Bruce

    CNX_Bruce New Member

    OK he cannot make claim for ownership (legally). You have three options:

    1. Write it off to experience and walk away

    2. Get on a plane NOW and take control - call it a working holiday. Take a copy of the Will. Obtain a copy of the title deeds from the Lands Dept (if you don't have it). Inspect the property. Evict whoever is in it with the assistance of a Thai lawyer (or enter into a formal lease with them). Either sell it or appoint a rental manager (the condo office may provide this service).

    3. Try to do 2. above from where you are now, using a Thai lawyer (may or may not work out depending on who you choose)

    The longer you let this situation slide then the more difficult/impossible it will become to rectify. The best answer may come down to your estimate of the value of the property ... is it in a popular tourist/expat area?
     
    Last edited: Apr 7, 2012
  5. lilone

    lilone New Member

    I cant get any holidays from work to go over there, or cant afford to either.

    Its in Pattya, been told its worth between 10-15000 depending on a quick sale.

    Thanks for the advice but i think the amount it would cost for a solicitor it wouldnt be worth it for us.
     
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