Center Condo - 30 year lease?

[Klongwater]

I was speaking to someone who bought a couple of units in Centre Condo many moons ago, he told me there was no such thing as maximum 30 year leases back then,  and as an owner he had an indefinite lease with no expiry date.

Does this still apply, or are modern sales (in this block) now for a finite term?

Thanks.

[Soi7]

If he is the owner it's his till he dies or sells it

 

[Greg_B]

2 hours ago, Soi7 said:

If he is the owner it's his till he dies or sells it

 

If he actually owns it in the first place, right...?

[Soi7]

If he actually owns it in the first place, right...?

Well yes

Sent from my LG-H990 using Tapatalk

[usexpat46]

On 31/03/2020 at 16:10, Soi7 said:

If he is the owner it's his till he dies or sells it

 

Agree as long as he keeps paying his CAM fees.  Awhile back I saw some condos at 9 Karat that were auctioned off because of unpaid CAM fees from past years.

[davidge]

On 31/03/2020 at 21:18, Klongwater said:

I was speaking to someone who bought a couple of units in Centre Condo many moons ago, he told me there was no such thing as maximum 30 year leases back then,  and as an owner he had an indefinite lease with no expiry date.

Does this still apply, or are modern sales (in this block) now for a finite term?

Thanks.

Sorry, but you seem a bit confused. Where does a 30-year lease come into this?

Foreigners are allowed to own condos outright as long as it’s in the 49% foreign quota. Leases don’t apply.

I assume you’re mixing up with the 30 year lease ‘dodge’ to get around the law against owning land that some foreigners use to ‘buy’ a house?

As for the foreign quota in Center Condo, I think the less I say the better  

[Klongwater]

4 hours ago, davidge said:

Foreigners are allowed to own condos outright as long as it’s in the 49% foreign quota. Leases don’t apply.

I assume you’re mixing up with the 30 year lease ‘dodge’ to get around the law against owning land that some foreigners use to ‘buy’ a house?

Yes, I have misunderstood....I thought buying into any condo development was leasehold, and the leases were for a 30 year term. I was told that Centre Condo had indeterminate leases and that apartment owners owned them in perpetuity, I didn't know this was widespread and normal, hence the question.

[stubby]

Also during the asian financial crisis they relaxed the 49% rule so in many older buidings the 49% figure is higher.

[Edge]

3 minutes ago, stubby said:

Also during the asian financial crisis they relaxed the 49% rule so in many older buidings the 49% figure is higher.

Blame Taksin.
Perhaps for that reason the Land Office seems to be obliging.....as witness Oukiva's two sales to farang in the past 12 months.

The quota has fallen from c.63% about 4 years ago to 58% in January.
Probably set to fall a bit more in the not too distant future.  

[stubby]

Yes the land office is obliging(for a fee 555)