1. Are 2nd mortgages or charges aga

1. Are 2nd mortgages or charges against previously mortgaged properties permitted in Thailand?
- The 2nd mortgages against previously mortgaged properties (1st mortgage) is permitted under Thai laws.

2. Are such charges effective i.e., can we realistically enforce the security if we are not paid and is the procedure to enforce straightforward?
- In Thailand, when the 2nd mortgaged properties are properly registered, the 2nd mortgagee can enforce against such security and the enforcement procedure is straightforward. However, the net proceeds of the auction of such security shall be distributed to the mortgagees according to their ranks.

As mentioned in Khun Dumnern’s email below, the value of the properties and the amount of debt owed to SCB and BBL should be taken into consideration whether we can realistically enforce the security as these two banks will have priority to any proceed from the sale of the properties.

3. Can such a charge be in favour of an overseas company?
- An overseas company can be the mortgagee.

4. What would be the estimated cost – your fees as well as other costs – to get the mortgages/charges in place?

4.1 Our legal fees: please note that we normally charge our clients on the actual time cost. We may be able to provide you with our fee when we know where the properties are located as we must attend the land department at the place of properties. It also may depend on whether you require our assistance to prepare terms of mortgage agreements. Please however note our hourly rate below: