Applying for Kocan

[Sonny]

What happens after the 21st Nov if a house owner has not applied for PTP and paid taxes? Will the properties just be unsellable?

[benjaminbutton]

I suspect that is one of the items "they" are still discussing.

[Reyntj]

My assumption is it becomes an excess property and you have 2 years to sell it...& You have to pay a 3% extra contract fee and 1.4 % sales tax if you sell on the contract

But who knows if you get the the ptp and turn up at the land registry with the transfer tax id suspect they will gladly take the money...

Im certainly not 100% certain..more an opinion..

This must be very frustrating highly anxious situation for those in this situation.

[Medjoul1]

Slightly off topic but same ball park. When I finally got my Tapu valuation for tax purposes they told me to check my sales contract was registered because if it isn't by the cut off date the property reverts to the seller.
I haven't got my Kocan either thanks to the builder and I'm wondering how long I've got all with many, many others

[Reyntj]

Id also throw in kdv is paid at higher of valuation on deeds transfer so even if you paid it on the contract amount there could be an excess to pay plus the builders vat totalling 10%. What ive seen is if the deeds where available and where not taken the builder is making the contract holder pay their excess.


There are many property for sale stating all taxes paid which for kdv is not always true.

[Sonny]

I have a friend who is in his 80s doesn't use social media etc and seems to be oblivious to the new ruling and neither has the means or the health to take this forward. Does this mean that my friend risks the possibility of loosing the only home that he has ?