£1 million Devon property raffle...

lynzpower

m00m00 wrote: »

raffle

http://news.bbc.co.uk/1/hi/england/cornwall/4131456.stm

outcome

http://news.bbc.co.uk/1/hi/england/cornwall/4307788.stm

and another one

http://news.bbc.co.uk/1/hi/wales/north_east/4857846.stm

etc

what I cant get over is the fact that the estate agent in the 3rd one GAVE UP HER JOB to cope with demand. She couldnt sell her own house in the 2006 boomtimes... very strange really isnt it?

Rimo2021

iyiarz wrote: »

Probably got approval.... If its been done properly, and it looks like it has, They would have ticked all the boxes first.
"unless the operator has obtained prior approval from PayPal " It was a Paypal business account, not personal.

If I remember rightly after doing my homework before buying a ticket for one of these competitions in the past - the key point to note is that they have included a question you have to answer as part of the entry. This means that it is not a 'lottery' from a legal point of view and is not subject to any of the requirements that a lottery is (independent scrutiny etc).

Edit:

http://www.lawdit.co.uk/reading_room/room/view_article.asp?name=../articles/Lottery%20.%20Prize%20Competition.htm

"Lotteries and Prize Competitions are defined in the Gambling Act 2005 (“The Act”) which comes into
force on 1 September 2007. If a business falls within the definition of a ‘lottery’ then it will
be subject to the relevant provisions of the Act, if it can be classified as a prize competition
then it will be outside of its scope."

"Competitions which rely on skill, judgement or knowledge are to be permitted to operate free of
any regulatory control.."

neverdespairgirl

iyiarz wrote: »

What a novel idea in the current market... Maybe it'll catch on?

I've entered, what the heck. It might be the best £25 I ever spent and better odds than the lotto.
http://www.winadevonpropertywithfishing.co.uk/ to enter.

There are lots of rules about raffles / lotteries etc, and I have a vague memory that you can't just hold one because you feel like it. Could be wrong, it's a vague memory!

neverdespairgirl

I've found something relevant:

http://news.bbc.co.uk/1/hi/wales/north_east/6968569.stm

A woman who tried to raffle her £150,000 home has been ordered to pay nearly £8,000 compensation after she admitted breaking lottery laws. Mold Crown Court heard Angela Jones, 36, from Prestatyn, Denbighshire, had sold tickets at £30 each.
But the ex-UN soldier unwittingly fell foul of competition legislation and failed to obtain a necessary licence.
The judge, Mr Recorder Robert Trevor Jones, said he accepted "there was no element of dishonesty."
He also sentenced Jones to a 12-month conditional discharge.

.....

On Wednesday she admitted a charge contrary to the Lotteries and Amusement Act 1976, of unlawfully selling, distributing, offering or advertising lottery tickets or chances to win the house over a six week period last year.

clutton_2

""if the total number of tickets aren't sold the lucky winner will win all the proceeds raised during the competition less set-up and running costs"

i wonder how much the setup and running costs will be ????

anyone know the answer to this """What is the cost of an adult full season coarse fishing license for 2008/2009?'."

might be worth a punt ?

folks bet on horses, why not houses ?

bubblesmoney

am curious about this option as well. if this sort of thing is not considered as a lottery and is not regulated as per lottery rules, then how is one to know that the raffle was done properly without impropriety. if it isnt regulated, then how does one know that the raffle ticket picked as the winner wasnt picked in advance or something like that. how do these property raffles work.

also what are the tax implications. if one wins the lottery it is tax free but since these property raffles are not classed as lotteries then are there any tax implications in the unlikely event one wins these raffles? i might be tempted to try one of these raffles, wont loose much more money than a meal in a restaurant i guess

Madmel

Wistful100 wrote: »

Dodgy unless you have a large bankroll spare. Even if this is genuine and you were to win -look at what you win. A business that is loosing 12k - if it were not loosing hand over fist the current owners would sell it the normal way, or split it up and sell in parcels wouldn't they?

Sorry but the way I read it was not that the business was losing £12k per month, but that average house prices in the area were going down by 1.2% per month *costing* them £12k. It's a paper loss unless they are mortgaged to the hilt and nothing to do with the business.

As far as splitting the property up is concerned, we cannot do that with part of our property. We live in an old farmhouse which is attached to a converted barn and converted stable/creamery. The barn could be sold separately (although access to our house/garden would be a nightmare) but the creamery/stable, whilst a separate dwelling, cannot be sold separately. As it is, my father lives in the barn, and the other place is used for holiday rentals.

Given the location of the property in the article, it may be that the planning permission allows short-term rentals but the smaller dwellings cannot be sold off individually. However, there may be scope to sell the 4 as a separate lot, but it looks unlikely given the *raffle*.

I am quite tempted though....;)

robpw2

Premier wrote: »

I've a property I can't sell too - not sure of it's current value but must be worth well over £1m, especially bearing in mind it's location.

Anyone interested in buying a raffle ticket off me, only £25 each?

Oh a picture of the property in case you're interested, more pictures available on request
http://img.metro.co.uk/i/pix/2007/10/buckinghampalacePA_175x125.jpg

i wouldnt give you £1.00 lol i mean its previous owner is some manky old queen

robpw2

robpw2 wrote: »

i wouldnt give you £1.00 lol i mean its previous owner is some manky old queen

sorry !!:A

dopester

bubblesmoney wrote: »

am curious about this option as well. if this sort of thing is not considered as a lottery and is not regulated as per lottery rules, then how is one to know that the raffle was done properly without impropriety. if it isnt regulated, then how does one know that the raffle ticket picked as the winner wasnt picked in advance or something like that. how do these property raffles work.

also what are the tax implications. if one wins the lottery it is tax free but since these property raffles are not classed as lotteries then are there any tax implications in the unlikely event one wins these raffles? i might be tempted to try one of these raffles, wont loose much more money than a meal in a restaurant i guess

As a youngster I saw a raffle draw (2 relatively small cash prizes) behind closed doors.

It was free to enter.

The woman went through a stack of entries from the 2 bags for 20 minutes, until settling on two of them. A male and a female, although I don't know her reasons for selection. All the organisation really wanted was the names and addresses of the entrants, for marketing purposes, but the draw was FIXED.

That should tell you what I think of these raffle things for houses.