Lottery type competition to win a (so called) £5m house in Belgravia - how fair?

Imagine_Corporation

Hi, I'm from Imagine and want to address your comment. This competition is a skill based competition and not a lottery.

This competition has been designed in accordance with the UK's Gambling Commission Guidelines to compile as a skill based competition.

If you have any other questions you would like answering, please email us on info@imaginecorp.uk.com or ask us in the forum.

Kind regards
The Imagine Team

bigstevex wrote: »

they can't do a lottery type one as its against the law or something, isn't that what happened with the last one of these? They had to refund everyone, it was a house worth ~£1mil

Imagine_Corporation

Debt_Free_Chick wrote: »

V odd ... there are two kitchens, but a total of four pictures and each picture shows a different kitchen!

And if the reserve set for entry fees is not met, you only get 60% of your fee returned

Hi, I'm from Imagine,

In regards to your first comment all 4 pictures are of the 2 kitchens in this property.

If you have any other questions you would like answering, please email us on info@imaginecorp.uk.com or ask us in the forum.

Kind regards
The Imagine Team

Eric_Pisch

poppy10 wrote: »

Yep, these competitions are illegal lotteries. What will happen is they will collect as much money as they can, then claim they can't go through with the draw, and refund the money, minus 30% which they will cream off as their personal profit, citing "management charges."

They're all scams, avoid!

How do the ones where you buy a ticket from a limited number of tickets to win an aston martin etc get away with it then?

Imagine_Corporation

poppy10 wrote: »

Only in the owners' dreams:


Surprisingly the minimum amount you can enter on the competition website is £3mil.

Hi, I'm from Imagine and would like to address your comment. The range given is there to help you when making your judgement and to narrow your predicted answer.

If you have any other questions you would like answering, please email us on info@imaginecorp.uk.com or ask us in the forum.

Kind regards
The Imagine Team

puddy

something doesnt add up here, the couple plan to sell x amount of tickets adding up to 5 million, BUt their house has not sold for 5 millionn or even 4.25, therefore IF the competition went ahead they would get well over the odds for their property

in addition, IF the number of tickets sold is not enough, the 'winner' gets 60% of the ticket sales, and Im assuming the couple get the rest minus fees for management of the competition, either way, its a money making scam

in the latter example, they havent even sold their house to boot, so this doesnt sound like a genuine sale to me

Eric_Pisch

looks like a 4 storey council house to me ...

if i was spending 5 mill I would want at least a long drive and garage to store at least the Bentley, Ferrari and Aston plus some other toys :cool:

on street parking ....

minimoocow

if you win you get £25k for legal fees - what about stamp duty? Would you need to mortgage to pay it?

(I have seen the comments on the website that consideration is limited to the purchase price of the tickets but I'm not convinced - it doesn't categorically confirm this is the case just expresses an opinion!)

buglawton

Stamp duty! Forgotten about that!

Imagine_Corporation

Hi,

I would like to answer the rest of the issues that some of you have raised, to hopefully give you some more confidence in the competition.

buglawton wrote: »

I read about this in today's Telegraph

Pay £50 for a ticket and enter your estimated value of the house. The winner will be the one with the closest estimate to apparently, the average of 3 valuations by London estate agents. So, if 3 people from the relevant estate agencies were to get together, they would know this value in advance... or am I missing something?

The 3 estate agents have not been disclosed to Imagine staff and the estate agents themselves do not know who the others are. They will therefore be unable to communicate with each other and enter the competition with the winning valuation.

Some of the facts in the article in the independent were incorrect. Alex Hammond of Jackson-Stops & Staff is not handling the sale of the house.

Quote - if you win you get £25k for legal fees - what about stamp duty? Would you need to mortgage to pay it?

Regarding stamp duty as the law stands it is not payable as the price paid to purchase the house is the total amount the winner spends on tickets. Please see the letter from HMRC in the FAQ section on our website for more detail.

I hope this answers any queries, but if you have any more please feel free to visit our website or email us.

Thanks.

Imagine_Corporation

jenner wrote: »

in the latter example, they havent even sold their house to boot, so this doesnt sound like a genuine sale to me

This is not a normal sale of a house. It is a skill based competition for someone to win the house. We would like to leave it open ended to sell all 100,000 tickets but we are not sure of how long this would take so we have tried to give a time limit aswell as per Gaming Commision guidelines.

Thanks