Raffling off a mortgaged house

[BLally]

Is it legal to sell a mortgaged house by raffle? Does it need the lender's permission, or is it just like any other sale?

[Postdog]

I have been waiting to see what answers you got.

I can't answer about the legalities of the lender, but chances are you will fall foul of gambling laws.

[know-noknow]

and in the current climate you might only sell 36 tickets!

[Ethel]

Firstly you need a gaming licence from the gambling commission.

The mortgage company couldn't care less how you sell your home provided the mortgage is paid off.

The way to run such a raffle and stay within the law is to make it clear the prize is EITHER the house OR the total prize fund, less costs, if less than x amounts of tickets are sold.

That way, the house isn't lost if there is not enough money raised.

[Oneeyedvic]

answered here: http://www.theanswerbank.co.uk/Business-and-Fi nance/Question629383.html

[loonytunes]

The Lotteries and Amusements Act referred to in the previous answer has been repealed by the Gambling Act 2005. Simply, no -one can raffle a house, or anything else, for private gain. Only one "competition" with this intention has ever been successful in selling all the chances (46000x�25) and that was only because they managed to get on TV and in newspapers in the US.