Raffling your property off

[tamirra]

Does anyone know the Law about raffling off your own property, and has anyone successfully done it? Thank you

[factor-fiction]

There's plenty of articles on the web. Just google it.
This one is worth reading.
http://www.out-law.com/page-9382
It's a complex are and very risky. What happens if you only sell a fraction of the tickets?

[wolf63]

I love entering competitions (I won this MacBook and the ipod that I am listening to) and have seen a few competitions such as this.

Many people set up a raffle and advertise in the media and start selling off tickets - but I have only seen one "win a house" run long enough for it to be deemed a success.

I am not at all sure about all the laws governing the raffle/competition - there will be many and they will be complicated.

[tamirra]

The house is worth £410.000, but wouldnt you buy a ticket for £1,000 if you were getting a chance of winning a 6 bed 3 bath property for £1,000, all solicitors bills paid for etc? I would. x

[wolf63]

No - I cringe at the thought of paying £20 for a ticket.

[tamirra]

Really wolf, even if you had it as spare cash, you still wouldnt gamble it with the chances of winning a big house, all newly renovated. x

[ummmm]

No....I wouldn't pay that either.

[factor-fiction]

Pay out £1000? No chance. I may risk a tenner at most

[ummmm]

I wouldn't even risk that...!

[tamirra]

Oh, i would if i had the chance of winning this house. x

[tamirra]

You would tho if you had £1,000 spare in a drawer in your bedroom tho, wouldnt you lol? x

[factor-fiction]

No. I'd spend the £1000 on something I need or save it

[tamirra]

lol, would you, but if you didnt want the house but you won it, just think of the profit you would gain by selling it, am i trying to convince myself here or what?

[boxtops]

This article suggests it's illegal, anyway http://www.out-law.com/page-9382

[boxtops]

^^ forget it, sorry factor, it's the same as your first post

[tamirra]

Factor30 posted link the same boxtops, but thanks. x

[Skyline D]

I'm not badly off but I certainly wouldn't spend £1,000 on a raffle ticket to win a house, especially with something like a 1 in 500 chance at best of striking lucky.

I find it hard to believe many people would really. Raffles work because they involve selling somethng to someone at a cost they wouldn't miss to gain something they would like to have (or as a charitable donation usually), The percentage of people who wouldn't miss £1,000 or even £100 is very small. I can't see a lot of sales. The people who can afford to throw £1,000 at a raffle are the people who don't need to be winning the house of their dreams in a raffle in the first place because they can afford to just buy it.

[sara3]

I'd buy a £1k raffle ticket for a £400k house.. so long as only one other idiot bought one :o)

[twix123]

If you want to win it so much why don't you buy all 410 tickets?