London’s exclusive Knightsbridge claims it is selling one ticket every minute.
So far, 41,000 tickets, which cost £10 each, have been sold in just five weeks – its target is 380,000 tickets.
The lucky winner will gain a three-bedroom, £3.2 million apartment spread over two ﬂoors, with a share of a freehold in Walton Street, London SW3 – one of London’s most sought-after postcodes. Chelsea Truck Company is also throwing in a Jeep Wrangler to the prize winner, worth £56,000.
House competition company Your Laddr (YourLaddr.com), which is running the competition, will pay the stamp duty on the flat, which could be as much as £395,000, legal fees, plus a financial adviser and council tax for the first year. This money will come from the profit it hopes to make on ticket sales. The Jeep comes with road tax, car insurance up to £4,000, as well as a parking permit for the Walton Street address.
Your Laddr is upfront about the charges the new owner will face – unless they sell it on right away. Service charges are estimated at £420 a year, while energy bills are expected to be £900 annually. After the first year, the council tax with be £1,600 a year. But if it is rented out, the weekly rent would be around £1,200 a week.
Rather than a lottery or raffle, which would fall foul of anti-gambling legislation, this is a prize draw with an element of skill. Ticket buyers will take part in a ‘Spot the Ball’ competition, judged by a professional cricketer.
Participants can buy up to 150 tickets and must be over the age of 18. If not enough tickets are sold by the close date of 10 September 2018, the cash pot will be offered as a prize.
The owner is selling their house in this way because it means they do not incur estate agent fees – which typically amount to 1.5%, or legal fees. This means the raffle ends up being more cost effective and they should be able to get more for their money.
Santa Agolli, founder of Your Laddr, says: “The odds of winning the National Lottery are one in 14 million and EuroMillions are 140 million, whereas the chance of becoming a winner on Your Laddr is one in 380,000, which makes the chances of becoming a homeowner through our competition much more realistic.”
Good point! The tickets are £10 each and are available through www.yourladdr.com.