I want to raffle my house, does anyone know if there is anything legal i need to know before going ahead?

Question

I came up with an idea to raffle my house, but have heard that i might need a game license or run it has a comp. Whoever wins gets a £250,000 four bedroom house for £25 (price of tickets), which i thought was a great idea, but noone seems to be able to help me & that's including solicitors!

Answer 1

hi good idea this has been done before thats the good news now the bad news you need to apply for a gaming licence to raffle your house you need solicitors to right up the deeds of the house on transfer to the winning party you need to pay for printing of raffle tickets and publicity you also need to pay tax on the amount received from your ticket sales you need to sell enough tickets to cover the price of your property,raffle ticket printing,solicitors fees,advertising,gaming licence ,and tax on sales ,all in all a hell of a lot of money and all within a deadline as you need to give a time and date for the draw to take place and if you dont sell enough tickets to pay all your expenses then your the one who,s gonna loose out so please think very carefully before embarking on this plan if you want rid of your house then i suggest you sell it through the normal channels and get your money without the very very high risk hope you think very hard about this its a hell of a lot to loose good luck andrew PS THE HOUSE SOLD LIKE THIS BEFORE WAS £21,000 A LOT EASIER TO REACH THIS VALUE THAN £250,000 PLEASE DONT DO IT

Answer 2

Someone near us did it a few months ago. It was in the local paper. and they got a load of publicity. They set up a website to sell the tickets and solicitors were involved. There was a limit on the tickets being sold so everyone new the odds, but they didn't get the interest up, so all fell through and ended up with a big bill at the end!!!!

Sounded like a good idea, surprised it never happened.

If you're going to do it check how your going to promote the idea and the overall costs

Answer 3

If you want to raffle your house you will have to do it via Cyprus.
A house can be raffled in Austria, it is also common in USA. In America it would run via a charity. Different set up.
American raffles can only sell to Americans.
In Cyprus a company (not an individual) can get a license but it is set up more as a game of luck. ie answer 2 easy questions. etc.
The sale is handles through your local soliciter or notary, but the cyprus company pays the buers fee from it proceeds.
It can be a bit complicated.

Answer 4

its not a new idea, you'll need to have a license, your solicitors should apply .the end product is you need to sell the tickets to cover the £250k, some tickets ,say sell one at £ 50 that's half a million be for braking even then you'll need to cover printing costs adverts and solicitors. I'll be surprised if theres no tax as well, its a very good idea and you need to know that you might not get it off the ground owing at lease your time and all the be for mentioned, good luck

Answer 5

Someone tried it before and I don't think it was a success, I don't think they sold many tickets and the people who had bought some had a hard time getting their money back.

You have to be assured you will sell enough tickets. Or be prepared to log everyones address or buys one.

Try looking it up on the net, you might get the answer you're looking for.

I had the idea that if I asked for £1.00 I might get enough to pay off my debts, but if I didn't get enough would it be worth the hassle of giving strangers your house address. (they might not send to a p.o.box.

Answer 6

This has been done before but not very successfully.
The problem is that you have to set a final date and if you only sell a few tickets you still have to hold the raffle.

Answer 7

you won't be ready to raffle it yet you will possibly have the skill to create a game of potential with a fee for each get admission to - something like 'spot the ball' or 'what proportion beans can slot in a Passat' or something like that. i might strongly propose that, in case you accomplish that, you're taking some criminal suggestion as a results of fact which you would be dedicated to: a) having a precise answer lodged at notaries earlier the competition started b) having an end date at which era the guy whose answer grew to become into the closest might win the prize c) having an eventuality for the ideal way the domicile may well be presented in case you have greater advantageous than one ideal answer you will possibly additionally might desire to renounce the domicile on the top of the competition era regardless of the quantity of tickets offered and that i might recommend that when you look at your cost ticket revenues you ingredient in the possibility of loss (that's sparkling) and income as a results of fact that those may well be to blame for tax. An adventure like this might generate some close by and doubtless even some nationwide exposure and that i might use that as much as conceivable - you would be cautioned to get hundreds of leaflets revealed and get as many acquaintances and kinfolk as you may that may additionally assist you get entries - you need to paypal entries yet your likely marketplace is going to be close by so it would be a good sort of long days at your close by procuring centres.

Answer 8

This has been done in Cyprus but they charged £100 CYP per ticket (equivalent to £120 sterling) never heard anything about it so sorry can't tell you outcome.

Answer 9

Best you watch your self with this or you are big fish to the con man.

Answer 10

It has successfully been done in US, but I don't know the rules in Europe.