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What happens if I win a competition?
We will contact you within 48 hours of the competition closing date, by phone and email informing you of your win. You will be required to provide ID documents matching the information supplied on your entry form. At this time, you will be informed whether you have won the property, or whether the prize fund did not reach the minimum selling price, in which case you will receive the prize fund in cash.
If I win a property, how does the transfer of the property happen?
Upon contacting you to inform you of your win, we ask for the details of your solicitor or legal representative so that we may notify them that we are holding the purchase sum on your behalf.
The seller’s solicitor will also be informed of the sale. Solicitors of both parties will liaise to exchange a sales contract just as in a normal property purchase. Once we are informed by both solicitors that a contract for the property sale is ready to be exchanged, funds will be released to your solicitor within 10 working days, in readiness for completion. Your solicitor will then transfer these funds to the seller's solicitor upon completion of the purchase.
What happens if I win a property but would prefer the cash?
If the prize fund reaches the minimum selling price, the property is allocated as the prize. Winners cannot opt to select a cash prize instead.
Who pays the solicitors’ fees?
We contribute a minimum of £1500 towards the winner's solicitor's fees.
The fees from the seller’s solicitor must be paid by the seller. This is usually deducted by the seller’s solicitor from the sale amount.
Can I list my property elsewhere when it is listed as a competition prize?
Yes. Most other agents charge an extra commission fee if you list your property with more than one agent. We don't charge a listing fee at all, so this does not apply. If your property is listed elsewhere, you may wish to check their fees. However, if you already have your property listed with a conventional estate agent when you list it with us, we offer to arrange a commission payment to the agent in the event we sell it before they do.
How long does each competition run for?
Competitions run for between three and eight calendar months. This starts from the date the property is listed on our site. The seller receives a confirmation email when the property has been successfully uploaded and the three competition listing period commences. The closing date for the competition is displayed on the property’s listing. Entrants to the competition are only accepted up to 12pm on this closing date. If the competition does not reach the minimum selling price for the property, the owner may choose to extend the competition by a maximum of 6 months.
I won cash – how will I receive it and when?
Winners of competitions for which cash has been allocated as the prize (ie when the minimum selling price has not been met) will be contacted within 48 hours of the prize draw. Winners will be required to provide proof of ID, matching their entry details and a UK bank account in their name to which the prize funds can be transferred.
Once these details have been confirmed, the winner will receive their prize funds within 10 working days by bank transfer or cheque.
I'm listing my property. How do I choose my minimum selling price?
We can help you with this. We recommend the minimum price allocated to a property listing is the minimum amount you would be prepared to accept as an offer for the property. You may still receive substantially more than this, depending on the number of competition entries received. Listing your property with a low minimum sale price makes the property more attractive to potential competition entrants. For help in allocating your minimum selling price or any other listing details, please contact us by email or on the freephone number provided, or see our Tips for Sellers page.
If I win a property, will I have to pay the Stamp Duty?
The law on how much Stamp Duty is due on a property purchase varies according to the buyer's situation, eg first time buyers are liable to less Stamp Duty than those with a property already etc. Before a winner is drawn, we make an allowance to cover the Stamp Duty due in the event that the winner is already a property owner - just in case. Our Terms and Conditions (6) explain this in more detail.
How do I know the competition is legitimate and the payment is secure?
As a competition which requires participants to exhibit knowledge or skill to participate, we are not classed by the Gambling Commission as a lottery or as gambling. We therefore are not required to be registered with them. However, we think it's important to be totally clear about how the competition is run and we've made our Terms and Conditions as concise and accessible as possible. We're also very happy to discuss our services with you by phone or email if you need any clarification. We even publish details of the prize amounts, the donations we make and the number of properties won.
We do not store or process your payment details at all - we use an authorised and regulated third party processor (Paypal) to manage all payments.
How do I become eligible for the cash reward when I list my property?
ALL properties which are approved for a listing receive a £50 cash 'thank you' payment from us at the end of the competition period and if your property doesn't reach its minimum selling price (and therefore doesn't sell with us), we give you 1% of the competition revenue.