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HOW IT WORKS

Firstly, the seller of the property chooses their minimum selling price and we upload their property listing.

Each person entering the competition to win the property pays an entrance fee of just £20 and answers a competition question.

If the revenue raised from the entry fees is sufficient, the property is given as a prize to the competition winner and property seller receives the Prize Fund.

If the revenue raised from competition entries is not sufficient, the winner of the competition receives the Prize Fund in cash and the seller retains the property as well as 1% of the ticket revenue.

We allow for the Stamp Duty (even if you have to pay a higher rate) and a solicitor's fee contribution.

We give £50 in cash to everyone listing their property with us!

 

We also donate a significant portion of our revenue to

Shelter UK.

Simple, right? Check out our examples below.

EXAMPLE 1

1. A seller lists their property and selects a 

minimum selling price of say £400 000.

2. The ticket revenue for the Competition

comes to a total of £650 000.

3. A winner is selected at random from the correct entries.

4. We calculate 80% of the ticket revenue 

(80% of £650 000 =  £520 000).

 

5. Before the property is given as the prize, we make sure £520 000 is enough to pay:

 

The minimum contribution of £1500

to the winner's conveyancing fees

(£1500)

 

The allowance we make to cover

the stamp duty due*

(£15,259.26)

 

The Prize Fund (is what's left at least 

equal to the Minimum selling price?)

(£503,240.74)

In this case all three costs are met - the property has been won.

The seller receives £503,240.74. The winner receives the property.

20% of the remaining revenue (4% of the total) is donated to charity (£26,000).

*Examples based on our calculation of rates of stamp duty at time of publishing. (We assume higher Stamp Duty rates are due). See Terms & Conditions

EXAMPLE 2

1. A seller lists their property and selects a 

minimum selling price of say £300,000.

2. The ticket revenue for the Competition

comes to a total of £280,000.

3. A winner is selected at random from the correct entries.

4. We calculate 80% of the ticket revenue 

(80% of £280 000 =  £224 000).

5. Before the property is given as the prize, we make sure £224 000 is enough to pay:

The minimum contribution of £1500

to the Winner's conveyancing fees

(£1500)

 

The allowance we make to cover

the stamp duty due*

(£6480.58)

 

The Prize Fund (is what's left at least 

equal to the minimum selling price?)

(£216,019.42)

In this case all three costs are NOT met.

The prize fund of £224,000 is provided to the winner in cash.

The seller retains their property and receives £2800 in cash (1%).

 

20% of the remaining revenue (4% of the total) is donated to charity (£11,200).

*Examples according to our calculation of rates of stamp duty at time of publishing and assuming higher rates due to owning more than 1 property. See Terms & Conditions (6)

Thinking of listing with us? Find out more.