PROPERTY LOTTERY You could win Formula 1 legend Eddie Jordan’s £750k home for a tenner

The Formula 1 commentator and Top Gear presenter has teamed up with his son Kyle to sell their three-bed London flat

08 September 2018 - 08:07

FORMULA 1 legend Eddie Jordan is selling his £750,000 London flat and you could own it for a tenner.

The luxury pad is in Tooting Bec in south London and comes with three-bedrooms and its own private rooftop garden.

The flat is split across two levels and has two bathrooms and an open plan kitchen and living area.

So what's the catch? You'll have to win it first.

The F1 commentator and Top Gear presenter has teamed up with his son to Kyle to help flog the apartment in SW17.

At a time when first-time buyers in London need to fork out £420,132 for a property on average - double the amount needed for a home anywhere else in the UK - you may be tempted by the father and son's offer.

"It's really sad that people are having to move away from such an awesome city," Eddie said.

"And we hope our new venture will make a dream come true for some lucky people."

But while it may be being advertised as a "once in a lifetime opportunity", it's really a bit of a gamble.

The flat is being sold via a raffle and you'll need to play a game of "Spot the Ball" first - and get it right before you stand a chance at winning.

Chancers will have to fork out a tenner to enter - which is how the sellers will make their money.

What are the risks of buying and selling properties in raffles?

IF selling your property the conventional way isn't working, then raising the funds via a raffle could be another option to explore. But it's not without its risks:

BUYING

  • Make sure you're aware of any hidden costs - There are fees to think about when you're buying house, not just the property value. Make sure you know all of the added costs, such as Stamp Duty and solicitor's fees, so that it's not a shock if you win.
  • You're not guaranteed to win - Remember, just because you've entered the competition doesn't mean you're definitely going to win. Often you can enter it more than once meaning you'll be up against people who've entered multiple times, increasing their chances of winning.
  • Are you prepared to move? - If you win the property, you'll need to take into consideration any moving fees.

SELLING

  • Gambling rules - You might be able to make a profit on a house you were previously struggling to sell, but you'll need to make sure you comply with gambling rules or you could face a fine. It's best to get legal advice but that will cost you too.
  • Covering your mortgage - If ticket sales go well then you might make enough for a profit, but if you don't sell enough to cover your mortgage you could end up in negative equity.

The pair expect to sell 100,000 tickets before they draw the winner, which means they will generate £1million if they sell them all - £250,000 over the asking price.

Winners won't have to cough up the funds for stamp duty and lawyers fees either as they're included in the prize, which comes out of whatever cash the duo make.

Raffling a property with a competition is more common than you might think, especially as stagnating house prices mean that some homeowners are struggling to sell.

Marie Segar, 50, won an £845,000 country mansion after spending £2 in the raffle for it. She never moved in but rents it out for £1,500 a month instead.

There's currently a £2.5million house for sale via a competition - and it costs £10.50 to enter.

But of course, the chances of you actually winning in this particular competition are one in 100,000 if you enter once and the father and son team sell all of the tickets.

You can enter the competition as many times as you like which will increase the chances of you scooping the prize but will also cost you a tenner a pop.

The flat comes unfurnished though, so make sure you've got enough cash to at least move in or rent it out with the bare essentials.

The competition opened this week and will be running for four months before closing on December 23.

f they fail to sell as many as 75,000 tickets (which is worth the £750,000 asking price) then the winner won't win the flat, but will get a payout of whatever cash is raised instead.

"It’s up to the winner what they do with the property," said Eddie’s son Kyle. "We hope they will keep it and live in it but they’re able to sell straight away if they want to. It’s up to them.

"We wanted to inject some fun into the property market and a tenner a ticket seemed like the best option. Who doesn’t love to play Spot the Ball anyway?"

 

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