You are here: Home - News -

Raffle of £1.25m London home for £5 ticket shut down by council

by:
  • 12/05/2017
  • 0
Raffle of £1.25m London home for £5 ticket shut down by council
A south east London five-bedroomed house which was being raffled off at £5 a ticket has been withdrawn from the market on the advice of the council, causing dismay among local househunters.

The owner of the property in Blackheath took the unusual route of selling her home by raffle, after she struggled to pay her mortgage owing to a disability. Renu Qadri was attempting to sell 750,000 tickets at £5 each to raise £3.75m to cover her costs.

The property is currently on the market at £1.25m, listed with Rightmove (pictured), but had failed to sell, driving the owner to unusual lengths. Renu Qadri used her own website to advertise the raffle, which south east-London property hunter Spencer Davis from Catford, spotted in Time Out magazine.

Davis visited the site yesterday evening, only to find the property raffle had been withdrawn.

“I saw the advert and thought ‘what a deal’ and that it was definitely worth a punt. It’s a beautiful house and area,” he said.

“It’s a big disappointment that the raffle was closed down. To win a property like that for £5 would have been a dream.”

 

Full refund

The warning on the website reads: “Ticket holders, please be advised that unfortunately we have been contacted by the local council informing us we will no longer be able to continue with this draw at this time. Therefore we will be cancelling the raffle with immediate effect. All tickets holders will be given a full refund through PayPal.

“We are working with the local council and the Gambling Commission to get the raffle reinstated,” it added.

A report on the Telegraph said Greenwich Council had become involved and advised the homeowner that there may be potential breaches of Gambling Commission rules.

The paper reports that the home was purchased by Qadri using the Right to Buy scheme three years ago for the discounted price of £360,000. The owner would be liable to repay some of her discount to Greenwich Council.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Keith Street
Lenders will lend on modular homes – Northview

Fears that lenders will not provide mortgages on new construction types such as modular homes are unfounded, according to Northview...

Close