Answers to some of the more Frequently Asked Questions here at Property Lotto HQ.
1. £200,000 is there a catch?
No, you can choose any property (or properties) in any area in the UK and we will pay up to £200,000 to cover the purchase price and all associated legal costs and disbursements.
If your property is less than £200,000 you can spend the balance on furniture, white goods, decorating etc. Hovever a minimum of 75% must be used on the property purchase and property related items, remember some will be needed to cover legal expenses [we also look after the legals for you].
If your property is more than £200,000 you could use your Prize Draw win as a deposit.
2. Whoever wins, still has to pay extra for all the legal work, I’m assuming?
No, Property Lotto will pay all legal and other fees as reasonably required from the £200,000 so your entry, should you decide to buy a single ticket is just £2.
3. Do you currently own the property? If not, who does?
Property Lotto is unique in that should you win, you get to choose your own property. Yes! any property in the UK that you'd love to own. Or you could use the Prize Draw fund to pay down your existing mortgage or even as a deposit towards a property.
Your chosen property will be purchased following the draw through the Property Lotto Legal team, so you don't even have to worry about the conveyancing, it's all taken care of.
Remember, the property is: Your Choice. Your Area. Your Keys.
4. When will the draw be made?
The draw will be made once 150,000 tickets have been sold.
5. How will the draw be made?
It will be held in a central location with members of the press invited, the lawyers will be present and the draw will be made by a representative of the local charity. It will be filmed to go onto the website and streamed live on Facebook.
6. Is this your first draw?
No, this was an idea Howard Rose had a long time ago. Howard completed a previous Prize Draw under his HMV Competitions brand, Mark Walker a UK based Entrepreneur entered the first prize draw then met with Howard with a concept to expand the idea in order to giveaway more houses to more UK families, or allow individuals and couples to pay down their mortgages, assist a greater number of Charities and also create a Foundation to reduce UK Homelessness.
Since the first draw both Mark and Howard, along with the rest of the team, have made refinements and improvements to the overall system allowing Property Lotto to be launched on 1st February 2018. Entering the Prize Draw offers a great opportunity for mortgage free home ownership not available anywhere else.
7. I notice on your website you plan future draws?
Yes, as one draw completes so the system automatically starts the next draw. Our long term goal is being in a position of giving away at least one house every week, if not more. The more draws, the more properties we can giveway and more Charities we can offer grants to.
8. What is the maximum number of tickets?
The maximum number of tickets for each Prize Draw is set at 150,000. This gives each entrant a 1 in 150,000 chance to win. 5 entries offers the entrant odds of just 30,000 to 1.
There is no maximum number of postal entries per household or tickets an individual can decide to buy in order to enter.
9. Is this a lottery?
No, a lottery can only be held in aid of a charity. This is a prize draw competition as described by the Gambling Commission.
Legislative Information can be read under the heading below by clicking the link:
Prize competitions and free draws: The requirements of the Gambling Act 2005
10. How do I get my ticket?
On payment you will receive your e-ticket immediately by email. This is your Prize Draw entry ticket - it is unique to you.
If you buy multiple tickets these will be recorded on the system as 101a, 101b, 101c and so on but you will only receive 1 main e-ticket.
11. How do I know how many tickets have been sold?
As soon as each Prize Draw of 150,000 tickets are sold notification will be made on this website, on the Property Lotto Facebook page as well as through Social Media and via direct emails. Players should add their name and email address to the Property Lotto News opt-in form box at the bottom of the homepage CLICK HERE
12. When will the draw take place?
The draw will be made once the 150,000 tickets have been sold, we envisage this to be 3 – 6 months but it could be sooner.
13. How will the draw be conducted?
The Draw will take place in front of an invited audience, including at least one of the potential charity recipients, and will also be streamed via Facebook. We will be Tweeting throughout the evening and will also invite members of the press.
14. How will you contact me if I win?
When you purchase a ticket it automatically provides us with your contact details, should you wish to amend that information please email us from the contact page, we will then use this information to contact you if you are not at the draw.
15. Who will do the draw?
This will take place live, see question 13, and the winning ticket will be drawn by one of the charity recipients it will also be streamed live via Facebook and Tweeted.
16. Do I have to watch the draw to claim the prize?
No the winners will be notified within 24 hours by email, we will also be streaming the draw live and may try to contact you by phone. The results will be put on the website within 48 hours, Tweeted and released to the press.
17. How do I know this is legal?
Please see question 9, the winner will also be required to have their ID checked and verified by our lawyer in order to comply with anti-money laundering regulations.
18. How do I know this is real?
All paperwork will be held by our lawyer, full details are on the Property Lotto website, who will ensure all T's & C’s are adhered to.
19. When will I get my prize?
Don’t forget YOU choose the house you want so it really depends on you and the house YOU choose, however we would expect any transaction to complete within 8 – 12 weeks maximum. As we use our own experienced in-house lawyers and we will be purchasing with cash it should make the process very simple, however times may vary due to property availability and other factors beyond the control of Property Lotto.
20. What if I don't want to live in the property?
You can sell it, gift it, or transfer it, the choice is yours.
21. What if I die before the draw?
The prize will go to your estate and pass to your next of kin, subject to your Will / Probate, please seek professional advice from a solicitor.
22. Do I have to pay tax?
You may be liable to tax on disposal of the land or property. Please seek professional advice from your accountant.
23. What if you don’t sell the required amount of tickets?
Each Prize Draw will run until the required 150,000 tickets to create its specific Prize Draw fund have been sold.
24. Should I win, can I just take cash?
No. Property Lotto is all about Property. The Winner MUST spend at least 75%, £150,000, on property. Legal fees and other disbursements will be covered from the £200,000 Prize fund and any cash balance will then be sent to you. So that could pay for redecorating, new carpets, new white goods or whatever you want for the house.
25. Can I give the house to someone else?
Yes, once you win the prize, it is yours to do with as you wish subject to the above.
26. Why can’t I pay by cash to buy a ticket?
Paying via credit card or PayPal gives you added protection and is your proof of payment. It also allows Property Lotto to comply with Anti-Money Laundering rules.
27. How many tickets can I buy?
You can buy as many tickets as you wish subject to availability. You'll never miss out. As soon as the first 150,000 tickets are all sold, that competition is locked ready for drawing the winner and the next batch of 150,000 are released by the system.
28. Can I buy tickets as a gift or as a group?
Yes you can buy tickets as a group or syndicate; we recommend you have a syndicate agreement in place.
29. How will I know if I have won?
Please see question 13 - 16.
30. Will you publish details of the winner?
Yes you will be asked to give your consent for publicity as part of the T & C’s.
31. If I don’t win will you run any more competitions?
Yes Property Lotto plans on holding further draws. If you have registered with us we will inform you by email of any future competitions.
32. How much from each draw goes to charity?
Property Lotto has its own Community Trust, this administers and deals with all charity requests and grants. 50% Nett (ie after Prize, fees, charges, etc) from each draw goes into the trust to be considered for worthwhile causes.
33. How will I know what charity receives what money?
The results will be put on the website within 48 hours, Tweeted and released to the press. You are also free to contact the charity, the details will be posted here on the Property Lotto website.