Dyson Fury Posted June 10, 2017 Share Posted June 10, 2017 http://www.telegraph.co.uk/personal-banking/mortgages/house-prices-slump-look-desperate-couples-solution/ The main part of the story is fairly routine. Couple need to sell their house but nobody will pay the asking price - they don't seem to consider the possibility that maybe they've overvalued it? They must sell, as their income has fallen and they can't pay the mortgage. No mention of how much they actually paid for the house initially, or the LTV of the mortgage. I think there was an article somewhere about the same couple earlier this year - their "manor house" is in fact the end section of a rather shabby-looking block (as can be seen from the different photo in the physical paper) and in a fairly built-up area. So they have hit on the idea of putting the house up for raffle, and the article discusses the legal issues. Fair enough. The part of the article lower down is what has raised me to FURY this morning. Quote Another vendor who made recent headlines by attempting to raffle their home was Renu Qadri, who lives in a five-bedroom property in Blackheath, London. Ms Qadri started raffling the property last month at £5 per ticket, aiming to raise £3.75m. The property was previously on the market for £1.25m. It had been bought by Ms Qadri through the Government’s Right to Buy scheme.. A 5 bedroom house in Blackheath (not exactly social housing) bought at a discount under the right-to-buy scheme?? Quote ...three years ago for... wait for it.... Quote just £360,000. Words fail me. Here is the house: Quote Link to comment Share on other sites More sharing options...
juvenal Posted June 10, 2017 Share Posted June 10, 2017 (edited) http://www.propertyindustryeye.com/vendor-who-hoped-to-raise-3-75m-through-house-sale-raffle-bought-it-under-right-to-buy/ Actually it's only the top half of that house in the picture. It's a large two floor flat carved into five beds. In an ex -Council property. She bought it under RTB just three years ago for £360K, having lived there as a tenant for 20 years. Selling for a paltry million clearly isn't enough for this lady. Edited June 10, 2017 by juvenal Quote Link to comment Share on other sites More sharing options...
Sawitcoming Posted June 10, 2017 Share Posted June 10, 2017 Not this shit again. Quote Link to comment Share on other sites More sharing options...
monkeyprojects Posted June 10, 2017 Share Posted June 10, 2017 20 minutes ago, juvenal said: http://www.propertyindustryeye.com/vendor-who-hoped-to-raise-3-75m-through-house-sale-raffle-bought-it-under-right-to-buy/ Actually it's only the top half of that house in the picture. It's a large two floor flat carved into five beds. In an ex -Council property. She bought it under RTB just three years ago for £360K, having lived there as a tenant for 20 years. Selling for a paltry million clearly isn't enough for this lady. The thing is that its not worth a million and probably (if anyone is being honest) isn't really worth the £360k she paid for it... Hence the only way she can get the money she hopes to get is to auction it. The other house in the original article is another a prime example of someone trying to escape their mistake... Where are the windows on the ground floor? Quote Link to comment Share on other sites More sharing options...
Sawitcoming Posted June 10, 2017 Share Posted June 10, 2017 Quote “After talking to many estate agents and ‘quick buy’ companies, we believe it is in our best interest to take the sale of our property into our own hands, whilst offering someone else the opportunity to own and enjoy the property as their own.” I realise now that I didn't get out that much and totally convinced myself that my home was worth 1.25M and all my problems were solved. Im ok now and seeking to recover what I can before I am repossessed. Quote Link to comment Share on other sites More sharing options...
thisisthisitmaybe Posted June 10, 2017 Share Posted June 10, 2017 Forget the raffle. How about they do a (un)Lucky Dip (shits)? Quote Link to comment Share on other sites More sharing options...
Si1 Posted June 10, 2017 Share Posted June 10, 2017 47 minutes ago, Sawitcoming said: Not this shit again. Is that a song by rag'n'bone man? Quote Link to comment Share on other sites More sharing options...
longgone Posted June 11, 2017 Share Posted June 11, 2017 Not sure if this would be an intelligent answer ? but could the price be adjusted to a lower decimal ? just a thought Quote Link to comment Share on other sites More sharing options...
Pytyr Posted June 11, 2017 Share Posted June 11, 2017 They paid £435k for it in 2011. They want to raise a million. I leave to make your own judgements about it. http://winacountryhouse.com/index.html http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=30473863&sale=50996031&country=england Looking at the RM pics and the ones on their website, I can't see that they spend any significant money on the place, despite claiming to have "lovingly renovated" it. Still, guess they're worth it. Quote Link to comment Share on other sites More sharing options...
BorrowToLeech Posted June 11, 2017 Share Posted June 11, 2017 How long until the 'if you can't sell your house, try setting fire to it for the insurance' threads. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted June 11, 2017 Share Posted June 11, 2017 A fire would improve it's look. Quote Link to comment Share on other sites More sharing options...
bobbo Posted June 12, 2017 Share Posted June 12, 2017 So if you sell a house in a raffle, is it worth the million pound that you win or the £2 of the ticket? If you won a house would you move in for a while then sell, or just sell off the bat and stump up the capital gains tax (if owed). Would you also seek a million or perhaps whatever it takes to line your pockets? I hope this really takes off. Quote Link to comment Share on other sites More sharing options...
Freki Posted June 12, 2017 Share Posted June 12, 2017 old news Quote Link to comment Share on other sites More sharing options...
AvoidDebt Posted June 12, 2017 Share Posted June 12, 2017 Who pays the stamp duty on these raffles and at what price? Daft solutions for a daft market. Another 15% rise anyone? Quote Link to comment Share on other sites More sharing options...
crazypabs Posted June 12, 2017 Share Posted June 12, 2017 House raffles are illegal - normally... http://www.propertyindustryeye.com/vendor-who-hoped-to-raise-3-75m-through-house-sale-raffle-bought-it-under-right-to-buy/ Quote Link to comment Share on other sites More sharing options...
Sandwiches33 Posted June 12, 2017 Share Posted June 12, 2017 Cuold we change the national lottery so instead of a million quid you can get a shit flat in london? I am seeing a lot more more of this wage deflation..... "They must sell, as their income has fallen and they can't pay the mortgage." hoho! perfect storm coming folks! Quote Link to comment Share on other sites More sharing options...
SE10 Posted June 26, 2017 Share Posted June 26, 2017 It's baaaack... "Here is how you can own a £1.3m house for just a fiver - again..." Still not a house either, the trainee reporter even goes as far as to call it a mansion in the article. Quote Link to comment Share on other sites More sharing options...
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