Friday, May 12, 2017
RTB-er milking the system
Woman raffling her London home for Ã‚Â£3.75m bought it three years ago through right-to-buy Ã¢Â€Â“ for just Ã‚Â£360k
A homeowner who tried to raise Ã‚Â£3.75m by raffling her home online bought the property three years ago using the controversial right-to-buy scheme, and paid just Ã‚Â£360,000. The owner, who is believed to have lived there since 2002, bought the property under the GovernmentÃ¢Â€Â™s right-to-buy scheme three years ago, according to documents lodged with the Land Registry. It is understood that at the time it was valued at Ã‚Â£460,000. Land Registry records confirm, however, that the price paid was Ã‚Â£360,000, indicating the buyers benefited from a Ã‚Â£100,000 right-to-buy discount. The raffle was halted for breaking gambling laws , but he five-bedroom flat is still on the market, listed Rightmove for Ã‚Â£1.25m.