kidley Posted January 16, 2009 Share Posted January 16, 2009 My turn, no you dont own the apartment if you win the draw look at past post Link to comment Share on other sites More sharing options...
shinyhappy68 Posted January 17, 2009 Share Posted January 17, 2009 I just been on the site, and correct me if Im wrong, they have 9999 tickets left to sell at £50 a ticket, that would bring in £499,950, they donate £20,000 to chairty, means they net £479,950 in advance to RENT it out for the next 125years. I might auction my house in this way, Id be quids in! Does anyone want to win my car for £1, I will be holding the draw after I sell 50,000 tickets (That should be enough to get me one of those gas guzzling Hummers top of the range model, he says rubbing his hands together). My car is a M reg Scorpio (Ultima) 2.0 Petrol. Well worth a quid! Probably £2 at least! (Please note, this competition is to hire the car free for the next 125 years, NOT to own the car!) You are wrong....you need to read it properly. Not sure where you are getting your info, but deffo wrong. Link to comment Share on other sites More sharing options...
logeyboy Posted January 17, 2009 Share Posted January 17, 2009 My turn, no you dont own the apartment if you win the draw look at past post Yes you do own it. It's called leasehold ownership (look it up). You own everything inside and usually the exterior is owned by the developer etc, which he maintains under the "lease" for which you usually pay an annual fee. And yes, despite what others say you can sell this flat on if you so wish. What would happen if you sold it on is that you would pass on the leasehold to the new buyer and they would be liabale for the yearly charges, I believe here £900. So, £50 for a property worth approx. £120k that you can either live in, sell on or rent out, is indeed quite a good gamble. Link to comment Share on other sites More sharing options...
KeBaB Posted January 17, 2009 Share Posted January 17, 2009 Sounds a bit of fun. Property developers will know about that problem with the Devon house. Hopefully they have covered this issue. Link to comment Share on other sites More sharing options...
Betrayed1 Posted January 17, 2009 Share Posted January 17, 2009 You are wrong....you need to read it properly. Not sure where you are getting your info, but deffo wrong. http://www.50quidapartment.com/faq.asp bottom left hand corner 9999 tickets left to sell But after reading the small print can see what you mean. Also noticed other annual charges that have to be paid as well. Providing one answers the question correctly, as it seems you pay your £50 answer a question, if you get the question wrong, your money goes to charity, and does NOT get entered into the draw. Although I am selling more tickets for my car raffle, if you answer the question wrong, I will still enter you into the draw I am now also going to raffle the contents of my wheelie bin for only a penny! Good Luck, and remember "You gotta be in it to win it!":thumbsup: Link to comment Share on other sites More sharing options...
Tuffty Posted January 17, 2009 Share Posted January 17, 2009 Quote: You don't win the apartment, you win a 125 year lease on it (and no, this is not the same as freehold/leasehold land when you buy a house or flat). do people seriously believe that these new build apartments will still exist in 125 years time anyway? -look what happened to all the badly designed flats of the 60s a lot of them are being demolished just over 40 years after being built. most of the new build stuff i ve been in (as oppose to converted buildings) seem to be of a low standard with regards to build quality. these are privately owned so the council are not going to step in and invest thousands when they need new lifts or the like. therefore the leaseholders will pick up the tab. i think a lot of people are going to end up with there fingers burnt as maintenance costs rise as the properties age. Link to comment Share on other sites More sharing options...
kidley Posted January 17, 2009 Share Posted January 17, 2009 Yes you do own it. It's called leasehold ownership (look it up). You own everything inside and usually the exterior is owned by the developer etc, which he maintains under the "lease" for which you usually pay an annual fee. And yes, despite what others say you can sell this flat on if you so wish. What would happen if you sold it on is that you would pass on the leasehold to the new buyer and they would be liabale for the yearly charges, I believe here £900. So, £50 for a property worth approx. £120k that you can either live in, sell on or rent out, is indeed quite a good gamble. Forgive me for being brain dead but if the exterior is owned by the developer how can you own it, exterior being bricks and mortor Link to comment Share on other sites More sharing options...
claireweb Posted January 17, 2009 Share Posted January 17, 2009 Well when i get paid im having one. and i know a few people who are. I think 1 in 3600 is good odds and it helps a charity. If you like to help charitys whats the harm in having ago!!! You all make great points but at the end of the day i cant get on the housing ladder with the state of morgages now and rent which costs me £375 sharing . .. . the chance of winning a apartment rather then buying lotto tickets which you have no chance of winning (well a £10..when your lucky) is a option i would take....Even if i dont want to live there i can rent it out. And im pretty sure you can sell since the apartments i live in are a leasehold. xx Link to comment Share on other sites More sharing options...
kidley Posted January 17, 2009 Share Posted January 17, 2009 Well when i get paid im having one. and i know a few people who are. I think 1 in 3600 is good odds and it helps a charity. If you like to help charitys whats the harm in having ago!!! You all make great points but at the end of the day i cant get on the housing ladder with the state of morgages now and rent which costs me £375 sharing . .. . the chance of winning a apartment rather then buying lotto tickets which you have no chance of winning (well a £10..when your lucky) is a option i would take....Even if i dont want to live there i can rent it out. And im pretty sure you can sell since the apartments i live in are a leasehold. xx Good look to you mate i agree with every thing you say accept the charity thing, you are buying a ticket to win the flat, give to charity by all means you dont need an excuse, Link to comment Share on other sites More sharing options...
kidley Posted January 17, 2009 Share Posted January 17, 2009 Originally Posted by L00b Can't some of you people read? You don't win the apartment, you win a 125 year lease on it (and no, this is not the same as freehold/leasehold land when you buy a house or flat). In other words: •the prize is a 'rent-paid-up-for-125-years occupancy contract' •you get legal title to the lease, not to the flat •the flat doe not belong to you So you could only ever sell on the lease, but never the flat itself. Mug's game. Link to comment Share on other sites More sharing options...
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