Win £300,000 Wimbledon flat in £10 prize raffle

Win £300,000 Wimbledon flat in £10 prize raffle

Win £300,000 Wimbledon flat in £10 prize raffle

Win £300,000 Wimbledon flat in £10 prize raffle

Win £300,000 Wimbledon flat in £10 prize raffle

Win £300,000 Wimbledon flat in £10 prize raffle

First published in News by , Chief Reporter

A finance and economics graduate desperate to beat the flagging property market is giving one person the chance to walk away with his £300,000 apartment for just £10.

Tom Salem, 43, is offering one lucky punter the chance to win his two bedroom apartment in Colliers Wood as first prize in a raffle draw.

Mr Salem bought the flat for £273,000 in 2007 stumping up a deposit and legal costs of £60,000.

But shortly after purchasing the property the market crashed and five years later his home is worth barely more than when it was first bought.

He said: "I didn’t know the market would crash and I thought I was one of the lucky ones to have gotten on the property ladder - but it just didn’t happen.

"The market is stagnant and it’s going to be for some years yet."

"I could put it on the market for about £300,000 but after negotiations I would end up selling it for the same price I bought it for, so I would lose everything I put into the flat."

After hearing about a similar competition in Devon where a £1m house was sold to a lucky raffle winner for just £35, Mr Salem was inspired to set up his own competition.

Mr Salem needs to sell 39,000 tickets before April next year to provide enough cash for his family to move, but even if he doesn’t reach his target Mr Salem said it is a "win win" situation.

He said: "The person who wins is going to get everything, the flat and no stamp duty and I will have enough money to move out of the flat and somewhere bigger because I have three kids and a wife and it’s got very small for us.

"If I don’t get the minimum requirement they will win everything, all the money minus the cost of the website and advertising."

Predicting people may ask questions over his seemingly no strings attached offer, Mr Salem has gone to great lengths to ensure legal protection.

He said: "I have spoken to many solicitors and to the gambling commission and tried to do as much as I could legally.

"There will be two solicitors and two witnesses in case anybody objects."

For more information, terms and conditions and to buy a ticket visit winmylondonflat.com

 

UPDATE - 29/10/12 - Mr Salem has informed us that he has had to suspend his competition and website while dealing with further enquiries from the Gambling Commission. 

Comments (4)

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10:54pm Mon 22 Oct 12

Tobermory says...

Why are people so greedy these days? After living rent free in a flat worth a quarter of a million pounds for 5 years Mr Salem is upset to be walking away with 'just' a £25,000 profit, his life must be in ruins!
Why are people so greedy these days? After living rent free in a flat worth a quarter of a million pounds for 5 years Mr Salem is upset to be walking away with 'just' a £25,000 profit, his life must be in ruins! Tobermory
  • Score: -1

8:23am Tue 23 Oct 12

bellboy007 says...

What a terribly ignorant comment from the poster Tobermory. Just because he bought the property doesn't mean he lives rent free? He most probably has a mortgage and service charges that actually are greater than a rental charge. Also the £25,000 "profit" you stupidly elude to would be no doubt swallowed up by the agents and solicitors fees....Please actually read the story before making stupid comments in the future.
What a terribly ignorant comment from the poster Tobermory. Just because he bought the property doesn't mean he lives rent free? He most probably has a mortgage and service charges that actually are greater than a rental charge. Also the £25,000 "profit" you stupidly elude to would be no doubt swallowed up by the agents and solicitors fees....Please actually read the story before making stupid comments in the future. bellboy007
  • Score: 1

12:42pm Tue 23 Oct 12

peepingtweo says...

he has stopped the competition...look at his website!!
he has stopped the competition...look at his website!! peepingtweo
  • Score: 0

1:26pm Tue 23 Oct 12

Tobermory says...

bellboy007 wrote:
What a terribly ignorant comment from the poster Tobermory. Just because he bought the property doesn't mean he lives rent free? He most probably has a mortgage and service charges that actually are greater than a rental charge. Also the £25,000 "profit" you stupidly elude to would be no doubt swallowed up by the agents and solicitors fees....Please actually read the story before making stupid comments in the future.
If you buy a property of course you live rent free, you are not going to charge yourself rent are you?? I did actually read the story and stand by my comments. Why does everyone buy a property thinking they will make a profit? Even with mortgage payments he hasn't lost any money compared to someone renting, who will never recoup a penny spent on rent. At current interest rates his mortgage will have cost him £55,000, if you can find a 2 bed property worth £250,000 to rent in SW19 for £500 a month please let me know!
[quote][p][bold]bellboy007[/bold] wrote: What a terribly ignorant comment from the poster Tobermory. Just because he bought the property doesn't mean he lives rent free? He most probably has a mortgage and service charges that actually are greater than a rental charge. Also the £25,000 "profit" you stupidly elude to would be no doubt swallowed up by the agents and solicitors fees....Please actually read the story before making stupid comments in the future.[/p][/quote]If you buy a property of course you live rent free, you are not going to charge yourself rent are you?? I did actually read the story and stand by my comments. Why does everyone buy a property thinking they will make a profit? Even with mortgage payments he hasn't lost any money compared to someone renting, who will never recoup a penny spent on rent. At current interest rates his mortgage will have cost him £55,000, if you can find a 2 bed property worth £250,000 to rent in SW19 for £500 a month please let me know! Tobermory
  • Score: 0

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