You can win a £6.5million London MANSION for £13.50 – but you’ll need to answer one question first
The six-bed mansion in North London even has its own gym, cinema and a wine room
IT'S hard enough getting on the property ladder in London but owning this £6.5MILLION mansion for just £13.50 is actually a possibility.
The catch? You'll have to win it first.
Dancers Hill House is a six-bed house in North London and it even has its own gym, cinema and a wine room.
The Grade II listed mansion even has a pretty fascinating history too - it was dubbed Camp 33 after it used by the British army as prisoner of war camp during World War II.
The eighteenth century home is being sold via a raffle and it costs £12.50 to enter - plus £1 booking fee.
And whoever wins the house won't have to pay stamp duty or a mortgage either because it's covered as part of the prize.
You can enter the competitions as many times as you like but you'll need to fork out the fee every time you do.
When property owners are struggling to sell a house they can open it up so people can win it in a competition - it's just another way of selling the home.
Even though the people who win the competition will effectively be buying a home for a ridiculously low price, the sellers won't be missing out on any of the money.
This is down to the sale of the raffle tickets.
Owners Melanie and Nigel Walsh are selling the house after 30 years of it being in the family.
Melanie said: "My family have lived in the property for over 25 years, we have filled it with miles of smiles, family and friends and gatherings and also a son's wedding.
What are the risks of buying and selling properties in raffles?
IF selling your property the conventional way isn't working, then raising the funds via a raffle could be another option to explore. But it's not without its risks:
BUYING
- Make sure you're aware of any hidden costs - There are more fees to think about when you're buying house, not just the property value. Make sure you know what all of the added costs like Stamp Duty and solicitor's fees so that it's not a shock if you win.
- You're not guaranteed to win - Remember, just because you've entered the competition doesn't mean you're definitely going to win. Often you can enter it more than once meaning you'll be up against people who've enter multiple times, increasing their chances of winning.
- Are you prepared to move? - If you win the property, you'll need to take into consideration any moving fees.
SELLING
- Gambling rules - You might be able to make a profit on a house you were previously struggling to sell, you'll need to make sure you comply with gambling rules or you could face a fine. It's best to get legal advice but that will cost you too.
- Covering your mortgage - If ticket sales go well then you might make enough for a profit, but if you don't sell enough to cover your mortgage you could end up in negative equity.
"Now my offspring have sprung. It is time to move on.
"In a difficult property market that is in a malaise, Brexit, Stamp Duty all added to the pot, a creative approach was needed."
The couple need to sell at least 600,000 tickets for the sale to go through - which will raise a whopping £7,500,000, which is more than £1million over the asking price.
If there are not enough tickets sold then there will be a cash prize equal to the amount raised minus any administrative costs.
Of course, there are some risks with entering the competition.
First of all, just because you enter the competition doesn't mean that you're going to win, but you'll also need to make sure that if you do win,
The competition launched on June 16 and ends on December 2018 - and they'll let you know if you've won 21 days after it closes.
Raffling off property is more common than you might think, especially as stagnating house prices mean that some homeowners are struggling to sell.
Marie Segar, 50, won an £845,000 country mansion after spending £2 in the raffle for it. She never moved in but rents it out for £1,500 a month instead.
There's another house for sale via a competition and it's worth £2.3million - and it costs £10.50 to enter.
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at money@the-sun.co.uk or call 0207 78 24516. Don't forget to join the for the latest bargains and money-saving advice.