| Q. |
So, what's the catch? |
| A. |
There isn’t one. The winner gains an approx £850,000 property and we get the market value for our property. If there isn't a winner by the 31st October 2010 then someone gains a cash prize and we start ringing estate agents, simple as that. |
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Q. |
Ok so, what do I have to do? |
| A. |
Click on the competition entry button, answer the questions, enter your card details on the checkout – then sit back with your fingers crossed! |
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Q. |
What are my chances of winning? |
| A. |
48,000 to one. We are taking 48,000 entries then the competition finishes. That’s much better odds than the lottery - which is 14 million to one! |
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| Q. |
What if I enter more than once? |
| A. |
Then your chances of winning are that much better. You can enter as many times as you like. |
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| Q. |
What does the winner have to pay for? |
| A. |
Just the competition entry and the cost of getting here. We are paying the stamp duty and conveyance costs etc. Lease and rental fees with be transferred directly to the winner. |
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| Q. |
What if there isn't a winner? |
| A. |
Then the ‘pot’ of money received in entries will go to the winner (less the set up costs of the competition). |
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| Q. |
So why are you selling? |
| A. |
Having been self employed for 40 years, we’re not getting any younger, and retirement is calling! |
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| Q. |
Who currently has the property's deeds? |
| A. |
The Promoters' bankers are holding all the deeds which will be transferred to our solicitors where all the necessary documents needed to carry out the transfer of the property to the winner. |
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| Q. |
Who will run the hotel? |
| A. |
The hotel is currently under a lease. This will remain in place but will be transferred to the winner. The winner will then receive an income from this lease of £50,000 per annum paid by monthly payments. |
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| Q. |
What if I would like to run the hotel? |
| A. |
The lease would be reviewable in Nov 2011.
Re-negotiations would need to be made with the existing tenants before that date. |
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| Q. |
What if I want to sell the property? |
| A. |
You could market the property for sale with existing leaseholders in place. |
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| Q. |
Where will the entry monies be kept whilst you are accumulating the 48,000 lots |
| A. |
The monies will be kept with our solicitors in a closed client account. We will have no access to this money until the competition is complete and the property deeds transferred. |
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| Q. |
The total entry fees will come to £1.2 million but the prize is £850,000, why? |
| A. |
Because the prize is a business, there are tax liabilities which need to be paid before the deeds can be transferred. |
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| Q. |
How exactly is the winner going to be chosen? |
| A. |
The winner will be drawn at the hotel with Solicitor and Press present. |
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Still have a question?
If you have any further questions please do not hesitate to contact us. |
