In an economic downturn mortgages are harder to obtain, and home owners find it harder to sell their houses.
During this period in the housing economic cycle a small number of home owners attempt to increase the likelihood of a sale by organising some kinds of competition in which participants can pay for the opportunity to win the property.
This practice note provides advice for solicitors who are asked to advise or assist with such transactions, and highlights risks relating to illegal lotteries, fraud and money laundering.
This practice note is the Law Society’s view of good practice in this area, and is not legal advice. For more information see the legal status.