Privacy Policy
BACKGROUND:
Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website,
www.property118.com (“Our Site”) and will only collect and use personal data in ways that are described here, and in a manner that is consistent with Our obligations and your rights under the law.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site
. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
“Account” |
means an account required to access and/or use certain areas and features of Our Site; |
“Cookie” |
means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below; |
“Cookie Law” |
means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
“personal data” |
means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and |
“We/Us/Our” |
Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. |
- Information About Us
- Our Site is owned and operated by Property118 Ltd, a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- Our VAT number is 990 0332 34.
- Our Data Protection Officer is Neil Patterson, and can be contacted by email at npatterson@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- What Does This Policy Cover?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- Your Rights
- As a data subject, you have the following rights under the GDPR, which this Policy and Our use of personal data have been designed to uphold:
- The right to be informed about Our collection and use of personal data;
- The right of access to the personal data We hold about you (see section 12);
- The right to rectification if any personal data We hold about you is inaccurate or incomplete (please contact Us using the details in section 14);
- The right to be forgotten – i.e. the right to ask Us to delete any personal data We hold about you (We only hold your personal data for a limited time, as explained in section 6 but if you would like Us to delete it sooner, please contact Us using the details in section 14);
- The right to restrict (i.e. prevent) the processing of your personal data;
- The right to data portability (obtaining a copy of your personal data to re-use with another service or organisation);
- The right to object to Us using your personal data for particular purposes; and
- If you have any cause for complaint about Our use of your personal data, please contact Us using the details provided in section 14 and We will do Our best to solve the problem for you. If We are unable to help, you also have the right to lodge a complaint with the UK’s supervisory authority, the Information Commissioner’s Office.
- For further information about your rights, please contact the Information Commissioner’s Office or your local Citizens Advice Bureau.
- What Data Do We Collect?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- Date of birth;
- Address and post code;
- Business/company name and trading status;
- Number of properties owned;
- Accountants details;
- Contact information such as email addresses and telephone numbers;
- Proof of residence and ID;
- Financial information such as income and tax status;
- Landlords insurance renewal dates;
- Property Portfolio details such as value and mortgage outstanding;
- How Do We Use Your Data?
- All personal data is processed and stored securely, for no longer than is necessary in light of the reason(s) for which it was first collected. We will comply with Our obligations and safeguard your rights under the GDPR at all times. For more details on security see section 7, below.
- Our use of your personal data will always have a lawful basis, either because it is necessary for our performance of a contract with you, because you have consented to our use of your personal data (e.g. by subscribing to emails), or because it is in our legitimate interests. Specifically, we may use your data for the following purposes:
- Providing and managing your access to Our Site;
- Supplying our products and or services to you (please note that We require your personal data in order to enter into a contract with you);
- Personalising and tailoring our products and or services for you;
- Replying to emails from you;
- Supplying you with emails that you have opted into (you may unsubscribe or opt-out at any time by the unsubscribe link at the bottom of all emails;
- Analysing your use of our site and gathering feedback to enable us to continually improve our site and your user experience;
- Provide information to our partner service and product suppliers at your request.
- With your permission and/or where permitted by law, We may also use your data for marketing purposes which may include contacting you by email and or telephone with information, news and offers on our products and or We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that We fully protect your rights and comply with Our obligations under the GDPR and the Privacy and Electronic Communications (EC Directive) Regulations 2003.
- You have the right to withdraw your consent to us using your personal data at any time, and to request that we delete it.
- We do not keep your personal data for any longer than is necessary in light of the reason(s) for which it was first collected. Data will therefore be retained for the following periods (or its retention will be determined on the following bases):
- Member profile information is collected with your consent and can be amended or deleted at any time by you;
- Anti-Money Laundering information and tax consultancy records are to be kept as required by law for up to seven years.
- How and Where Do We Store Your Data?
- We only keep your personal data for as long as We need to in order to use it as described above in section 6, and/or for as long as We have your permission to keep it.
- Some or all of your data may be stored outside of the European Economic Area (“the EEA”) (The EEA consists of all EU member states, plus Norway, Iceland, and Liechtenstein). You are deemed to accept and agree to this by using our site and submitting information to Us. If we do store data outside the EEA, we will take all reasonable steps to ensure that your data is treated as safely and securely as it would be within the UK and under the GDPR
- Data security is very important to Us, and to protect your data We have taken suitable measures to safeguard and secure data collected through Our Site.
- Do We Share Your Data?
- We may share your data with other partner companies in for the purpose of supplying products or services you have requested.
- We may sometimes contract with third parties to supply products and services to you on Our behalf. Where any of your data is required for such a purpose, We will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, Our obligations, and the obligations of the third party under the law.
- We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales, and other information. All such data will be anonymised and will not include any personally identifying data, or any anonymised data that can be combined with other data and used to identify you. We may from time to time share such data with third parties such as prospective investors, affiliates, partners, and advertisers. Data will only be shared and used within the bounds of the law.
- In certain circumstances, We may be legally required to share certain data held by Us, which may include your personal data, for example, where We are involved in legal proceedings, where We are complying with legal requirements, a court order, or a governmental authority.
- What Happens If Our Business Changes Hands?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- How Can You Control Your Data?
- In addition to your rights under the GDPR, set out in section 4, we aim to give you strong controls on Our use of your data for direct marketing purposes including the ability to opt-out of receiving emails from Us which you may do by unsubscribing using the links provided in Our emails.
- Your Right to Withhold Information
- You may access certain areas of Our Site without providing any data at all. However, to use all features and functions available on Our Site you may be required to submit or allow for the collection of certain data.
- You may restrict Our use of Cookies. For more information, see section 13.
- How Can You Access Your Data?
You have the right to ask for a copy of any of your personal data held by Us (where such data is held). Under the GDPR, no fee is payable and We will provide any and all information in response to your request free of charge. Please contact Us for more details at info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- All Cookies used by and on Our Site are used in accordance with current Cookie Law.
- Before Cookies are placed on your computer or device, you will be shown a cookie prompt requesting your consent to set those Cookies. By giving your consent to the placing of Cookies you are enabling Us to provide the best possible experience and service to you. You may, if you wish, deny consent to the placing of Cookies; however certain features of Our Site may not function fully or as intended. You will be given the opportunity to allow only first party Cookies and block third party Cookies.
- Certain features of Our Site depend on Cookies to function. Cookie Law deems these Cookies to be “strictly necessary”. These Cookies are shown below in section 13.5. Your consent will not be sought to place these Cookies, but it is still important that you are aware of them. You may still block these Cookies by changing your internet browser’s settings as detailed below in section 13.9, but please be aware that Our Site may not work properly if you do so. We have taken great care to ensure that your privacy is not at risk by allowing them.
- The following first party Cookies may be placed on your computer or device:
Name of Cookie |
Purpose |
Strictly Necessary |
JSESSIONID |
Used only to collect performance data, with any identifiable data obfuscated |
No |
__cfduid |
This cookie is strictly necessary for Cloudflare's security features and cannot be turned off. |
Yes |
- Our Site uses analytics services provided by Google Analytics and Facebook. Website analytics refers to a set of tools used to collect and analyse anonymous usage information, enabling Us to better understand how Our Site is used. This, in turn, enables Us to improve Our Site and the products AND/OR services offered through it. You do not have to allow Us to use these Cookies, however whilst Our use of them does not pose any risk to your privacy or your safe use of Our Site, it does enable Us to continually improve Our Site, making it a better and more useful experience for you.
- The analytics service(s) used by Our Site use(s) Cookies to gather the required information.
- The analytics service(s) used by Our Site use(s) the following Cookies:
Name of Cookie |
First / Third Party |
Provider |
Purpose |
__utma, __utmb, __utmc, __utmt, __utmz |
First |
Google |
Helps to understand how their visitors engage with our website |
_fbp |
First |
Facebook |
Helps to understand how their visitors engage with our website |
- In addition to the controls that We provide, you can choose to enable or disable Cookies in your internet browser. Most internet browsers also enable you to choose whether you wish to disable all cookies or only third party cookies. By default, most internet browsers accept Cookies but this can be changed. For further details, please consult the help menu in your internet browser or the documentation that came with your device.
- You can choose to delete Cookies on your computer or device at any time, however you may lose any information that enables you to access Our Site more quickly and efficiently including, but not limited to, login and personalisation settings.
- It is recommended that you keep your internet browser and operating system up-to-date and that you consult the help and guidance provided by the developer of your internet browser and manufacturer of your computer or device if you are unsure about adjusting your privacy settings.
- Contacting Us
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
Martin Cunningham
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up13:12 PM, 20th June 2013, About 12 years ago
Since posting this article, I thought it would be useful to share direct feedback and some of the questions arising from fellow Property118 users. I have received 6 contacts (of course for client confidentiality I will mention no names), all 6 are seeking to divest for a number of reasons ranging from asset management of their portfolios to retirement or simply seeking to sell on tenanted units that lay outside of a reasonable distance to travel to manage.
Two questions that have been asked by several of the responders:
1. “I have a portfolio of tenanted properties; can I sell them as a portfolio or as individual properties?” – My view is that there is no one sales strategy as it is entirely possible to sell as a group or break into lots (single or multiple). An approach we can however recommend if to offer as individual lots with a special condition in granting options to purchase on following lots, this strategy we have found to work very well.
2. “When working out value of a tenanted property what does the auctioneer take into consideration?” – As well as comparable property evidence, rent yield, last rent review, market comparison of rent (to gage if any headway to increase), length of time current tenant in situ, length and type of tenancy. These factors influence ROI and in-turn reserve price.
Mark Alexander - Founder of Property118
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up19:51 PM, 20th June 2013, About 12 years ago
Hi Martin
Thank you for the update. If you can add any further information in the form of case studies to the people who have contacted you with a view to selling tenanted properties as a result of this article that would make for interesting reading.
It's only since we met a couple of months ago that I begun to think of auctions as anything other than a place to buy property from. I had never considered auctions as a place to sell but for the reasons outlined is your article it does now make a lot of sense.
As a matter of interest, what percentage of properties are sold at auction because they must be due to times pressures, e.g. probate sales and repossessions vs sold at auction by choice?
As an add on to that question, do you think more landlords will now use auctions as a means of disposal of tenanted properties and if so why?
Anon
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up21:57 PM, 20th June 2013, About 12 years ago
There is always a risk of unwanted rental voids when selling a property and wanting to retain the tenants for as long as possible. This is because the mere hint of a sale can spook tenants into thinking they need to start looking for another place to live. However, the prospect of selling to another landlord MIGHT give tenants more comfort, albeit not much as there is nothing to stop the next landlord giving them notice as soon as they take ownership on the day of completion. This has got me thinking though because at some point (not now) I will be looking to downsize my portfolio. What would the position be if the vendor was to give the tenant a Deed of Assurance? As I see it, there would be nothing to stop the new purchaser serving notice in exactly the same way but the tenant MIGHT be more inclined to stay. Obviously the vendor would have to pay compensation to the tenant if the new buyer did serve notice within the assured period but the vendor could factor this into his figures. A rental void pre-sale can easily run into six months. By setting the compensation level in the Deed of Assurance at say 3 months rent and the compensation period at say two months the vendor is far more likely to retain the tenant with no rental void as his potential losses as a result of the possibility of the purchaser serving notice would be quantifiable. Just a thought.
Mark Alexander - Founder of Property118
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up22:24 PM, 20th June 2013, About 12 years ago
@Anon - I like your thinking. The following is a link to explain "What is a Deed of Assurance" as I suspect Martin will not know what this is >>> http://www.property118.com/deed-of-assurance-1/32440/
As the Deed of Assurance is only available to sponsors on The GOOD Landlords Campaign you are now at risk of divulging your identity LOL
I have checked and we have no members by the name of Anon so I can now only assume that this is short for anonymous?
Excellent post by the way! Very creative in a very positive way - well done 🙂 I had not considered using a deed of assurance for that purpose but your idea makes a lot of sense.
Anon
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up22:26 PM, 20th June 2013, About 12 years ago
Thanks Mark and you are right, I do not wish to reveal my identity when commenting for personal reasons.
Martin Cunningham
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up9:20 AM, 21st June 2013, About 12 years ago
Hello Mark, thank you for your comments about selling tenanted property at auction; I am pleased these have struck accord of interest.
In answer to your question about percentages of properties are sold at auction because they must be due to times pressures, e.g. probate sales and repossessions vs. sold at auction by choice? To be honest without undertaking extensive analysis across the 30 Auction House UK auction rooms I would only be guessing….however what I can say with confidence is that the auction room has seen a seismic shift in the demographic of property type entered and sold under the hammer. No longer is the auction room resigned to selling unmortgageable property and repossessions for today we see a wide range of properties including as I have flagged a rapidly growing recognition that the auction room is becoming the sales strategy of choice for selling tenanted property. I would add that Auction House UK auction rooms are achieving a combined average of over 80% sales success, so divesting landlords can proceed with a high degree of sales certainty.
The answer to your second question is, yes, the expansion of the UK’s private rented sector will drive the requirement for investors seeking to divest to exit and enter the BTL market cost effectively and the selling and buying at auction provides the right environment in which to trade tenanted property.
Martin Cunningham
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up9:30 AM, 21st June 2013, About 12 years ago
Thanks Anon/Mark…..you learn something new every day :-). Like the sound of Deed of Assurance, interesting and useful.
Mark Alexander - Founder of Property118
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up9:33 AM, 21st June 2013, About 12 years ago
Thanks Martin, I have another question if you don't mind.
If a property is listed in an auction and it doesn't sell due to bids not meeting the reserve what are the costs?
Also, is there an additional cost to re-list the property in a subsequent auction?
Mark Alexander - Founder of Property118
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up10:07 AM, 21st June 2013, About 12 years ago
@Martin Cunningham - as so few auctioneers will have considered the deed of assurance, maybe it's worth teaching your franchisees about this? It may be a useful tool in your armoury when persuading landlords to list their tenanted properties through Auction House. I love discussion like this, sharing best practice is exactly why Property118 exists and this is a classic example of it working at it's best. I would never have considered using the Deed of Assurance in that way. Thanks Anon, in a round about way you might have helped us to recruit more landlords and letting agents into sponsoring The GOOD Landlords Campaign if only to gain access to the Deed of assurance template.
Martin Cunningham
Become a Member
If you login or become a member you can view this members profile, comments, posts and send them messages!
Sign Up10:08 AM, 21st June 2013, About 12 years ago
Sure, happy to answer. The beauty of auction is that the auctioneer can balance fee structure across, lot entry, vendor and buyer. Typically fee structure in UK auction rooms would have been based on catalogue entry fee and success fee (commission) paid by the vendor. In more recent year the UK has adopted fee strategies of overseas auction rooms by adopting ‘Buyer Premium’, indeed some UK auction houses have tried to adopt a 100% Buyer Premium commission charge, however the issue with this is that whilst it may in the first instance seem appealing to the vendor as there is no direct cost to entering property to auction, the flipside is that buyers price in their Buyer Premium within their bids…..in other words there’s a high probability the vendor takes less in indirectly paying all the auction fee. At Auction House UK we balance fees between entry, vendor commission and buyer premium, the catalogue entry fee element costing circa £300 - £450.
In answer to your second question about additional costs to re-list following a failed auction the answer is it depends on what property auction room the seller uses, at Auction House UK property auction rooms we re-enter failed lot sales into the next auction without additional charge.