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.
David Dorset
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Sign Up12:15 PM, 21st January 2021, About 4 years ago
Reply to the comment left by Paul Shears at 21/01/2021 - 06:37
Hi Paul,
My remark was a bit tongue in cheek. I mean that with my financial planning I don't need to consider leaving money to children etc as I don't have any. So I need to make my money and assets work for 'me' while I am alive as afterwards they will service no useful purpose to myself or my family. I will of course adjust my will to leave money to friends and that will be nice surprise for them I hope but I have worked incredibly hard used brute force rather than brains to get what I have so it is just natural instinct to not to want to see a chunck of that go to people who haven't worked for it. I think you have sound like you have reached a good place and fair play to you. Hopefully you get to enjoy it for a long time and yes if the worst happens
you could say oh well so what? I understand that point.
David Dorset
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Sign Up12:32 PM, 21st January 2021, About 4 years ago
I have really created this post to get other experienced landlords views on my exit plan. Had some good information to suggest waiting on further lease extensions would be wise if I can afford the wait. I am definitely going to explore this one.
Others have agreed with the sell one a year and end up with three or four properties (plus my own home) mortgage free, so a free home with no rent or mortgage and an income.
I don't think I can incorporate and keep all of the properties as I looked at this and the capitol gains etc looked like it could be very involved. Plus commercial financing has much less protection than private residential mortgages do. Had a landlord friend have his entire loan called in a short notice for no reason, He couldn't pay it all at once so they reprocessed his portfolio and charged him a massive amount of fees for doing so.
Any landlord, not posted on here, said for my partner to see up their own lettings, management and n book keeping business and charge full market rates for that. That looks promising as it would lower my income (due to the increased tax I pay due deduction of interest relief on mortgages). As a result I am now a high rate payer) and this plan seem be fairly straight forward and as far as I can see legal as well . It would reduce my income and thus high rate tax and the costs would go into my partners limited company. We keep our money separate but it would be beneficial nevertheless.
Any other options would be good - particularly the type of rate and rules and experiences of landlords have one mortgage loan for all their property.
The Secret Landlord
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Sign Up7:36 AM, 23rd January 2021, About 4 years ago
David,
It's difficult with a relatively short time frame of your mortgage expiry and being with a lender who is not a lender plus the short leases. I can understand your anxiety and fear of waiting.
The leaseholder reforms, I fear, may not be as great as what people have claimed. I believe there will still be a way for Freeholders to claim their cash (i.e. marriage value etc), but I think it may be worded differently. Perhaps I'm overly cynical, but having dealt with a few Freeholders over the years, I do not expect any of them to sit back and not challenge this.
Hence, these reforms could be years away and watered down.
But this is my view.
I really feel you should speak with your accountant about how to structure the business (having a separate co for lettings etc), because there are costs involved in this and you should be sure the set up and running costs of this will make sense for the tax savings.
Your accountant should also assist with regards timing any disposals.
It's good you have started to think now about this issue, because you are right, it is an issue and it is best to forward plan.
I don't know if you've had the flats valued recently or looked into the saleability of them with their short leases. They will likely be very attractive to cash buyers who are chasing yields - this is not something to be overlooked in the current environment, and thus, I'd find out more as today's market of low bank interest etc, may mean your flats are of more interest in today's market.
Andrew Miller
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Sign Up10:37 AM, 23rd January 2021, About 4 years ago
David, it's so important to plan your exit in any commercial enterprise. Despite this it's surprisingly uncommon for people to do so when they start it.
If you are going to enjoy working this through on a transaction by transaction basis then that will most likely leave you with the best financial outcome.
However, if you can fix your financial goals now and reconcile that in your head then you could avoid the stress of "maxing out" every last penny from your portfolio. This can be a much less stressful way to go and provides certainty which you can tie up in a legal agreement and get on with your life.
You would need to build a relationship with an investor who wants what you have and to agree a transparent and scheduled transfer of the assets to satisfy both parties.
Not necessarily the highest end value for you, but what price is certainty and your valuable time back?
Good luck, Andy
Amjed
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Sign Up13:59 PM, 23rd January 2021, About 4 years ago
Reply to the comment left by at 20/01/2021 - 11:30
Rent to buy is excellent suggestion but you would still need to extend the lease
David Dorset
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Sign Up22:59 PM, 23rd January 2021, About 4 years ago
Reply to the comment left by Amjed at 23/01/2021 - 13:59
Hi Amjed,
Yes I agree but I am not sure my area is the best for rent to buy as we have a very transient renting population. We are a population of many different nationalities here and it is common for people to move here from another country and stay for a few years and then move on. In addition we are a large international language school catchment area and university town as well as a tourist destination. Our town has a great atmosphere because of this and I love the different cultural influences we have, the only downside is always people arriving to live here and always people moving on.
David Dorset
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Sign Up23:10 PM, 23rd January 2021, About 4 years ago
Reply to the comment left by Andrew Miller at 23/01/2021 - 10:37
Thanks Andrew,
Yes I am glad I have started to think about this now whilst time is still on my side. I do have a couple of contacts that have larger portfolios and are well known to me. I have considered what options could be possible for me to transfer over to them and even continue to manage the properties for them. They have their portfolio as a kind of family trust so they are in it for the longterm and will hand down from generation to generation. What value is my portfolio to them would be an interesting thought.
JOGL
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Sign Up17:31 PM, 24th January 2021, About 4 years ago
This issue of forward and succession planning has been at the back of my mind for a while now. While I am 61 now, I keep fit and my wife and I do most of the maintenance on the properties ourselves. That includes fitting new kitchens, bathrooms, plumbing, heating etc. There are over 50 houses and flats in West Sussex, Surrey, Berkshire (Maidenhead) and Hampshire (Southampton). It's got to the stage now that we are re-fittimg kitchens and bathrooms last done 15 to 20yrs ago and wondering whether we'll be doing them again when we'll be 80 odd....no reason why not. It's been our primary source of income since 2001.
I do have electricians / plumbers/ gas safe but I enjoy the involvement. Our daughter is 18 and she will get the lot ultimately.
So, while we set up an SPV in 2015, the majority are owned by me, my wife and jointly. The only succession plan We've come up with is death!....whichever one of us dies first, the other gets the balance and that is revalued on death to market price...then sell and gift the proceeds to our daughter and hope the survivor lives 7 years lol. Not very scientific, I know.
The main threat has always been state intervention (regulation, taxation)...not the market. Nothing much we can do about that as any sector that is perceived to have done too well is in the gunsight. You know what the view is in this country by the difference in attitude to success. If an American sees you with a Rolls Royce, he aspires to own one too. In the UK they hope you go up in a ball of flame inside it.
We have half a dozen or so short leases which we deliberately left. It's an archaic system crying out for reform, so we're optimistic something will happen. Not sure about timeframe though as it could be 1 to 3 yrs.
So we'll just bugger on, pay our inflated taxes and maybe buy a few more this year (through a new SPV with our daughter as director) after the stamp duty excitement dies down and prices abate.
JOGL
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Sign Up17:46 PM, 24th January 2021, About 4 years ago
As an aside to my previous comment, with the specific short leasehold flats that you have, I'd hold on until the lease hold reform is hopefully completed, in the next 1 to 3 yrs. Then once the marriage value is abolished (am I being too optimistic?), remortgage them and extend the lease simultaneously .
I know nothing of the financials here, but would 75% LTV work for you...if you have enough existing equity to incorporate a lesser lease extension cost inc. of the lease fee? Is that not a possibility?...perhaps someone else can comment?
I may be rambling a bit here, but I'd try to keep as many as possible, not just 3. Dilute the risk and increase the revenue.
As for retirement....everyone is different and I respect that. But I'm 61 and that is not my thinking... I'd rather die with my working boots on!
David Dorset
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Sign Up18:10 PM, 24th January 2021, About 4 years ago
Reply to the comment left by JOGL at 24/01/2021 - 17:46
Thanks for the message JOGL. I would have 75% loan to value and do intend to do as you suggest and wait it out on the basis of a better outcome after the new legislation comes in. I too will likely die with my working boots as you put it, but by 60 I want to know that if the boots aren't working for any reason then I don't have to worry.
I mean the best job in the world is the one you do because you like not because you have to right?
Keep on renting!