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:
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- 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.
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- The analytics service(s) used by Our Site use(s) the following Cookies:
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Google |
Helps to understand how their visitors engage with our website |
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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.
Mark Alexander - Founder of Property118
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Sign Up11:51 AM, 1st October 2014, About 10 years ago
Hi Francesco
This form of speculation is an exteremly high risk strategy, especially if you are reliant upon mortgage finance to complete. This is because no mortgage lender will GUARANTEE the availability of funding so far in advance. Your financial situation could change, as could the value of the property, mortgage lending criteria, regulations, the availability of funding etc. etc. etc.
For these reasons, that's probably why the original speculator is looking to cash in now by selling on the potential rewards and associated risk to you - no doubt at a premium!
.
Fra Rex
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Sign Up12:47 PM, 1st October 2014, About 10 years ago
Thank you very much Mark, yes I know there are some potential risks involved but also some potential rewards. I know I might have problems if the value of the property fall but if I fix the price now and the value increases or stay the same I should be fine or better off. My personal expectation is that within the next year or so prices will stay pretty much the same or they will grow a little but they will not grow like they did over the last couple of years.
The only issue I can see is if the banks negate me the mortgage because for some policy reasons they do not lend to new built property that have been reassigned and that is what I would like to make sure maybe with somebody that found him/herself in a similar situation.
Over the weekend I went to look at the site and they started the construction of the building. The area is regenerating and a lot of developers are building new developments. I went to a showroom from a different developer and they were asking for similar prices (if not more) for flats with delivery in Dec/2016.
It would be interesting to see if somebody that read this post had (or heard of somebody that had) a similar experience. I read some posts from 2009 (i.e. around the financial crisis) with people that bought a reassignment and when it came to arrange the mortgage they had problems, however I am not sure if it was because the property prices fell during that time and the banks did not want to lend or because of the reassignment itself.
As things stand nowadays, the banks I spoke with seem to be happy to lend when the property has been built.
Nick Pope
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Sign Up13:03 PM, 4th October 2014, About 10 years ago
I don't think I would be speculating in this way at the present time and I've got 40+ years experience in the business. My last purchase was over a year ago before the market rose substantially (in my area at least).
As a surveyor/mortgage valuer (boo, hiss) I am getting the feeling that the market generally is quite fragile and that values have levelled out and may fall a little over the next year, particularly if (or more likely when) interest rates rise.
I don't know which area you are in but whilst re-generation is normally a good thing, it also means there are a number of sites competing with the one you are looking at and it only takes an adjustment in asking prices to negatively affect values. In addition valuers will look at availability of other new properties when making a valuation decision. If there are a lot then he/she would tend to be cautious (as required by lenders) because when you buy the property is immediately second hand and the new house premium is lost. Most lenders require that at least some of the comparable evidence used is for second hand properties in the same area
So far as lenders are concerned most will only leave an offer of mortgage open for 6 months before insisting on a re-valuation (probably at your expense) to confirm that the value remains the same. If the builder next door has just released a tranche of properties then the value might not come up to scratch.
You have not made clear from whom you are taking the re-assignment. If it is a so-called property club then it's possible that they are agreeing to buy a number on the development and taking a hefty profit because they have obtained a group discount. Many lenders are very wary of such arrangements as it indicates that other buyers are getting discounts and the Council of Mortgage Lenders disclosure of incentives may not show the true picture. One of the largest lenders specifically asks if purchase is via a property club or similar.
Your broker says that there will be no problem getting a mortgage when the property is complete - have you been reading the papers over the last few days about the possible application of mortgage review arrangements to Buy to Let Mortgages? In addition the Bank of England is getting involved and has powers to limit loan to value ratios on new mortgages. If your circumstances change you could end up in the difficult position of having exchanged and being unable to complete at which point your 10% deposit is at risk.
All in all I would say Beware! If it looks to be too good to be true it almost certainly is.
Fra Rex
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Sign Up11:46 AM, 5th October 2014, About 10 years ago
Thank you Nick, I would buy the title from another person not a property club and the intention is to complete on the property and rent it out not to resell the title.
The development is in Tower Hamlets in East London not too far from Canary Wharf.
I think as well that house prices will level out next year but I do not think they are going to fall unless the Bank of England raises the base rate substantially that I do not think will happen. In my models I considered a 4% interest rate (higher than the current market levels) and in my affordability scenarios I considered a 5% decrease in the property values and I still should be fine.
There are not too many second hand properties sold in the area apart from some ex-council flats that are generally sold at a lower price; the few second hand flats in a relatively new 19 floors tower block nearby were sold in June and March 2014 at a higher price.
There is another development nearby with new flats delivered this month and their price is about 10% higher.
The asking price for some other off plan flats in the area with delivery December 2016 are also sold at a price about 5% higher with the price list released on 27th September 2014 (i.e. around the same days my offer was accepted).
Therefore, after all, I think the price is fair if not slightly under comparable properties.
Overall, I am sort of comfortable with the risks of buying an off-plan property, what I would not be comfortable with is if mortgage lenders say that it is their policy not to concede mortgages to off plan properties that have been exchanged with a reassignment.
From what I could gather so far mortgage lenders might not be happy with reassignments because:
- In 2009 property developers were found to have been operating a major scam by using these 'sales' to value the rest of the units. Once everything was sold, the sham sale units would go back onto the market at firesale prices causing a collapse in valuations everywhere in the development.
- When the property is completed there will be similar flat sold at different prices and the mortgage providers might not be happy with that.
No, I do not know about possible application of mortgage review arrangements to Buy to Let Mortgages, I tried to search for news on the internet but I could not find what it is about.
Ideally I would like to also hear also from somebody that purchased an off plan property with a reassignment and see what was their experience with the mortgage lenders when they had to complete.
Many thanks again
Nick Pope
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Sign Up13:05 PM, 5th October 2014, About 10 years ago
Here is a link to an article about BtL mortgages - vague now but obviously the Bank want to be able to curb lending and therefore house prices.
http://www.bbc.co.uk/news/business-29457607
Nick
Fra Rex
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Sign Up23:19 PM, 5th October 2014, About 10 years ago
Thank you!
Renovate To let
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Sign Up8:58 AM, 6th October 2014, About 10 years ago
Just recognise and think about the fact that you are speculating, not investing. There is no market value for something that is yet to exist.....to have one, the item needs to have been exposed to the open market and found a proceedable buyer.
Then make sure your solicitor scrutinises what will happen to your deposit and therefore any risk you are also taking there.
He should also find out and document the premium you are paying the middleman for the assignment.
Fra Rex
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Sign Up10:16 AM, 6th October 2014, About 10 years ago
Thank you I will definitely do that, in particular these are the things that, so far, I noted to check:
- How many times the title has been sold (the seller should have kept it for a reasonable period of time: i.e. at least 6 months)
- How much the last buyer paid for it (sell price should be no more than 10% per year higher)
- Check what it says about final liability (i.e. if the contract is subject to funding)
I got a few weeks to decide and probably at the moment it is more a no than a yes as it all seems to be more of a headache than else.
PS for those of you interested I built an Excel model to value the feasibility of a property investment and its returns; happy to share it with you as a thank for your assistance, it consider things like: Property Price, Service Charge, Ground Rent, Rental income, Cost of fittings and furnishing, Agency fee on rental income, Deposit %, Stamp duty %, Solicitor Costs, Mortgage Fee, Mortgage Rate, Yield Target, Marginal tax rate, Opportunity cost (i.e. return you would get in not buying and leaving the money where it is) and it calculates several measures of yield (including gross yield, yield after taxes, the yield with the leverage generated by the difference between rental income an mortgage rate), mortgage payments (with or without capital repayments) and other measures, I will not take responsibility on how you use it or what you do with it, but I think it is a fairly good model I tested it with some other properties and I was getting a yield around 4% (before taxes) that seem to be norm nowadays and it could also be used to adjust the offer price to reach your yield target.
Mark Alexander - Founder of Property118
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Sign Up14:23 PM, 6th October 2014, About 10 years ago
Reply to the comment left by "Fra Rex" at "06/10/2014 - 10:16":
Your spreadsheet sound a lot like our "Landlords Calculator" - please see >>> http://www.property118.com/calculating-rental-yields-and-returns/
It is does extra/different things please email it to me - mark@property118.com
.
Fra Rex
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Sign Up15:28 PM, 6th October 2014, About 10 years ago
Hi Mark, yes, they are similar.
The one I put together is maybe more geared to value an investment opportunity; I also calculate the impact that the marginal tax rate has on the yield and I calculate several measure of yield based on the gross investment (Deposit + Stamp Duties + Furnishing + Solicitor) which however they could probably be calculated and considered in the property value. I also consider a measure of the opportunity cost with alternative investments.
On the other side I did not consider some periodic costs like the one for the gas certificate and maintenance in the annual running costs.
I will send it to you one of the coming evenings so that you can have a look at it.
Cheers