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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First |
Facebook |
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- 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.
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Sign Up7:18 AM, 2nd June 2013, About 12 years ago
Matt;
You mention having buffer funds for voids and maintenance.
What is the biggest amount you might need that you have NOT mentioned and could cause the property to be repossessed!?
Guessed it!?......................................................Well it is rent non-payment!
So how would you service a mortgage if you had to evict a tenant who would be unlikely to pay rent if you are going to evict for non-rent payment!!?
Have you any idea as to how long it would take to evict a tenant.
Have you any idea as to the costs of refurbishing and for thefts caused by the tenant and the additional voids caused by such.
Have you any idea as to what may happen when UC is introduced.
Have you any idea as to how you would manage if you received direct payment of HB and then 'clawback'' occurred, possibly going back 6 years.
You haven't even begun to appreciate the costs that you need to budget for!
So the the question you need to ask yourself BEFORE you even bother about becoming a LL is this;
In the event that you have to evict a non-rent paying tenant would you be able to cover the average 9 months of mortgage payments it will take to evict during which time no rent would invariably be paid.
Would you be able to to cover the refurb and theft costs once the tenant is evicted which will add about 1 month onto a void and even then you have to source a tenant, so that will be about another month!
Don't even consider entering the LL game if you do not have the resources to cover this situation EVERY and each tenancy!
Of course you could enter and obviate such risk by only taking on tenants who you could obtain RGI on!
This means that it is very unlikely you could take on HB tenants as very few of them or their guarantors could pass a RGI check.
So forget all about these ioads of yield and the best properties to get.
Address the questions I have quoted and if you come up with a satisfactory response to those questions then by all means go ahead and enter the market.
One response that would NOT be credible; would be;
I would carry out full DD on a tenant and try and obtain a guarantor and hope that the tenant always paid rent.
Doing the job properly is NOT sufficient.
You need to have insurance or available resources to cover things when your no doubt excellent DD falls down and you end up with a wrongun non-rent paying tenant.
Apparently there are thousands of LL being repossessed because they did NOT address the issues I have mentioned.
Remember you could face this non-payment issue EVERY tenancy; unlikely I know, but you must be aware of the worse case scenario before you put your capital into property investing as a LL.
Too few LL appreciate the issues with County Courts and the lengthy eviction processes.
You must understand these BEFORE you become a LL!!
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Sign Up7:34 AM, 2nd June 2013, About 12 years ago
Matt; I forgot to mention that of course you can enter the market without bothering with addressing any of the issues I have mentioned.
Such a decision is based on the level of risk one is prepared to take.
You might ignore these issues and gamble on always getting good rent paying tenant........................well good luck with that strategy.
That would be your choice and yes you might get away with it; but so many LL are coming croppers as the economic climate worsens.
When the UC cap comes in this year in OCT there will be a lot of LL not being paid rent.
The choice for these UC tenants will be their food or rent!!!
Guess who won't be getting paid!!
There will be mass evictions so that these tenants can be housed more cheaply up North.
The LL will suffer enormous losses with no real expectation of any recovery from these HB tenants.
Just something to think about whilst you way up the pros and cons of becoming a LL.................good luck with your decision, whatever it is!
Mark Alexander - Founder of Property118
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Sign Up11:39 AM, 2nd June 2013, About 12 years ago
If I had read Paul's advice 24 years ago I may never have become a landlord. I may have saved £50,000 or more over that period of time based on the scenario's outlined in his posts. However, I could have saved most of that if I had followed the strategy I have evolved over this period and which I have shared here.
The choice is yours Matt, you could decide that Paul is absolutely right and that you should avoid becoming a landlord like the plague.
If you do that you will obviously need to find another alternative to build a business which is the only real way to create financial freedom in the long term. any business has risks but if you don't take risks you will have a J.O.B and not a business. You know that J.O.B stands for Just Over Broke don't you?
Paul will openly admit that he made a lot of mistakes early into his property investment business. It is those mistake which have influenced the posts he made above.
Many of the landlords who comment on this forum have attained financial freedom through becoming landlords. Many others aspire to do the same.
This forum exists to share best practice, NOT to put people off going into business.
Listen to everybody but be careful who you take advice from. Emulate success by putting into practice your own strategy tempered with the experience of other successful people and you will not go far wrong.
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Sign Up13:07 PM, 2nd June 2013, About 12 years ago
Thanks for all of the comments, this is exactly why I decided to post in the first place to gain insight and experience.
All of the above has given me food for thought and I am already amending my approach.
Paul has not put me off and I value comments from both ends of the scale. In fact I'm glad someone has given me some worse case scenario examples.
RGI is something I am interested in and will look to research further. At this stage my view is avoid HB tenants but I will continue to seek advice and ask questions of the forum as I progress.
Tony, I do like the idea of renovation. If I can find a suitable property I will certainly look at that option with a view to keeping and renting out.
James, I would be interested in speaking with you if you could provide contact details please?
Well, I have a viewing tomorrow on a 3 bed terrace reduced £17.5K to £100K, if its suitable I will be trying to buy much lower than that and if not move onto the next one :-).
Time to research negotiating!
Matt.
Mark Alexander - Founder of Property118
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Sign Up15:49 PM, 2nd June 2013, About 12 years ago
Hi Matt
Here's a thread on negotiating >>> http://www.property118.com/negotiating-with-estate-agents/39779/
Please help to support this forum by joining The GOOD Landlords Campaign
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Sign Up16:45 PM, 2nd June 2013, About 12 years ago
Mark;
I think you are absolutely correct; most small LL get into this game without sufficient reserves and some come a cropper.
Most don't and they are fortunate as it doesn't matter how well you do the job you can always be undone by a wrongun tenant.
Well as you allude to the facts; that indeed I took the risks that I would not come a cropper; I gambled, I lost.
Had I adopted my advice I would still have entered the LL game but in a lesser fashion to leave sufficient funds aside to cover worse case scenarios.
I didn't know anything about RGI either as that would have definitely influenced my behaviour.
Clearly entering any business undercapitalised is how most small businesses start.
Essentially they wing it with fingers crossed and hope it works out; but they know the risks they are taking; invariably the family home is on the line!!
How many new LL appreciate that this is the risk they are facing when they do not adopt the strategy I mention.
Life is all about risk;but it is appropriate to understand the risks you are taking if you adopt certain strategies.
This is the issue that very few LL entering the market understand or even bother to ask.
I was the same 7 years ago!
I just wish I had asked those questions as I sure didn't know the answers then!
I would not suggest for one moment that LL are put off from entering the market.
Were I a newbie today I would have NO hesitation in becoming a LL but I would be aware of the questions I have raised.
I would hope I could satisfy the issues that I have raised; however knowing my mindset I would like you; say oh! to hell with it I am going to take the risk.
The difference being I would be doing so in the full knowledge of what could go wrong; that is the crucial difference for me between 7 years ago and now!!
I believe most small LL enter the market without the full awareness of what could happen if a tenant failed to pay rent.
So I say to all prospective LL; yes by all means get into this market as it could well achieve for you what it has for Mark and if you are reading this as a prospective LL you have really cracked it as the advice on this site especially Mark's posts explain the best way to do things.
It is just a shame property118 wasn't around 7 years ago' as I could have saved myself fortunes!
Sue P
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Sign Up12:30 PM, 4th June 2013, About 12 years ago
Just read where you are - there is a huge difference between the return you will get in Whalley and the returns in Blackburn. (And of course Whalley isn't Whalley Range.....)
The main reason is the price of the original property - I guess the terrace you are looking at is in Blackburn rather than Whalley.
The majority of my portfiolio is in the Ribble Valley. I get great quality tenants who often stay for years, attracted by the great location ( schools etc) and have very few issues regarding payment of rents & property condition. However the rents arent great - in face they can be the same as Blackburn where property prices are 25-50% lower.
If you go for cheaper property you may get a higher headline return, but higher voids, more damage, later rents and less capital growth.
I buy properties I would be happy to live in, present them in A1 condition and get very little hastle from my tenants. I am happy with the lower yield as the portfiolio take up very little of my time and I am happy with the capital growth.
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Sign Up19:26 PM, 4th June 2013, About 12 years ago
My thought process is along the same lines as yours and the reason I have been looking at the Ribble Valley namely Whalley, Sabden, Fence and my least favourite Read.
I have decided to continue looking at the Ribble Valley but supplement with other higher yield (possibly more headache) areas.
Good to hear that you are successful in that area.
Mark Alexander - Founder of Property118
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Sign Up19:41 PM, 4th June 2013, About 12 years ago
This and other similar discussions I've been having have inspired me to create this new calculator >>> http://www.property118.com/landlords-calculator/40091/
Arran Kerkvliet
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Sign Up23:40 PM, 9th June 2013, About 12 years ago
Hi Matt,
It is great to hear that you have connected with another landlord in your area who seems to be doing well.
If you are able to negotiate deal to a below market value price and add additional value or an extra room to maximise income that sounds like a recipe for success.
Having your buy-to-let portfolio in your local area gives you a greater sense of control and can often keep running costs low by self-managing the properties.
If you are open to properties outside of your area; I have a motivated seller who is prepared to sell his two bedroom apartment in Salford for £ 107,995. It was only built in 2008, so there will probably not be much you have to spend on it for a while. A Similar two bed apartment was sold in the same block in last year for £134,597.
The flat is tenanted with a rental income of £ 695 per calendar month. The Net yield after deducting letting management fees, ground rent and service charge is 6%.