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.
Mark Alexander - Founder of Property118
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Sign Up8:12 AM, 22nd May 2013, About 12 years ago
Marlon, I'm really sorry but I just can't see why you might think this deal stacks up.
The bank and the current owner need the property to be sold for the debt to be repaid so they can both move on.
What on earth makes you think the bank would agree to disadvantaging the value of their security by consenting to a lease option?
I here about self styled property guru's peddling expensive training schemes to teach property newbies and wannabees to do these deals quite often. However, in my 24 years as a landlord, having also worked in insolvency, commercial banking and law I have never managed to get my head around why people think deals like this can be completed on a consensual basis between a distressed residential borrower, a property newbie and a commercial banker. Unless you are a multi millionaire and can prove it I can see no reason why the bank would be the slightest bit interested, even if you were I think they would ask "why don't you just buy the property?"
Sorry, that's probably not the answer you wanted to hear is it?
If another reader would like to challenge my thinking I would dearly love to debate this further.
ian
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Sign Up12:46 PM, 22nd May 2013, About 12 years ago
If your friend is going to be rehoused why not put it up for sale on the open market, before Bank reposess & sticks it in an auction. Or if you have the finance buy it at auction yourself get a better deal , no arrears to pay off. Better than what your proposing to do.
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Sign Up14:07 PM, 22nd May 2013, About 12 years ago
If this were my deal, I'd set this up on a JV / Installment Contract basis; using the Buyer's deposit to clear the arrears in full. That way, the repossession order is set aside, the lender is out of the equation and it's business as usual.
The burning question, however, is time. Is there the time for you to find an IC Buyer? If not, and you don't have the cash to settle the arrears in advance of finding the ICB, then a JV with another Investor may be the answer.
This sounds like a deal with cracking potential. Best of Luck!
Mark Alexander - Founder of Property118
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Sign Up15:05 PM, 22nd May 2013, About 12 years ago
@John Wallis - I understand very little of the jargon you are using in relation to structuring this deal, please explain. I understand that JV is Joint Venture, IC = Instalment Contract (please explain how that might work in this scenario) and am I right in thinking ICB = Instalment Contract Buyer?
I am prepared to be educated, 1-2-3 GO ........
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Sign Up17:32 PM, 22nd May 2013, About 12 years ago
@Mark: Apologies for the jargon but you're spot on with all the definitions. Were you kidding about the education? I wouldn't want to patronize a guy that's been in the property investment business far longer than I have!
@Marlon: Historically, I used to conduct repossession hearings on behalf of lenders so I'm a bit Gamekeeper turned Poacher.
For those not in the know, with a repossession, once the arrears are cleared, the Order is set-aside and the borrower is back on good terms (at least the argument is over) with his lender.
Whilst the Lender's terms & conditions would almost certainly prohibit renting the property without their permission.(this, as we both know, is fairly standard), I doubt very much (content to be corrected if my doubts are unjustified) if the same prohibition covers granting a buyer access to the property on licence between exchange and completion. The fact that Installment Contracts have a delayed completion built in might be stretching the point but, if the mortgage is being paid and is kept up to date, it is unlikely that they'll ask too many questions.
Now to how a JV / Installment (Delayed Completion) Contract works. I would JV with the Vendor to assist with the sale of his property. The price the Vendor would get would be fixed (as with an Option) and I would receive any surplus. I would then market the property on a Move-In-Get-a-Mortgage-Later basis and take the Buyer through to exchange of contracts. They would pay a deposit followed by agreed installments until such time as they could raise a mortgage to clear the balance due.
To clear the arrears (if it has to be done in one go), then I would use part (hopefully not all) of the Buyer's exchange deposit
That's it in a nutshell. Obviously, it's a little more complex but, if an inexperienced Investor JV'd with someone who was competent, it shouldn't be too difficult to achieve a result.
Mark Alexander - Founder of Property118
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Sign Up19:02 PM, 22nd May 2013, About 12 years ago
@John Wallis - I admit to being suspicious of schemes where control of a property can be taken by an individual with little or no money for profit. Examples being Rent2Rent and Sandwich Options, the latter of which appears to be a predecessor to the more modern derivative you have outlined above. I have only been convinced of the ethics of one such scheme known as "Rent to Buy" and the basis it was being offered by one particular provider. Funnily enough that scheme provider was endorsed by a senior government minister just a few months later.
Would you be agreeable to answer some very tough questions about the property acquisition method you have suggested here?
The downside is that the model could be publicly torn to sheds of course and you might end up with egg on your face.
The reverse is also true though, I could also end up with egg on my face if I am overly cynical and you subsequently prove me wrong.
The potential upside for you is massive. You could end up with an independent internet review thread which results in your concept being shown as a beacon of light as a tool to be used by investors, distressed property sellers and frustrated property buyers in the fallout of the credit crisis. Just imagine the value of that!
Gilly
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Sign Up20:39 PM, 22nd May 2013, About 12 years ago
This is absolutely fascinating - please elaborate further as I haven't really grasped it. My simplistic view is that I often think that vendors would be far better off selling their properties at auction etc rather than submit to a repossession which gives them the least amount of money. I have benefitted from this personally in the past (having bought a repo, after having made a genuine offer much earlier when it was on the market at a far higher price) - but although I may have been laughing all the way to the bank it didn't make me feel at all good, but I couldn't see how to help at the time.
My first question is - Is Marlon the buyer or the JV person (yes I'm that dull I'm sorry). Does he just set up a scheme with someone else or does he pay off the arrears, having set up a legal contract to buy subsequently? Who makes the biggest gain here? confused of cardiff.... John Wallis - you must be loaded if this is the area you work in!
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Sign Up22:06 PM, 22nd May 2013, About 12 years ago
@Mark ~ I don't intend to get into a debate (except over a couple of beers) because I don't think it will achieve anything constructive. JV / IC is a strategy I like. I use it to rescue distressed homeowners from the lifelong impact of being repossessed ~ including those in negative equity who couldn't sell in the open market even if they wanted to. It also helps those who can't get onto the housing ladder in the conventional manner. It's win-win. Whether or not it's a strategy for you is a matter of personal choice. If yours works for you, then I wish you every success.
@Gilly ~ Marlon would be the JV partner who would assist with the sale to a 3rd party. And I wouldn't say I'm loaded ~ I haven't been investing for long enough yet. I did, however, quit the full time job at Easter!
@Marlon ~ If you're interested in finding out more and can get in touch (this is my first time here so I don't know how it works yet!) then I'll be more than happy to talk to you.
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Sign Up23:54 PM, 22nd May 2013, About 12 years ago
Thanks to John Wallis for your comments on this matter. I would very much like to talk to you more about the way you are structuring your Installment Contracts, as I feel l a little help in this area would give me far greater ability to help the sellers that have been contacting me, other than simple option deals. Many of the buyers that have contacted me would also feel far more comfortable with the added security of an IC. Might you be interested in working with me on this deal and possibly some others? Not sure how we go about exchanging details on here though??
Mark Alexander - Founder of Property118
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Sign Up8:02 AM, 23rd May 2013, About 12 years ago
@Gilly - fascinating it may well be but having used forums for quite some time I think I can already see which way this thread could be heading. I had a good idea what I might be dealing with when I first received the request to post Marlon's original question and I thought long and hard about doing so.
There are some very creative people in the property world, just as there are in the gambling world. They create complex structures with the promises of fast wealth and then charge a premium to teach them to others. It's starts of cheap, or even free but it's a sales funnel and the next level of education gets progressively more expensive. The bottom line in terms of the Get Rich Quick principles are always similar, i.e. use other peoples money to profit from property investments.
These structures rarely work in practice and even if they do they tend to be incredibly unethical.
Anything worthwhile and even the scams get exposed on forums eventually and you can learn about then without paying for them. I have my suspicions that some if not all the comments here are planted as none of the people who have commented have verified their identity by linking back to their Twitter accounts or websites and there have already been calls to make contact with each other. This thread has all the hallmarks of many other sales funnels I have seen, i.e. tell part of a story, make it fascinating, refuse to share the golden secrets online, call me, etc.
Please check out this video blog I created back in 2011 >>> http://www.property118.com/lease-options-how-do-they-work-and-should-they-be-regulated/18739/
I would also suggest that you visit the Property Tribes forum as they have several threads devoted to exposing the cracks in these types of schemes and the people operating them.
Just work through the example offered by John Wallis here. His business model involves taking money from a buyer who can't afford to get a mortgage and using that money to pay off somebody else's mortgage arrears whilst John takes control of the property. How is the buyers deposit secured? Who is now accountable as the landlord? Are the mortgage company going to consent to this arrangement? If the mortgage is unpaid who is responsible for the money the purchaser paid over and who does the mortgage company chase?
These arrangements are peddled as win/win and many inspired amateurs are brainwashed into believing that. However, all these schemes I've seen are a million miles from being win/win, allow me to explain. A fraction of the deals which are completed will work fine in the long run but the majority will not and the so called investors (the inspired amateurs) will generally walk away from them scot free having rarely invested a penny of their own money. Even that is not the major point though! You see, most people buying and selling houses are not gullible enough to fall for these schemes and no matter how desperate they are, they take professional advice. Any decent IFA, accountant or solicitor will advise their clients not to touch these schemes with a barge pole. Admittedly, it's a numbers game and that's why some deals are done. The real winners though are the people who invent these schemes and then charge a fortune to get rich quick wannabes to teach them how they work. Again this is a numbers game and the mentor will always find some people who manage to do deals and they will be held up as proof of concept. The success is, of course, usually short lived but this rarely matters as these people then become apprentice mentors and so it goes on. Just imagine the financial carnage and reputational damage these schemes cause for genuine people and our industry as these schemes continue to fester!
When I first started to expose these schemes I was accused by the guru's of only doing so to protect my mortgage brokerage business, which incidentally was the largest in the UK.
However, I closed that down in 2009. I have posted details in the link below as I expect mud to be thrown now as a result of the revelations in this post. Given that I am no longer in the mortgage business that particular accusation can no longer be levelled at me. The best the guru's can come up with now is that I am a "dream stealer" as I have already made it in property and I don't want the extra competition. If that's the case, ask yourself why I created Property118 to share best practice amongst my fellow landlords and letting agents.
Promised link explaining why I closed my mortgage brokerage business down >>> http://www.thamesvalley.police.uk/newsevents/newsevents-pressreleases/newsevents-pressreleases-item.htm?id=160461