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.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
||means an account required to access and/or use certain areas and features of Our Site;
||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;
||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;
||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
||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 email@example.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?
- 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?
- 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?
- 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.
- 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 firstname.lastname@example.org, or using the contact details below in section 14.
- 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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||Used only to collect performance data, with any identifiable data obfuscated
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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.
- 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:
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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
Private Housing Provider
10:36 AM, 21st May 2018, About 5 years ago
That is good, we should never give up this fight for justice.
9:03 AM, 26th May 2018, About 5 years ago
Overnight I received the usual tosh from the government. Sick already from reading it: The Government has responded to the petition you signed – “Reintroduce full mortgage interest relief and drop the 3% stamp duty surcharge”.
Higher SDLT on additional dwellings and restricting finance cost relief seeks to support first-time buyers and level the playing field for homeowners. Neither measure is expected to impact rent levels
The Government introduced changes to finance cost relief as part of a package of measures at Summer Budget 2015 to help reduce the deficit and rebalance the economy. By restricting landlord’s finance cost relief to the basic rate of income tax we are helping to reduce the advantage landlords may have over homeowners in the property market. Income tax relief for finance costs is not available to ordinary homebuyers. It is also not available to those investing in other assets, such as shares, so we’re helping to reduce the distortion between property investment and investment in other assets.
Previously, landlords could get relief on their finance costs at their marginal rate of income tax. By restricting finance cost relief to the basic rate, all individual landlords will receive the same rate of income tax relief on their finance costs.
Landlords can still claim income tax relief at their marginal rate of tax on day-to-day running costs incurred in letting out a property, such as letting agent fees and replacing furniture. Finance costs are different to other expenses as having a mortgage allows the landlord to purchase a more expensive property and incur larger gains on the investment than they would have done without it.
Using actual self-assessment data, HMRC estimate that only 1 in 5 landlords will pay more tax on their property income because of this measure. We appreciate that some of these landlords may face difficult decisions. This is why the government has chosen to act in a proportionate and gradual way. Basic rate income tax relief will still be available on all landlord's finance costs, and the government announced this change almost two years before its implementation. The restriction, introduced in April 2017, is being phased in over 4 years. This gives landlords time to adjust to the changes.
Given that only a small proportion of the housing market is affected by this change, the government does not expect it to have a large impact on either house prices or rent levels. The Office for Budget Responsibility (OBR) also expect the impact on the housing market will be small.
In April 2016, the Government introduced higher rates of Stamp Duty Land Tax (SDLT) for those purchasing additional properties. While it is right that people should be free to purchase a second home or invest in a buy-to-let property, the Government is aware that this can impact on other people’s ability to get on to the property ladder. The higher rates are part of the Government’s commitment to support first time buyers. Since the higher rates have been introduced, over 500,000 people have bought their first home, and first-time buyers make up an increased share of the mortgaged property market.
At Autumn Budget 2017, the Government announced further changes to permanently increase the price at which a property becomes liable to SDLT to £300,000 for first time buyers, with first-time buyers purchasing homes worth between £300,000 and £500,000 saving £5,000. This relief means that 80% of first-time buyers will not pay SDLT, and 95% of first time buyers who pay SDLT will benefit from the change. Since its introduction, 69,000 people have benefited from the relief. Over the next five years, this relief will help over a million first time buyers getting onto the housing ladder.
The Government has also taken wider action on housing to help renters get a fair deal and to address homelessness and rough sleeping. At Autumn Budget 2017, the Government committed to £2 billion of extra funding for affordable housing, including for social rented homes, bringing total investment in the Affordable Homes Programme to more than £9 billion. The Government has also allocated over £1.2 billion by 2019/20 to help reduce and prevent homelessness and rough sleeping and is implementing the Homelessness Reduction Act, which will ensure that more people get the help they need earlier to prevent them from becoming homeless in the first place. (end of part 1)
9:05 AM, 26th May 2018, About 5 years ago
part 2: "The Government aims to halve rough sleeping by 2022 and eliminate it by 2027, and has set up a Rough Sleeping and Homelessness Reduction Taskforce to develop a cross-Government strategy to work towards this commitment.
Until they burn their fingers soo badly that people will be sleeping in front of the parliament, they do nothing.
I wonder if others already recei ved the same reply? Not a great start of Bank Holiday Weekend!
16:05 PM, 27th May 2018, About 5 years ago
Sounds like it has been written by someone with a hatred of landlords.
It also shows how determine they are to see this through to the bitter end, leading to higher rents, increased homelessness and a smaller economy.
This won't end well. Stifle entrepreneurs at your peril.
12:21 PM, 28th May 2018, About 5 years ago
I am quite worried about this legislation. With my current portfolio all of my properties will be underwater come 2021, so I think I need to liquidate them immediately - though this is going to be tough given current falling market conditions in London (where they are). I keep reading that we are going to be able to raise rents to compensate for this tax, but I am not sure that we will be able to. Only buy-to-let owners will be forced to raise rents - the rest of the market doesn't have to and so it will be harder for us to find tenants as we are (forced to be) charging more. I am also confused by the idea that selling all the buy-to-let properties will mean that the private rental sector will have a shortage. I'm no economist! but if I sell my properties to someone who was renting then doesn't that mean that supply *and* demand go down? Am I getting this wrong somehow?
13:38 PM, 28th May 2018, About 5 years ago
Reply to the comment left by James at 28/05/2018 - 12:21
There's been a fair bit of notice for this, no need for a panic sale for most landlords. I've already deleveraged/restructured to be unaffected come 2021.
The idea that landlords who aren't forced to increase rents won't also jump on the bandwagon is a novel one. I certainly will be doing, this is a business after all.
No idea how you come to the conclusion demand will be falling. UK population projection set to increase by 3.6M over the next 10 years, many (most?) of them will be renting.
"I'm no economist!"
13:39 PM, 28th May 2018, About 5 years ago
Reply to the comment left by James at 28/05/2018 - 12:21
I think you joined the forum about 3 years too late.
Where about in London and what is your LTV and how long have you held them?
Unless you are a recent entrant to the London market, you should be able to sell at a profit. Saying that, to sell easily in London you need to offer a fairly hefty discount. Gone are the days when you could sell over a weekend above asking price!
14:09 PM, 28th May 2018, About 5 years ago
Reply to the comment left by Monty Bodkin at 28/05/2018 - 13:38
"The idea that landlords who aren't forced to increase rents won't also jump on the bandwagon is a novel one. I certainly will be doing, this is a business after all."
I suppose it all comes down to supply and demand. There have been a *lot* of new developments in London recently, so many new towers of flats. And rental yields seem to be flat or even declining (if you take inflation into account). I'm not sure that the market dynamics will work out as you say, given that renters seem to have some choice at the moment. It is a market after all. Prices can't be fixed.
14:14 PM, 28th May 2018, About 5 years ago
Reply to the comment left by H B at 28/05/2018 - 13:39
South London / 2 years / 75%. Yes indeed, the London market is on the brink of collapse. Prices are going down, it's terrifying! If the price goes down by a quarter I think that the bank will liquidate my assets :-\. I think that only First Time Buyers are buying at the moment. The equity loan and all that stuff should help me unload I think.
15:38 PM, 28th May 2018, About 5 years ago
Reply to the comment left by James at 28/05/2018 - 14:14Even if you weren't aware of S24 two years ago, the underwriters certainly were.
It is highly unlikely they would have lent to a new landlord on a portfolio of properties who's rental income would be underwater by 2021.
About as unlikely as your 25% price crash!