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
21:50 PM, 26th May 2014, About 10 years ago
Hi Jon
There is no one size fits all in BTL.
Here are some saying I like and I hope they will make you think .....
1) Today a man sits in the shade of a tree he planted many years ago.
2) Best time to plant a tree is 25 years ago, second best time is today
I have documented my strategies and learning experiences over 25 years of being a landlords here >>> http://www.property118.com/how-to-become-a-respected-profitable-landlord/60765/
A journey of a thousand miles begins with a single step.
Good luck and I hope you enjoy your journey as much as the destination 🙂
.
John MacAlevey
15:00 PM, 27th May 2014, About 10 years ago
Jon,
Whereabouts are you based or specifically, where do you want to invest?
Maybe I can help you.
John MacAlevey IcA 27.5.14
Devon Landlord
19:56 PM, 27th May 2014, About 10 years ago
Jon, you have made a sound move by asking advice now before you start. The best advice I can give you is to join a Landlord Association now even before you start out in the business. A good association will provide help and guidance and possibly a mentor with years of experience to assist you. Find a local association if you can, not a big National one even though they are good in their own way. Local ones provide a better insight and many are run 'Not for Profit' so the people who do so run it because they want to help make a difference to their fellow landlords. Also they tend to charge less and offer just as much. Another piece of good advice is to follow Property 118 and the comments made by other landlords. I notice that some commentators are trying to use the vehicle as a means of gathering business. Well, good luck to them but join an association FIRST and attend some of their meetings and talk to existing members for free.
Best of luck with what you intend to do as it is both a rewarding and a frustrating business.
Devon Landlord.
Anthony Endsor
22:12 PM, 27th May 2014, About 10 years ago
As a BTL Landlord myself, let me tell you some of the mistakes I have made, to help you avoid them.
My BTL business started almost by accident, as I had equity in my residential so I remortgaged it and used the money to get started. This was mainly because I had seen a property I wanted to live in, and this was the only way I could afford it.
FIRST MISTAKE.
I remortgaged at the top of the market, in late 2007, thinking the only way was up for property prices and I'd better get started quick. Consequently I paid what turned out to be way over the odds for both my residential and then my first BTL.
So my advice is to check house price trends in the area you invest in, and make sure the price you pay is lower than the average over the years. Prices may be going up now, but if you pay the higher price of the moment, prices could easily crash again.
SECOND MISTAKE.
I bought a 'good' property in a troublesome area. Consequently the property soon got destroyed by vandals, burglars, even some neighbours. I would much rather have bought a property that needed a lot of work, but was in a good area so that once it was done it would work well. So I do advise you to be careful about location, etc.
THIRD MISTAKE.
In my early days I used to take on tenants who I sourced myself, rather than go to an agent. Nothing wrong with this in itself, but I trusted some of them a bit too much. I used to take them on without doing proper referencing checks. Consequently, I had one who turned my property into a 'cannabis factory'. Thankfully didn't do as much damage as they might have done, but still a horrendous mess to clear up before it could be re-let. I then had another who I became good 'friends' with. This was a big mistake also as they talked me into getting a lower rent and even changing payment dates in their favour, supposedly in return for doing jobs in the house. It turned out those 'jobs' were actually not good at all. They converted the loft, illegally without planning permission, they changed all the carpets, destroying the fireplace in the living room in the process, they made a mess in the garden which resulted in the neighbours complaining and the Council threatening a big fine, and generally they have made a mess of the property inside and out. So my advice is, ALWAYS do referencing checks on tenants. You can do it yourself, or you can get an agent to do it. And keep your tenants at arms length. Don't befriend them. For this reason it's probably a good idea to have a bit of distance between where you live, and your nearest BTL property. Even if your neighbours offer their house to you on the cheap because they are moving to Australia and need to sell tomorrow, it's not the best idea to buy it to let out, as you will then be neighbours with your tenants, which sounds nice until you see what happened to me.
FOURTH MISTAKE.
I never took RGI on one of my properties. This was a Housing Benefit tenant and I had to wait months before I got any rent from the property. The tenant came up with allsorts of excuses and didn't even pay a deposit. I ended up losing thousands in unpaid rent.
So always take RGI, and be especially careful with Housing Benefit tenants. Most Private Sector Landlords avoid them these days, and I now know why!
And finally.............GOOD LUCK!!!!!!!!!
8:32 AM, 28th May 2014, About 10 years ago
Dear Jon,
The only time any of us have to get involved in property is "now".
My "now" happened to be 11 years ago.
You cannot buy property in the past, and you cannot buy property in the future, so you only have today to buy.
In other words, take action!
The lights will never all be on green.
You have to take action and then fine-tune your business as you go along, based on your experience.
If you buy a property in an area of high tenant demand where the deal stacks, and manage it effectively, that is about as low risk as you can get.
Become an expert on due diligence. Understand your potential investment from every angle.
Capital growth over time is completely unknown. No one should base a business on what they DON'T know.
So my advice is to focus on cash flow and benefit from any capital growth as a bonus. Capital growth is NOT guaranteed, but cash flow - actual money in your pocket - IS.
Getting finance in your own names will be a lot simpler and give you access to better products.
My advice is create the problem first i.e. a tax issue because you have made so much money, and then find a way to solve it by asking the right person.
It's very common to hear people worrying about problems that don't yet exist, and this stops them moving forwards.
Create the problem first is my advice. Having made a lot of money through property is a nice problem to have. 🙂
I have written a guide: How to get started in BTL ... in 10 easy steps specifically to help people take small steps that will lead to a tangible result
http://www.propertytribes.com/how-get-started-btl-10-easy-steps-t-8255.html
@Anthony
You have certainly had a rocky ride and it is generous of you to share your experiences to help others avoid the pitfalls.
I do not subscribe to the Kirsty and Phil mantra - Location! Location! Location!
It's not enough for investment property purposes where you are investing money to achieve a return on that investment.
My mantra is Due diligence! Due diligence! Due Diligence!
Becoming an expert at due diligence stops people from making the mistakes you made, all of which could have been avoided by understanding what makes a good property deal and how to source a good tenant.
With regards to RGI for LHA tenants - there is no such product to my knowledge.
There are good and bad tenants from both private and LHA sectors and its worth remembering that a private tenant is only a P45 away from becoming an LHA tenant, as my dear friend Mary Latham often says.
Good tenant referencing and screening is absolutely vital as the best way never to experience a bad tenant is never to allow one into your property in the first place.
The informed and educated landlord who invests time in understanding how to do due diligence is the landlord who will survive long term and enjoy a successful and relatively hassle-free landlord life.
Rob Crawford
12:14 PM, 29th May 2014, About 10 years ago
If I can't achieve a good monthly rental income as well as capital growth then I don't buy. Long term Capital growth is speculative and I believe landlords may suffer more in the future with HMRC and Government clamping down on previously enjoyed revenues achieved through buy-to-let. Selling at the right time is key but how can this be forecast? I am also looking at how to reduce income and inheritance tax. Your solution will depend a lot on your personal position, age of children, life expectancy, annual earnings etc. Your situation will be changing throughout the term of your property business as will mortgage interest rates etc. So I commend you for asking the question but there is no way anyone can answer for you. This forum is a good start but talk face-to-face with accountants / solicitors / mortgage provider / other landlords before you take the jumps. Do the same routinely during the term of your business. Some good marketing analysis (PEST/SWOT) is a good start and remember - location, location, location! Good luck.
Devon Landlord
19:57 PM, 29th May 2014, About 10 years ago
Hi Jon,
I agree that now is a good time to get into the BTL market. Some properties are still good value for money and achieve a good yield, but it is understanding all the aspects of running the business that makes some landlords successful and others a nightmare both for themselves and their tenants. I can't stress the need to get good advice from an association and any mentoring they can provide, as these people will have years of valuable experience, and by offering themselves to do mentoring are willing to share their experience and give you some of their valuable time for free.
The best advice has been echoed elsewhere but prepare well before you take the plunge as it can be very costly if you get it wrong. have a clear business plan and before you buy choose your area, investigate it thoroughly and get to know the types of property available and what the going rate is for costs and rental income. Once you have done that get some support and training from your association (I assume you have been wise enough to join one at this stage) before you dive in. You seem to be in a good position as you are not an 'accidental landlord' and you still have time to prepare well before you start. It could save you thousands and make you more thousands if you do it wisely.
Devon Landlord.
Neil Robb
17:48 PM, 30th May 2014, About 10 years ago
Hi
With changes to the way we can get mortgages and how many we can have from each lender these day it is important to work out what you want Ie (how many) and how best to get them.
Do both you and your wife work do you both earn £25,000 not always a prerequisite for all mortgage lenders but is for most buy to lets. Birmingham Midshires have no income required as long as the deal stacks up.
Your are allowed only three mortgages from most mortgage lenders group so any lender that say belongs to RBS then they can give you three joint mortgages. It is better to buy them in each your name or the wife. This means you can have 6 with each group.
Although there is lenders out there that will let you have 10 mortgages.
If one of you do not work and the other does if you can buy a property without a mortgage then put that into the none worker name and use there tax allowance.
It is possible to then to sell between husband and wife and not pay capital gains tax. this is something Mark Alexander taught me through this forum. I have been able to buy a property cash wait six months sell it to the wife bring all my money back out and purchase some more.
Everyone makes mistakes even with advice. It is important that you do not take everything to heart as with all businesses you have problems buy to let no different.
Yes people sometimes don't pay rent. Deal quickly and promptly and cut your losses quickly. Some people do lie but most are genuine and like all of us do fall on hard times. so don't let it build up into an unmanageable problem.
Property will get damaged there is a difference between fair wear and tear than deliberate damage.
Tenants seem to have more rights than landlords. If the land lord runs his properties professionally then they should be ok.
Tenants will agree to anything to get a place but once they have what they want they can change. Most are great tenants.
Always ensure all certificates are in place Insurance (correct amount and landlord), Gas and electric certificates annual checks.
Tenants deposit scheme make a point in fully understanding this to avoid penalties I have a tenant who left a year ago now trying to take action because someone has told him things that are not correct. This takes time to sort out. If the tenant had told him the whole story I am sure the advice given would have been different.
Always deal with tenants request for repairs as it is your property. Good communication with the tenant is important so they no they are not being ignored always be polite.
There are some tenants who wont report things until a small repair becomes a big one this can be costly.
I hope this helps and regardless what you chose to do there is risk with all investments. At least with property you can see it. How many have put money into funds and schemes even with reputable companies that have gone wrong.
I am sure they are more experienced people on this forum than I but I just wanted to be helpful. Good luck with your buy to let future.
Steve Elliot
11:38 AM, 31st May 2014, About 10 years ago
Reply to the comment left by "Anthony Endsor" at "27/05/2014 - 22:12":
Wonderful and very insightful advice! A must heed!
Jon Harris
11:03 AM, 1st June 2014, About 10 years ago
Wow ... what a great response from everyone, and some wonderful advice. Thanks - it's certainly given us a lot to think about before we dive in.