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 firstname.lastname@example.org, 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 email@example.com, 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:
|Name of Cookie
||Used only to collect performance data, with any identifiable data obfuscated
||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.
- 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
|__utma, __utmb, __utmc, __utmt, __utmz
||Helps to understand how their visitors engage with our website
||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
17:54 PM, 26th March 2013, About 10 years ago
We've basically done the same thing. We sold up 3 years ago & used our capital for BTL while renting close to our eldest son's secondary school. Next year we might move to be closer to our second son's school.
Our rental property is not great but the location (and size) for the price is. We wouldnt be able to get a residential mortgage easily as we are self employed/semi retired but we can get BTL as our main income is off our capital.
The only downside I would say is that we havent unpacked a lot of our boxes after almost 3 years as we arent sure if our landlord will keep renewing the lease as he was trying to sell when we first came. Also we downsized & have tons of mirrors & pictures but are now finally accepting that we arent going to use them so ebay will be getting them soon.
I cant really see us going back to being home owners(for ourselves) in the near future as financially for us it works better this way, but my mum,being old school, is constantly telling us we must buy & not pay off someone else's mortgage, even if it would be £300 pm dearer. She doesnt count our 5 BTL's as being on the property ladder.
18:46 PM, 26th March 2013, About 10 years ago
I too was a landlord and tenant at the same time. In 2008 I had to sudden;ly get a job back in the aerospace industry and to do so moved down to rural south Somerset, working in Crewkerne. I let my own small 2 bed end terrace 1980s starter home, worth £150k, for £625 a month and rented a lovely converted coach house with stunning views, worth over £300k, for £700 a month. Also, when the job went pear-shaped after 11.5 months (coincidentally!) I was able to give a month's notice and Foxtrot Oscar back up to North Somerset. Chose not to give my tenants the boot (had made friends with all the neighbours) and moved in with elderly Mum. She developed Alzheimer's so my house is now let to another tenant and I am a full-time carer with an adequate income from 7 lots of rent, while interest rates are low. Not how I planned on spending my late 50s!
When I get to sell her rather nice 4 bed county house I shan't be buying for myself, but renting where I choose in the sun. Cyprus was high on the list but we shall have to see how that goes. Nominal yields there on a house are about 2% so I could put the cash in a bank deposit account, pay the rent and still be ahead of the game. Plus, if it all goes wobbly where I live, I can just move on easily, knowing that I still own a number of houses in the UK to come back to if I am so inclined in the future. Oh, and there will be a nice liveaboard sailing boat, of course, so I might not need to rent somewhere to live in the sun anyway.
21:45 PM, 26th March 2013, About 10 years ago
Mark, your friend’s landlord may also be onto a winner here; his property is worth 500k so if he sells it and buys another similar property for 550k the transaction will cost him at least 25k and anything up to 40k if he needs a new mortgage. If he is renting even at 1500 per month the money he has not spent is equivalent to between 16 and 26 months rent. If his property asset increases during that time at between 2.5% and 5% per annum respectively he is notionally no worse off. In this period of property value uncertainty, any-one who is downsizing may well be better off to let to rent. Certainly we have seen tenants arriving in Oxford from Central London where they are happy to sit on a property asset that is going up in value at between 8 and 10% per annum and let it without a yield on the basis that they can rent a similar property in Oxford for about half the rent they are receiving from their London property.
12:11 PM, 27th March 2013, About 10 years ago
How many BTL lenders are happy for you not to own your home?
18:13 PM, 2nd April 2013, About 10 years ago
I too am renting a house with my wife whilst letting out the majority of the rooms in my official owned residence 40 miles away. The reasons:
1) we met and got married after I bought my main house, and our rental location is in a more convenient location, half-way between our respective work places. Unfortunately this is in a significantly more expensive part of the country, so it is cheaper to rent than to buy here, especially when the economy is so uncertain and we don't want to commit all of our capital to one location.
2) It also pays to rent while we work through the current phases of our respective careers and my wife waits for a promotion prospect or an equivalent job to materialise in a more convenient location. Professional specialist careers combined with long-term hiring freezes means it pays to hang on to a job and wait for someone else to die, retire or move on in the locations you really want to live. Buying a house just ties you down in such circumstances.
3) I have a really good Base Rate + 0.5% mortgage which I suspect I would lose if I sold up - I too am effectively self-employed (I'm a director of my own company, so am paid a minimal amount and only take dividends as "income" when the company can afford it). My IFA says any housemove will be used by my mortgage company as an excuse to re-evaluate my affordability according to their much-stricter new criteria. I was once considered a good AAA risk and have never had a problem paying my mortgages over 25 years, but because I don't have a large conventional annual salary, but take my income/capital out of my business as and when I need it, I am now seen as a risky client. The terms of my mortgage do not guarantee me the right to move it to a new house, so I am effectively trapped, despite having over £600K in free cash which I use to capitalise my business and could draw down if I ever really needed it. The mortgage market is now dramatically biased against entrepreneurs and people trying to run businesses: self-certification loans were ideal but now unless you play the mortgage companies' game and show a reliable high income according to their definition of what constitutes "real" income (basically heavily-taxed PAYE salary and declared dividends, irrespective of tax-efficiency or business timing, and completely ignoring bonuses, capital gains, release of loans to one's business etc), you are stuffed.
I am therefore in agreement with Mark's friends: if you are running your own business and can put up with the renting lifestyle, it is currently often more tax- and capital-efficient to rent whilst also renting out one's own house!
4) I am sick and tired of the huge expense of moving houses: stamp duty in particular is far too high. Not moving houses just saves me a huge amount in tax caused by the vagaries of the employment market and repeated job-relocations.
5) I have large accumulated losses on my rental investment business, so because of the strange way HMRC taxes rental income, it is much cheaper to earn rent and pay little or no tax than to pay myself a conventional income or company dividends.
The main problem with renting is the lack of security if the landlord decides to sell up, and the poor quality of most available property. Our landlord is only renting to us to generate an income to keep his mother in a nursing home, so once she dies, we're probably out. Our previous landlord was only renting because he'd moved in with a new girlfriend who didn't want to live in his house because of its associations with his former partner, and he didn't want to sell up his principal asset. They therefore rented themselves and rented the house to us; their relationship then broke down and the landlord wanted his house back . . .