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:
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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
Mark Alexander - Founder of Property118
12:36 PM, 29th November 2012, About 10 years ago
I hate to be the one to have to tell you this Alex but it looks to me as though you paid market value for your property on the basis that you can provide no evidence in the last two years of similar properties selling for the £125,000 figure you think your flat is worth. If you truly believe it is worth £125,000 then I suggest you sell it for that amount. Your mortgage is only £64,000 and you say you borrowed 80% of £80,000 so even after factoring in costs of buying and selling you will make a fantastic return on your capital invested if you really can sell it for that much. If you are right, go out and repeat the exercise and make your fortune as it's a much easier way to make a living that going to work every day. However, I suspect you will find that it will not sell for anywhere near to £125,000 which will prove that the valuer was right all along.
A tip for the future, property is generally only worth what the highest bidder will pay. To be sure you are getting a bargain you need to find realistic and recent comparables of properties which have sold for considerably more than similar properties you are looking to purchase. That's not easy! Clearly you didn't do enough research at the time and that's why you are so disappointed now.
16:35 PM, 29th November 2012, About 10 years ago
The length of the lease will also detract from the value of the property as the cost of a lease extension has to be factored in
18:27 PM, 29th November 2012, About 10 years ago
I completely agree Mark. It seems more and more investors are flocking to the auctions in the hope of getting a BMV property. It can be achieved but research is key. Too many bidders are going in half-cocked or over excited and having buyers remorse once they find out the propertys actual value.
Once bought, Elaine is correct that a valuer will take more than the recent local sales into account when trying to determine the value.
People should also take care that if the sellers are selling it 'warts and all' that it doesn't include any service charge arrears or major upcoming works that they will be required to contribute to.
Mark Alexander - Founder of Property118
18:32 PM, 29th November 2012, About 10 years ago
In fairness to Alex he's not done too badly, even if it is only worth £90,000. I've seen plenty of deals where it's the other way around, i.e. people paying more than the property is worth. At least it sounds as though Alex could make a small profit on the deal and has a nice little investment property. It could have been a lot worse.
It's very easy to point the finger of blame at a valuer or a mortgage lender. However, try this - point at something and look at your hand - there will always be three little fingers pointing right back at you.
22:41 PM, 29th November 2012, About 10 years ago
Sorry, but no chance on Further Advancing on this apartment even if you bought well, and Mark is right on value, it is probably nearer £100K not £125K. I bought an apartment repossession in Prestwich in 2009 for £102,500 that originally sold for £230,000 in 2007. Even now three years on I have only managed to secure a sale offer of £130,000 on it.
Values on apartments are being dragged down by bank repossessions. Consequently the valuers are downgrading valuations by around 10%. I was told by a valuer in absence of comparable data they are actually using repossession sales as market value and in some areas new build discount sales values are being used as market value whether its a forced sale or a bulk sale to investors.
My advise is to buy houses BMV and not apartments BMW, London being the exception here, at least with houses there are comparable sale data for valuers to use. It's hard enough as it is too get further advances let alone trying to do it on apartments. Good luck.
0:47 AM, 30th November 2012, About 10 years ago
What is a property worth? I don't think valuers discount by 10 % but a lot more. The mortgage providers are getting harder because of the bad debts they suffered from buying sub prime stock from the USA.
I had a house 2 years ago worth £400,000 and wanted to borrow on the equity for another BTL. It was valued at £320k. I still own the house (rented out). It was a 4 bed semi with garage, 2 conservatories and off stree parking for 4 cars.
I converted the loft so it was a 5 bed in Croydon surrey, A 4 bed house sold 10 doors down for £425k at the same time.
I was looking for a 3 bed house in the same location they were all about £325k, same price as my 5 bed house half a mile away! There was no garage or parking!
I brought a 2 bed shalet bungalow in need of modernisation 1 mile away for £275k.
It may be easier now to sell than try to raise funds from banks B/s who do not want to give mortgages.
It's amazing as a landlord with £30k rental profit, for a loan they require me to have a Job earning £20k pa ( now Retired), I have to find 75-80% of the property price. The rent may be £700pm and the mortgage repayments be £450 but they are still cagy.
1:50 AM, 30th November 2012, About 10 years ago
If it makes you feel better, I've lost a small fortune on BMV properties. During 2008/2009 my ex bought 3 properties saying they were typically 25% BMV. However, after paying the extortionate finders fees, mortgage fees, refurb fees I can honestly say that I've failed to make ANY money on them as they were located 200 miles away and managed by agents. Following my divorce I have managed to sell 2: one with a mortgage of £89k, originally valued at £125k but sold for £102k and the other with a mortgage of £71k, valued at £110k finally sold for £89k. With the above mentioned fees totalling around £10k each plus ongoing repairs (I appeared to own all the boundaries when the hurricanes hit and brought down the fences), tenant find fees and non payment of rent, it's been a very expensive mistake. One of the reasons my ex is an ex!
BMVs are great if you've done your homework or can manage the property yourself but for us there were too many middle men wanting to take their cut in a quick deal and, in those days, we were naive,
The best advice I can give is do your own research on valuation before purchasing the property. I eventually went to see one of mine only to discover that the valuer must have had a huge incentive to value the property at the price he or she did!
2:57 AM, 30th November 2012, About 10 years ago
Sorry, it's meant to read "totalling £10k each property"
4:05 AM, 30th November 2012, About 10 years ago
I don't know if this exists in the UK but you could try getting a line of credit (LOC) against the property. The rates are generally higher than mortgages and you usually need a good amount of equity of get an LOC.
11:29 AM, 30th November 2012, About 10 years ago
I am ignoring the issue of market value as many others have commented on this. It seems to me that the length of the lease it is the key here, and the sooner it is addressed the better, as the property value and mortgageability will continue to diminish as the lease term gets shorter. I recommend that you enfranchise and get a longer lease asap as it will cost you more the longer you leave it as you will have to pay more to the Freeholder. You will have to be prepared to pay costs - but it should pay you long term. Good luck.