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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||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
Mark Alexander - Founder of Property118
10:46 AM, 11th April 2017, About 6 years ago
What has your solicitor advised?
10:13 AM, 13th April 2017, About 6 years ago
I am a solicitor and have had to work with these clauses. They are a pain in the backside. People, including judges,think of including them because if land without planning permission obtains it then it goes up in value substantially. True, but not really the point. Other assets might increase as well such as art works, jewellery, books, furniture etc but nobody asks for a clawback if they go up in value later. If you are splitting assets then they can be valued now. A professional valuer will value land and take account of its potential for obtaining planning permission and the possible amount of any uplift.
To deal properly with an uplift clause is expensive in legal time. The person not keeping the land wants to ensure that the one with it does not "find a way round" the legal drafting or that there is a sale at what they "think" is an undervalue that defeats the uplift or provides a smaller uplift than they are sure they are entitled to. Or they think that a sale should be delayed so that the market price can rise. The person with the land does not want to find that he/she cannot do anything with it without the agreement of the ex-spouse. Uplift clauses are therefore complex to draft - expect to spend £5000 of legal fees if the job is done properly. They also mean that the spouses have to deal with each other on potentially acrimonious terms for many years until the land is sold.
In a case I know of the ex-husband got so fed up with the ex-wife's unreasonable approach after the divorce - not allowing him to grant a lease and generally being obstructive which increased costs for him - that he obtained a court order for sale and bought it back himself at auction free of the restriction
In your case you say the land already has planning permission. In that case the valuation now reflects the full value of the land. If your ex spends £200,000 developing houses and sells for £300,000 more than the current valuation I am afraid to say there is no reason you should get a percentage of the "uplift". It is simply developer's profit. If you were to impose such a condition on the sale so that a third party was bound by it, you would depress the value of the land and make it difficult to sell. If you want to get in the development business, take your share of the money and buy some other land with planning permission. Spend £200K on it and try to make a profit.
17:39 PM, 13th April 2017, About 6 years ago
Can you sell the land now, and split the proceeds, or won't husband agree?
16:11 PM, 14th April 2017, About 6 years ago
Odd question, it will be decided in your financial settlement. Have you agreed that your husband should retain the land?
12:36 PM, 21st May 2017, About 6 years ago
Sorry it took me so long to reply but I wasn't able to log in.
No we haven't agreed that my husband will retain the land, my husband just assumes that he will
and I will get whatever he cash he can raise.
12:52 PM, 21st May 2017, About 6 years ago
Reply to the comment left by "Colin Dartnell" at "13/04/2017 - 17:39":
My husband won't agree to sell the land and split the proceeds.
Mark Alexander - Founder of Property118
17:29 PM, 21st May 2017, About 6 years ago
Reply to the comment left by "Jackie " at "21/05/2017 - 12:52":
That decision may well be taken out of your husbands hands by the Judge hearing your divorce case. The job of your solicitor is to persuade the Judge to make that ruling, e.g. for the land to be sold and how the net sale proceeds should be divided. Same goes for his portfolio.
If I was advising him I would suggest to him that he makes you a 50/50 partner in the business. If you have no involvement in the running of the business then I would suggest to him that he should persuade the judge to agree a fixed (possibly indexed) 'partners salary' for him to be paid out of profits before other profits are split.
I would then advise both of you to consider incorporation of the partnership after three years (once the partnership is entitled to claim a Stamp Duty exemption) and in order to 'wash out' all capital gains to that point. I would also advise you both to consider BICT in order to negate the requirement to refinance at the point of incorporation. See https://www.property118.com/landlord-incorporation-explained-video-interview-ranjan-bhattacharya/98856/
From what you have explained to me offline, your husband not only has a problem in relation to divorce finances but he also faces potential bankruptcy due to being caught in a CGT trap if he sells and a finance cost relief trap if he doesn't. You could both end up with 100% of nothing if you continue to fight. The strategy I have proposed above might be the only route to salvation for you both.
18:55 PM, 21st May 2017, About 6 years ago
Mark is right, it will be decided as part of the financial settlement, helpful if you both can agree. I doubt you'll get uplift any more than a purchaser would expect to give you an uplift, this is factored in to the price/value.
Sounds like you haven't discussed this with your solicitor yet or you would know this. You will most likely get 50% of the total, how that is divided will be up for discussion.
You don't say how old he children are but what happens to either of your property afterwards is up to each of you individually.
A non-property related question: why do you feel it necessary to (a) divorce your husband on the grounds of unreasonable behaviour when you can divorce him just for being separated which would be more straightforward and (b) to post that on a property site? It's not relevant.
That said, if you and your husband can't agree it will be taken out of your hands and decided by the court. The longer you take to come to an agreement the more it will cost you so take care it doesn't all go on lawyers' fees and there is nothing left to be uplifted....
and how are the B2L properties to be split?
22:36 PM, 21st May 2017, About 6 years ago
Reply to the comment left by "Mark Alexander" at "21/05/2017 - 17:29":
I suggested to my husband that we create a partnership but he said no, he thinks all the properties
are his to do with as he pleases, we don't agree on the valuations either, things are much the same
as when we spoke except I would really like to know which Court Order I should ask the Judge for.
0:39 AM, 22nd May 2017, About 6 years ago
"..I would really like to know which Court Order I should ask the Judge for."
That is a question for the solicitor representing you in the divorce.