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
8:48 AM, 2nd December 2013, About 10 years ago
I can understand how complex all of this stuff can be to a newbie, it took me 20 years and I still learn new things every day. There is no rush, take your time to understand the business before you jump in both feet first. Mistakes can be very costly in the property business. BEWARE guru’s charging fees for “get rich quick” property courses. There are lots of very slick conmen out there and it all starts with a free seminar.
To make life a bit easier for myself, and to save answering the same questions over and over again, I created a series of article entailed “How To Become A Landlord” which covers all the basic fundamentals including the questions you have raised and much more. Please see >>> http://www.property118.com/how-to-become-a-landlord/60765/
Have a good read and then do your research into various areas. London properties need not cost a fortune. My stepson is living in Charlton whilst he is at Uni and walk to the University of Grenwich daily. He shares a two bed flat with his girlfriend and a house mate and they pay £950 pcm. The capital values are circa £150,000 giving a gross yield of 7.6%.
I have run these figures through our Landlords Calculator and based on a 60% mortgage with the Principality Building Society at 1.99% the figures come out as follows.
Purchase price £150,000
Rent £950 pcm
Gross yield 7.6%
Allowance for other costs £237.50 pcm. This is 25% of rent to be used as a budget for costs of advertising/letting, management, Gas checks, maintenance, ground rents, service charges and void periods (lost rent due to arrears or when the property isn't let.
Monthly cashflow £563.25
Return on capital invested = 11.27%. This is your net cashflow expressed as a percentage of your capital invested (excluding borrowings and any capital growth)
Breakeven interest rate 9.5%
After an initial 6 months you could look to withdraw £30,000 of your capital through an Equity Loan, see >>> http://www.property118.com/equity-finance-for-buy-to-let-landlords/44713/ This would not affect your monthly payments and would increase your return on capital invested to 22.54%.
You can find properties like this in SE7 6PX. See our Property Research Tool for more details and also to use the landlords calculator I used to provide the above figures >>> http://www.property118.com/property-search-tool/
I wish you well and please feel free to post further questions.
9:14 AM, 2nd December 2013, About 10 years ago
The general consensus is that the true way to wealth through property is to LEVERAGE!
Leverage other people's money ... the banks to fund 75% of the purchase ... and the tenant's money to pay the rent to service the mortgage.
On Property Tribes we have a very helpful thread called "Get gearing to get rich" which explains in wax crayon the power of leverage in BTL.
With regards to buying a property in London or two cheap properties up North, I would say London every time.
It's a very stable and potentially growing market and properties closer to home in an area you know are always going to be less hassle than something miles away where you have no clue about the area.
If you are of a slightly cautious nature, why not buy at 50% LTV and then you can sleep at night knowing you are covered for interest rate rises etc?
Property is not a case of "one size fits all", so be sure to make it work on your terms and for your circumstances.
The best way of doing that is to spend a lot of time doing due diligence and research and leveraging the knowledge and experience on forums like P118 and Property Tribes. 🙂
9:41 AM, 2nd December 2013, About 10 years ago
If you've got zero experience being a landlord/landlady I strongly suggest before you buy ANYTHING that you go on a course run by the National Landlords Association to see what's involved first.
Then if you're comfortable you can deal with your legal responsibilities and the agents (as you have to manage them too so best you know what they don't know!) start by buying ONE property first and cut your teeth on that one.
Mark Alexander - Founder of Property118
9:57 AM, 2nd December 2013, About 10 years ago
Reply to the comment left by "Gareth Thomas" at "02/12/2013 - 09:41":
Presumably you are referring to the Landlord Accreditation course Gareth?
I believe this costs £150 and is excellent value for a one day course.
It's not just the NLA that run these and many of them are passportable. Also see http://www.londonlandlords.org.uk/portal/index/ and the much cheaper online version run by The Guild of Redidential Landlords https://www.landlordsguild.com/quick-links/services/accreditation/ which sadly isn't passportable as there is no way of other schemes being able to verifty who sat at the end of the PC to complete the course.
For landlords in the Midlands see http://mlas.org.uk/
for Wales see https://www.welshlandlords.org.uk/
and for the North see http://www.rla.org.uk/lanetwork/landlord_area.shtml?a=accreditation
10:31 AM, 2nd December 2013, About 10 years ago
London seems to me to be another world and one I don't like or understand, driven as it is by overseas investors at the top end. If the international situation changes they may no longer have the incentive to buy in London.
Why not look at buying in the commutable bits of North Kent? Not far from home but on the face of it, numbers that work more like the Midlands or North. My suspicion (from owning four of them) is that 50 grand houses in the North are more trouble and not as profitable as they look at first sight. If I were starting again I'd pay slightly more and get better houses and tenants, in places where it is easier to let. I think I'd be looking at paying 70-80k.
Maybe look at 60% mortgages on 150 grand props so as to have plenty of protection against rising rates?
Mark Alexander - Founder of Property118
10:35 AM, 2nd December 2013, About 10 years ago
Reply to the comment left by "Jerry Jones" at "02/12/2013 - 10:31":
I'm not sure whether you read my reply but 60% mortgages on £150k properties is achievable in London and these properties are unaffected by the top end international buyers.
10:37 AM, 2nd December 2013, About 10 years ago
At some point you are going to need to make a decision on whether to manage the properties yourself or to use a letting agent to manage them for you. There is, however, a hybrid scenario which you should at least consider. Please take a look at the article linked below.
10:52 AM, 2nd December 2013, About 10 years ago
There is little I can add to the comments already made, other than to query whether you would prefer capital gain or cash flow, or a combination of the both. Buying in the south east will be better for capital gain, and you can get cash flow as well as Mark has pointed out. Further north and west, cash flow might be better (depends on where you look), capital gain much slower, but you will be able to buy more cash flowing properties with your money.
Buying closer to home is always a good idea for the first couple of properties at least, until you find your feet as a landlord. Even if you outsource lettings and management to an agent, there will still be things that need your attention.
Like Gareth and Mark suggest, I would also recommend becoming an accredited landlord - the cost for a 1 day course is negligible compared to the amounts involved in property investment, and you will be aware of landlord responsibilities from day 1.
11:08 AM, 2nd December 2013, About 10 years ago
Reply to the comment left by "Mark Alexander" at "02/12/2013 - 10:35":
Do you not think that the whole market at all levels gets pulled up by the top end stuff? I suppose it's arguable that it pushes some mid-range people down into the lower end stuff. But this is presumably a flat. I'm very firmly a house investor for a variety of reasons, mostly to do with control of my investment. I know there are terraced houses to be had around Ebbsfleet, Northfleet and similar at that figure, although it's not an area I have researched beyond the very basic numbers.
11:10 AM, 2nd December 2013, About 10 years ago
Thanks folks - excellent advice.
Yes I will definitely go on a landlords course and understand the responsibilities involved.
I am happy to invest now for the long terms and ensure the rent pays the mortgage/covers cost but expect to have a rainyday fund for extras that might go wrong.
Ive been looking around penge/lewisham areas and possibly take a punt on abbey wood environs. Would prefer to buy a house as it may be more manageable.
Area wise, i know milton keynes a little bit and understand there may be more growth in that area..
Thanks for all the advice, I continue to research!