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:
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- 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 email@example.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?
- 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?
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- Contacting Us
13:06 PM, 23rd March 2023, About 2 months ago
The Freehold company cannot be dormant as has a duty to insure the building; obligations to the Leaseholders that have to be carried out eg repairs, maintenance etc etc
The Freehold value is the insurance value of the building, including the land it stands on, not the insurance rebuild cost.
The value of the 2 Leaseholds are likely to be different. If one is ground floor with sole access to the garden.
The Freehold value changes not just when the Leases are granted and should be revalued every 5 years even if just for insurance purposes.
There are 3 entities ie the Freeholder, and 2 Leaseholders even if you are one and the same.
So for each mortgage there is a Freeholder and a Leaseholder.
At some point in time you might want to sell one of the Leaseholds or even just the freehold. Or make the Leaseholders have equal share of the Freehold. But the freehold will still be a separate entity, with its own Title Number and documentation at HMLR, it has to be.
13:23 PM, 23rd March 2023, About 2 months ago
My view on this would be to issue 2 leases of 999 years and zero ground rent and hold them in the company you purchased the propery in. Then the freehold would not be worth a huge amount.
You could then transfer the freehold (at market value) into another company and you would not need to pay SDTL as it would be worth less than £40,000 (the SDLT threshold)
Your leaseholds should be worth more than the orginal freehold as you have created value by doing the work. These can be valued by an estate agent or make a guess yourself by comparing with similar properties - then go for a mortgage on these values.
You really need to end up with 2 companies - one to hold freeholds and one to hold leaseholds.
I am a landlord, not an accountant or solicitor and have never created leases, but have diddled around with freeholds and leaseholds in the past. Check it out with the professionals before taking my word for it as I am not certain on the process of creating leases.
14:26 PM, 23rd March 2023, About 2 months ago
Reply to the comment left by JB at 23/03/2023 - 13:23
The leases have already been issued from the second to the first company. If they hadn't you could not issue them within the original company as they have to be in different entities.
Judith said neither can be dormant. This is not necessarily true as it is the service charge money which fulfils the obligations not the company money. A lot of RMCs are dormant.
I would have done it the other way round and created the new company for the leases then no need for transfer. Why did you do that unnecessary transaction? It would have been for market value so the £1 is not the value to use for tax.
Your solicitor may be thinking that the principle of mutuality applies - that you can't be taxed on transfer to yourself. However by putting them in two companies you cannot use this for tax avoidance.
Not very helpful of me to say this I know but you should have got tax advice before doing any transfer. Your solicitor may have done it before but they are wrong to say there is no tax liability.
15:12 PM, 23rd March 2023, About 2 months ago
Reply to the comment left by Crossed_Swords at 23/03/2023 - 14:26
Ah yes - sorry I missed the bit that the freehold had already been transferred to another company before the leases were created. I think this transfer should have been at market value and SDLT would be due on this - as its a 'purchase' by the 2nd company.
Transferring the leaseholds back to the 1st company may also be considered a purchase with SDLT due again? I really hope that's not the case.
18:45 PM, 23rd March 2023, About 2 months ago
So many questions - all jumbled up, despite solicitors.
No, you cannot be a freeholder and a leaseholder in respect of the same property.
Historically, it had to do with the mystical concept of seisin.
Today, it is the doctrine of merger.
One would have to see the documents: the TR1s and the companies involved.
There is Co A who buys a dilapidated property, then converts it into 2 flats.
For CGT, at the very least, you have the purchase price, legal costs, planning and conversion costs.
This is your acquisition cost.
You then sold this to CoB for £1.
Clearly, the sale is at undervalue.
Land Registry will not register anything without a SDLT form being completed.
How was this form completed?
Clearly, the sale was not at open market value.
CoB then granted 2 Leases to CoA.
CoB before the grant owns the freehold property.
The value is the open market value.
After the grant of the 2 Leases (assuming all valid, and LR have accepted the transactions), Co B owns the freehold reversion, which is a valuation matter requiring a Chartered Surveyor at the very least).
Co A now owns 2 leasehold flats: valued on an open market basis.
11:43 AM, 25th March 2023, About 2 months ago
Out of curiosity why couldn't the freehold have been split to share of freehold as opposed to only a leasehold?
14:37 PM, 25th March 2023, About 2 months ago
Reply to the comment left by Chris Bradley at 25/03/2023 - 11:43
Are you asking me?
In the instant case, the facts, as given, which I find difficult to accept, if solicitors were involved are inter alia: Co A which owned valuable freehold property converted into 2 self-contained flats transferred or sold this to Co B for £1.
There has to be a SDLT form.
I would love to see this.
I further assumed that the shareholders of Co A and Co B were different.
If not, the veil of incorporation can be lifted by HMRC and LR.
Let us assume the Examiner at the LR did not notice the same shareholders and somehow passed the SDLT form and proceeded to register Titles for 2 separate Leases.
Now the shareholders in Co A (with the 2 Leases) can own the shares in Co B, which owns the freehold reversion.
I am aware the LR is taking a long time to deal with the applications.
I would bet the LR has not registered the Titles to the 2 Leases as yet.
Also, there are solicitors and solicitors.
There are now Legal Executives who are entitled to do Conveyancing.
I am not saying anything against anybody.
Or, the facts as stated are not facts.
Something is wrong.
14:46 PM, 25th March 2023, About 2 months ago
Reply to the comment left by SCP at 25/03/2023 - 14:37
I was just asking anyone
Why when there is 2 flats why the flats cannot be held as leasehold with share of freehold by the same person/entity/ company
15:16 PM, 25th March 2023, About 2 months ago
Reply to the comment left by Chris Bradley at 25/03/2023 - 14:46
Here beginneth a lesson in history and land law.
Let us accept that in general, you cannot have a freehold flat.
It must be a leasehold flat.
If the same person owns a leasehold and the freehold, then the doctrine of merger applies, and the Leasehold becomes a Freehold.
If it is a given that the Flat must be a Leasehold, then there must be an entity that owns the freehold reversion and is separate from the Leaseholders.
The Leaseholders may well own the entity owning the freehold reversion.
It is a long time ago that I read the original case on this point.
The finest legal minds debated about seisin. They said there would be confusion if the same person owned the leasehold as well as the freehold.
Where is the seisin now?
15:35 PM, 25th March 2023, About 2 months ago
Reply to the comment left by SCP at 25/03/2023 - 15:16
I see a lot of flats up for sale as leasehold with share of freehold. Which I assume is bought by one person, not 2 entities