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 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?
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 firstname.lastname@example.org, 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
Mark Alexander - Founder of Property118
18:04 PM, 19th August 2013, About 10 years ago
Yes, this does exist and the chances are that the advert you heard was for Northwoods letting agency. There are several others operating guaranteed rent schemes though.
Before you just sign on the dotted, do think to yourself how they are doing it and whether it's worth it to you. To do this ask a few other letting agents to provide you with a Rightmove Plus comparables report, most good agents will do this free of charge. That way you will be able to work out roughly what percentage of your rent you are losing in favour of the guarantee and whether it is worth it to you.
They also offer a no fees service, effectively because their profit comes out of the difference between what they pay you and what they collect in rent. So far as I know, the Northwoods service is not insurance backed, neither is it backed by Northwoods. Each franchisee underwrites their own arrangements, therefore, the guarantee is only as good as the person or franchise company offering it. I am happy to be corrected on that though if something has recently changed.
Do also bear in mind that you have very little if any say as to who they let the property to. On that basis you need to consider the prospects for wear and tear, damages which may exceed the deposit paid and whether those damages are recoverable given that you don't usually have any details of the tenant. What if they put an overseas visitor with 6 kids into your property for example?
It looks very attractive on the surface and for some landlords it does provide peace of mind, hence their business is doing very well.
Do shop around though, a very helpful and competitively priced business you might wish to consider is Letting Supermarket. I reviewed their full management service on a no names basis here >>> http://www.property118.com/full-property-management-from-just-14-99-a-month/34413/
I know for sure they will be happy to produce a free Rightmove plus comparables report and talk to you about their full management package with includes rent guarantee insurance for just £35 pcm - nothing up front from the landlord and no termination clauses.
Good luck 🙂
18:12 PM, 19th August 2013, About 10 years ago
Reply to the comment left by "Mark Alexander" at "19/08/2013 - 18:04":
Northwoods - that was it! Thanks Mark, very useful info!
19:09 PM, 19th August 2013, About 10 years ago
Guaranteed Rent Schemes - my opinion
In the majority of cases your tenant will be the company/organisation guaranteeing the rent, not the actual occupier. The following assumes that to be the situation here:
Such an arrangement will not / can not be an assured shorthold tenancy and when things go belly-up, the free advice on the web is about ASTs (which form the majority of residential tenancies) so you are going to either have to pay for specialist advice OR attempt to sort it out yourself - time for a review of your knowledge of tenancy law.
Most mortgages on rental properties require the tenant to be on an AST - check yours.
The contract you sign (tenancy agreement) will be provided by the company. I can think of no situation where a residential landlord would accept a tenancy agreement proffered by a tenant!
That agreement was written to protect the company, it was not written to protect the landlord.
Frequent complaints about these deals focus on the on-going repair obligations of the landlord - landlords considering such a deal should familiarise themselves with their obligations.
An equally common complaint regards the condition of the property at the end of the tenancy - the company is not going to spend thousands on their repair obligations if they can get away with a bodge. Make sure you know what the company are offering, and more importantly, what they are not guaranteeing.
Make sure you know how the agreement will end. If it is for a fixed term, will you be given vacant possession at the end of the tenancy, or will you be left with their tenant in situ - possibly an undesirable with an evaporated rent guarantee.
Ultimately it boils down to knowing what you are getting involved with - genuinely knowing, not "thinking". The only way to do this is to read it from start to finish and, if you are anything other than competent in contracts, ask a specialist solicitor to read it for you and highlight your risks.
19:24 PM, 19th August 2013, About 10 years ago
Thanks Dave, all useful information & common sense.
20:10 PM, 19th August 2013, About 10 years ago
When they are underwritten by the agent generally the landlord receives around 65-70% of the rent and the other 30-35% is retained and the term is usually 12 months, around here anyway. The agent could make the equivalent of a 30-35% management fee if there are no voids, but could lose heavily if the property takes a while to let out. This does tend to make them less than fussy about who they let it to. The landlord can strike lucky and have a full 12 months income, which is reassuring when there is a mortgage involved but, as Mark says, they could be exposed to heavy refurbishment costs. There are some similarities to a Company Let, who could install the perfect occupant in the property or a careless noisy nightmare and the landlord has no say in it. A couple of the Company Lets I handled started off with excellent occupants but swapped them after a few months for some who were less so.
20:25 PM, 19th August 2013, About 10 years ago
Thanks Tilly. 65-70% is that all? Wow, when they said 'marginally less' I didn't expect 30% less!
20:43 PM, 19th August 2013, About 10 years ago
Reply to the comment left by "Kirsty McGregor" at "19/08/2013 - 20:25":
Hi Kirsty, I was surprised too, but can only speak for the ones near to me and it is negotiable to some point for those willing to try.
21:59 PM, 19th August 2013, About 10 years ago
The Northwood Guaranteed Rent Scheme is probably the most trusted guaranteed rent scheme in the U.K., Northwood being a national company with considerable assets that are able to give integrity to their guarantees.
The Guaranteed Rent Scheme is for a specific type of landlord who wants complete peace of mind and no hassle. There is naturally a cost associated with that. The rent is paid from Day One, there are no agent commissions, the property is returned to you in the condition it was let to Northwood, and, if the tenant needs to be evicted, Northwood cover that cost.
You can learn more about their guaranteed rent scheme by watching a series of short videos on their YouTube channel:
We also have a discussion on Property Tribes that explains the important differences between Rent 2 Rent, subletting, guaranteed rent, and rent guarantee insurance which you may find helpful:
22:03 PM, 19th August 2013, About 10 years ago
Reply to the comment left by "Vanessa Warwick" at "19/08/2013 - 21:59":
Thanks Vanessa! Very useful info 🙂
22:10 PM, 19th August 2013, About 10 years ago
Reply to the comment left by "Kirsty McGregor" at "19/08/2013 - 22:03":
Just for clarity, I would like to confirm it wasn't Northwood I was referring to in my earlier post!