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:
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||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:
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||First / Third Party
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||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
Howard Reuben Cert CII (MP) CeRER
13:32 PM, 16th January 2014, About 9 years ago
The mortgage lenders are still recovering from the credit crunch and in particular lenders such as Mortgage Express who, in the pre-crunch days, were doing exactly what you're asking about below. They were one of the lenders who would lend up to 85% of the value irrespective of the purchase price and provided funds based on the 'value' which was what the surveyors/valuers placed on the property at the time of application. However, subsequently many such 'professionals' have now been struck off, fined and even imprisoned for submitting false valuations, and so you can see that the resulting marketplace is now far more tightly controlled and criteria is far more stringent too.
When the real values were realised by the new borrowers / owners and when the credit crunch hit and they had void periods (no rental income) because they had no 'pain money' in the deal (ie they didn't have to put down any deposits so there was no financial detriment to them) they simply walked away and left the lenders with properties worth much less than they thought and a huge heap of trouble instead. Quite often repossessed properties are not in a fit state to quickly put on the market and sell and so not only do they lose out on interest payments but they've also had to spend monies to update/clean/refurb the properties ready for sale too. Many fingers got burned during that time.
Yes, the 'bottom line' with mortgage lenders nowadays is as you say, the mortgage will be based on either the LTV or LTPP whichever is the lower figure.
However...... there may be a solution as per my Property118 article here >http://www.property118.com/switch-to-a-buytolet/37543/ although this works best for properties that require refurbishment.
The 'pain money' issue is a crucial part of the underwriting process now. Lenders want to see that you are investing in the deal and not trying to arrange deals as they were in the pre-crunch days. This has also led to BMV deals, property clubs and property sourcers being banned from the deal by nearly all lenders now too. That's not just me saying it, it is printed in all of the lenders upfront criteria as well.
Finally, the new purchase price now becomes the new value anyway. As soon as you have bought it at the price of, say £90,000, the solicitors will register the transaction at the Land Registry and all other local properties will be affected making the area's values realigned accordingly. Ultimately, all you're doing is really paying less than the asking price (traditional to'ing and fro'ing as always) and unless refurb works are carried out and proof can be shown that the property value has truly been enhanced, the 'value' will thereafter have a starting point of what you paid for it.
If you're buying to sell (rather than BTL) and you have a new purchaser lined up more or less as soon as you complete on the purchase yourself, then either cash or bridging finance is perfect for this and you could indeed realise the full value from your motivated buyer. i.e. get the valuation report at £100,000, buy for £90k and sell for £100k(+ ?) straight away. Of course the profit works better with bigger discounts and higher value properties, but even one deal with a £5k net profit is worth a day out in my book!
Hope this helps.
14:46 PM, 16th January 2014, About 9 years ago
Depending on whether you fit their criteria Paragon (and Mortgage Trust) will lend on the improved valuation. You will be required to meet their minimum earned income criteria and in addition you may have to show receipts for the work that has been done.
21:25 PM, 16th January 2014, About 9 years ago
Howard has answered the question very eloquently, as always.
I just wanted to add that, if you purchased at the net price but put the gross price on the Land Registry, not only would you be defrauding the Land Registry, but, when you came to sell the property, you would pay the capital gain on the higher value, thereby defrauding HMRC of capital gains tax as you had actually made more of a capital gain than it appeared.
About two days ago I saw a newspaper story about a couple in Wales who had been jailed for mortgage fraud using the discounts as deposits, faking mortgage documents and their incomes, and various other dodgy practices where they had pulled the wool over the lender's eyes in various ways. It eventually came back to bite and they are now behind bars.
I know for a fact that lenders monitor these forums to see if people are talking about doing NMD or BMV deals using the discount as the deposit, as they don't want to lend on these deal structures .... so bear that in mind too. 🙂
22:38 PM, 16th January 2014, About 9 years ago
Rental income is a consideration when it comes to BTL mortgages. Not merely a question of purchase price.
Mark Alexander - Founder of Property118
7:48 AM, 17th January 2014, About 9 years ago
Reply to the comment left by "Colin Childs" at "16/01/2014 - 22:38":
I completely agree Colin.
In Consultancy meeting I often review my clients portfolio's and property deals using our Landlords Calculator. Many of my clients have large portfolio and have three strategies, investment, trade (i.e. refurb and sell) or speculation.
We look at interest break even points and ROE (Return on Equity)I to consider which properties fit into which categories. Those with the highest ROE and interest rate break even points are usually considers as keepers. Where value has been added and and the ROE is low we look at refinancing opportunities to release the equity. If this reduces the interest break-even point to a level which my client considers to be uncomfortable we discuss trading vs speculation on the equity rising at a rate beyond profits that could be obtained as a result of moving onto a better deal for investment or trading purposes.
Link to the landlords calculator used >>> http://www.property118.com/calculating-rental-yields-and-returns/
8:18 AM, 17th January 2014, About 9 years ago
On the matter of lenders monitoring social media, I did some research on this subject last night and it appears to be very topical.
Please see my link below to find out more.
Mark Alexander - Founder of Property118
9:42 AM, 17th January 2014, About 9 years ago
Reply to the comment left by "Vanessa Warwick" at "17/01/2014 - 08:18":
I applaud them. If this helps them to detect fraud their losses will reduce and they will be in a position to improve their margins. The worry is that they will become obsessed with it and not dig deep enough before making a decision. For example, if a person was considering a particular scheme he or she may start a thread about it. IIt is quite possible that as the thread progressed that the original poster would be seen to realise the consequences of the transaction they were considering. If the lender reads the entire thread they would realise that there is no cause for concern. However, if they were to only read the initial post, and make their decision based on that, they could very easily end up black-listing a perfectly legitimate borrower.