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.
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- 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
13:07 PM, 25th May 2014, About 9 years ago
Many thanks for your very useful response, Vanessa. One really has to be careful when looking to buy an investment property in a part of London you are not familiar with.
One matter to flag for London at the moment is that there is an oversupply of 1-and 2-bedroom flats to rent in some parts of the city, such as Islington, and the achieved rents have gone down this spring. I own a 2bed,2bath flat in a desirable gated development in Islington that I have never had any difficulty letting. My tenant is leaving at the end of the month (moving to a 1-bed flat in the same development), and I am facing a void for the first time in over 8 years. The flat was valued at £540 pw by 3 letting agents and was under offer quite soon after it went on the market in early April (through Foxtons, the largest letting agent in the area) for £520 pw. Unfortunately an independent referencing agency failed one of the 2 prospective tenants, so I could not take them on as my buy-to-let mortgage lender insists on the tenants passing independent referencing. (The letting agent had not bothered to check the references, although they were inconsistent and the guy had provided a false Landlord reference - he had moved back to his parents' house but claimed to be the property owner.) Over two weeks was wasted with the referencing as the other guy was changing jobs (again something the letting agent had not spotted) and it took ages to obtain a reference from the new employer. Since then many people have viewed the flat and although the marketing price has now been reduced to £500 pw, I have not received any offers. (Foxtons had 54 2-bedroom flats in Islington on their books a couple of weeks ago). I received an offer earlier this week of £425 pw, as in desperation I put an advert in Moveflat.com, but the tenant can only move in at the beginning of July. With no agency fees to pay, the offer is no worse than £500 through Foxtons.
Apparently the Help to Buy Scheme is affecting the rental market in my price category, as many professional tenants who would normally be keen to rent my flat can afford to buy a property with a 5% deposit (and possibly help from their parents if they don't have enough funds for the deposit). At the same time, there is a shortage of properties to buy in good areas of London. Last week, two estate agents valued my flat at between £650K and £675K and were confident that at least £650K would be achieved. I would put my flat on the market like a shot, if I did not have to pay 28% CGT on the profit. I bought my flat off-plan in 2004 as my future retirement home, but my plans have changed and I am likely to move out of London. (My son moved to Spain last year, and I may join him there next year. No CGT to pay after 3 years of living abroad.)
13:16 PM, 25th May 2014, About 9 years ago
That's very interesting as we have 1 and 2 bed flats in N5, N7, and N4.
Thankfully, as you have found in the past, they let very well and I have not had to renew a tenancy for a long while now, so interesting to hear up-to-date views on demand.
Over-saturation is something to be mindful of, as there is quite a few new developments going up in the Holloway and Islington areas. As I mentioned, overseas investors are buying them for investment purposes, and this always has the potential to downgrade rents in the area.
Having said that I am a big fan of N5 and N7 as the transport links to the West End and City are second to none and Holloway in particular has a lot of potential as surrounding areas are becoming so expensive imho.
13:36 PM, 25th May 2014, About 9 years ago
Reply to the comment left by "Vanessa Warwick" at "25/05/2014 - 13:16":
My flat is off Essex Road in N1. Very convenient for the City, but not so good for West End. N5 and N7 are probably better for transport links and properties there are probably still a little cheaper than in N1. I had a tenant who stayed for 4 and a half years until relocating to New York in 2012. (He came to me through a recommendation, so the net rent was already then over £500 pw.) Since then, I have used letting agents, and as they take 11% plus VAT, the net rent has been considerably lower. I think I should have advertised privately from the start, at about £450 pw, and I would probably already have new tenants lined up. Lessons learned the hard way!
16:06 PM, 25th May 2014, About 9 years ago
Reply to the comment left by "Londoner 43" at "24/05/2014 - 20:56":
Hi London 43
On the contrary the purchase completed within the last two weeks. You can't get much more recent than that! I will post the Land Registry link as soon as it becomes available.
I am not suggesting it is easy to find these properties, you will have to work hard at it and move fast when necessary. Currently a 3 bed terraced house can be found for sale on Rightmove at £250,000. Remember asking prices are not necessarily the agreed sold price.
My clients offer was below the original asking price but was accepted as he had his finance in place and was in a position to move quickly. I spoke to the estate agents on his behalf and convinced them of my clients ability to perform. The offer was subsequently accepted on 4 April 2014 and we were able to get the valuation completed by 9 April, which kept the agents happy.
Have a look at the Rightmove links below which show 2 and 3 bed houses currently selling in Edmonton at or below £250,000. Granted most are now sold subject to contract or under offer but you would expect this to be the case as they do not stay on the market for long.
If you are interested in these types of properties then you should register with the local agents and impress upon them your seriousness and ability to move fast as competition is fierce.
I spoke to one agent recently who advised that they have usually sold the property by the time they return to the office after taking the initial pictures. So if you are depending on Rightmove you may be left behind.
16:25 PM, 25th May 2014, About 9 years ago
Reply to the comment left by "Mark Edwards" at "25/05/2014 - 16:06":
Mark, Thanks for the information. I would never consider buying a buy-to-let property in Edmonton. I doubt very much that I would find professional tenants for such properties. I would not consider tenants on benefits. Vanessa Warwick's report about Edmonton was quite enlightening. I live in east London (in London Fields, E8), so Edmonton is not a million miles from here. There are such problem areas also in Hackney, as there are a few large run-down council estates in the borough. Now there is a major regeneration of Woodberry Down, once a model council estate when it was built in the 1950s. Many council blocks have been pulled down and some housing association flats, part-buy-part-rent flats, and private flats (at £400K+) are built in their place. It is in Manor House, and all the new properties for sale are marketed to unsuspecting investors in SE Asia, who have no idea how gritty the area still is.
17:26 PM, 25th May 2014, About 9 years ago
Reply to the comment left by "Vanessa Warwick" at "25/05/2014 - 10:51":
Thanks for the compliment on my "sensible" case study.
As stated to London 43, it is a very current case with completion having only taken place within the last couple of weeks.
The intention of the article was to share a clients positive experience and show what is still possible in the London market. Judging from the responses there seems to be some interest. I will be sharing similar detailed case studies in the future as I have a number of clients currently investing in London. I think real time case studies can be very helpful for investors looking for ideas on where and what to buy.
There is good and bad in all parts of London, and unfortunately drug use is prevalent in all areas of society. Sorry to hear about your experience with your one bed flat, on the other hand I have owned a two bed flat in Edmonton for several years and during this time I have had great professional tenants and thankfully none of the issues you describe.
I own properties all over London and the only time that I have experienced similar problems to the ones you mention was the two bed flat I own in Acton, W3. Ironically the area is quite decent however the block has had its issues.
The important thing is to do your own research and due diligence before investing. It makes sense to view a property at different times of the day and on weekends too in order to get a flavour of the immediate and general vicinity. Additionally what works for one investor may not work for all. Some investors are happy to buy properties in need of cosmetic repair, letting to LHA tenants or with a general limited appeal.
It is also worth noting areas change over time, especially in London. I remember when I was growing up Stoke Newington N16 could be regarded as being down on it's luck. Now it is a very expensive part of London having undergone regeneration and some would say gentrification with those who cannot afford Islington considering the area. As young professionals are priced out of these locations they move North and East into neighbouring areas like Tottenham and Walthamstow.
When I invest I look at how the figures work today. I expect a decent return on my capital invested from day one, any subsequent growth in capital is therefore a welcome bonus however I expect to realise this over the longer term, say 10-15 years. To expect faster capital growth than this would be purely speculation. Investing in this way is in my view, the best way to combat being caught up in any "capital growth frenzy".
17:30 PM, 25th May 2014, About 9 years ago
Reply to the comment left by "Londoner 43" at "25/05/2014 - 16:25":
Hi London 43
I know the area where you live very well, E8 is also Dalston, an area that has had its social problems and would definitely be described by some as "gritty". However it has changed drastically over the years.
You are entitled to your opinions on other areas but not everyone would agree with either your findings or your conclusions.
You seem to be happy living in E8.
18:01 PM, 25th May 2014, About 9 years ago
Mark, I have lived in London Fields area for 28 years. E8 is a large area. This is not Dalston, but a couple of bus stops east of Dalston Junction. The area has undergone quite a lot of gentrification since I moved here, although not as much as Stoke Newington. I moved here from west London in order to cut down my daily commute from 3+ hours to under 2 hours. I have not had any problems living here, but could no longer to afford to buy a house if I did not have a considerable amount to put down as a deposit. A fairly modest 3-storey terrace house nearby is on the market for £1.34 million. (There are no 2-storey Victorian houses, only 3- and 4-storey ones; the latter usually divided into 2 or even 3 flats.) There are some small blocks of flats and groups of 2-3 council houses built on the sites bombed during World War II.) -- I find it hard to understand how professional tenants would choose to live in Edmonton, unless they are saving for a deposit to buy a property of their own.
18:33 PM, 25th May 2014, About 9 years ago
London 43, both Vanessa and I have professional tenants in Edmonton so it is possible. To state otherwise is to suggest the entire population of Edmonton is on benefits!
Clearly Edmonton is not for you, which is fine. Enjoy the rest of the bank holiday weekend.
21:01 PM, 20th October 2014, About 9 years ago
Hi and thanks Vanessa Warwick, what is the full meaning of LHA please?