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 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;
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- 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:
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- 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;
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- 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
9:57 AM, 7th February 2020, About 3 years ago
1) if semis and terraced work for you, why do anything else?
2)I bought a detached victorian house with five flats and converted it into a single dwelling. Very substantial capital gain.
11:49 AM, 7th February 2020, About 3 years ago
Make sure you understand why you wish to change tack from single let house into a block of converted flats. They are different beasts. You should consider checking that everything is lawful about the conversion and that sound protection and insulation is good. Are there any tenant issues, inter tenant squabbles etc. What sq mtr are the flats, are they mortgageble? Not just for you but for your exit in future? Having just converted 3 shops to flats the mortgage companies do not like several flats on one title so you may wish to consider title splitting. What are the EPC levels, are they lawfully let to tenants with the latest changes? You are buying the freehold and thus you are responsible for the site maintenance, as its a block you must look after, clean etc the communal areas as i assume the ASTs are for internal of flat only. You will also be paying for communal area utilities and don't forget the cost of insurance is different to a single house.
13:41 PM, 7th February 2020, About 3 years ago
Reply to the comment left by andrew sheppard at 07/02/2020 - 11:49
The reason for the change is a move into this area which is a longer term plan. It is a seaside town and so i am thinking about possibly holiday lets. I also like the fact that this money is tied up in one specific unit and so management and maintenance will be easier. The alternative is to buy 4 semi's and replicate what i have done before in my normal area. But prices are well up and the value isn't there. Also the town is a cheaper area than the city where i am based, but the specific area of the house is in the more upmarket part of the town and the building is one of those drop dead beauties you see. Put this in a city in the north and its value will be £1.3m
The flats are 45sqm on average and 330sqm overall.
Tenant issues i will be finding out about, but they are all longer term tenants, so it sounds stable.
Grounds maintenance is fine as will be done by myself. The one issue i can see i need to sort is the cleaning of the halls. I may well end up doing this as i think i am likely to be working here 1 day every 2 weeks. Seeing as i do all my own maintenance bits now, this is not a problem. Yesterday i was fitting a new DG lounge window on a property for example.
The EPC's are surprisingly good. 1 x C, 5 x D and 2 x E. Solid walled with single glazed sliding sash windows. I can see longer term i will be insulating the attic areas with new kingpan, as i have done this on a few properties already where you have no void for soft insulation to sit. So i am confident longer term i can update the whole building to become a C rating. This will need attention to secondary glazing i think as the sashes are worth keeping because they are beautiful.
There is also the potential to develop the basement into another flat. It was done i think in the past, but it doesn't look as though it has been carried through. Again i will find out more when i see it.
The yield is the lowest i have ever had at 7.5%, moving up to 8.1% with smallish rent increases (the older family have not really kept rents up with inflation, hence the stable tenant population i think). So i think an increase is easily possible. The yield will jump to 9% if i do a basement conversion.
So the yield isn't great, just ok, but i feel the property is a good longterm investment to keep for the next 20 yrs.
Insurance is about £1k
14:00 PM, 7th February 2020, About 3 years ago
The worst time to invest in the propery market is when you are bored.
Are you bored? looking for something to do?
I have bought nothing since 2014.
Buffett sometime just sucks his thumb!
14:08 PM, 7th February 2020, About 3 years ago
Reply to the comment left by david porter at 07/02/2020 - 14:00You must be bored replying to this thread.
Nothing since 2014 means you have missed out on huge potential. I was working by ass off 2012-16. It was the right time to buy in my area during this period. I assume you are based in London. The UK market moves in a wave spreading north (roughly). This new area still has to play catch up i reckon
15:22 PM, 7th February 2020, About 3 years ago
You may be right but I dont move as much as 20 miles.
15:50 PM, 7th February 2020, About 3 years ago
19:18 PM, 7th February 2020, About 3 years ago
Wow. Thanks very much for the info. Really useful stuff. Lots to be researching.
7:51 AM, 8th February 2020, About 3 years ago
I own a building converted into four flats (it was three and we split one into two for a better yield).
Tenants getting on is very important! I use agents to find tenants but I always meet them in advance and luckily have only had one issue recently with noise which has hopefully calmed down.
Think about things like bin stores (better to have individual bins for each flat but with 7 flats might not be possible). Space for cycle stores (a big thing in London, maybe not where you are)?
You need Fire Risk Safety assessments on the communal areas. Fire doors / closers to each flat. Smoke alarms and emergency lighting tested regularly and signage.
You’re thinking along the right lines about things like water and cleaning and have had good advise from others.We put in new water supplies. Very expensive!
Think about security too - if someone leaves the communal front door open etc.
And most importantly - check out the mortgage situation. A lot of lenders don’t like single freehold title block of flats (and the same with some insurers). Those that do lend may also think 7 flats is too much. Equally, if you were to split the building into a freehold in one company (or your name) and grant long leases for each flat (in a Ltd co or your name) many lenders won’t lend as that’s too many flats in one building. Look at your exit strategy - I would make much more money selling my flats off one by one rather than as a whole to an investor or to someone who would turn it back into a single dwelling. To do that, I would need to grant individual leases. But if there is a mortgage on the property that is a problem (with consent plus SDLT). If you are a cash buyer then you have much more flexibility in the regard!
11:26 AM, 8th February 2020, About 3 years ago
If that picture is the building, then it is a beauty!
Presumably you've already looked into this, but you'll need more specialised finance to have multiple flats like this. The mortgage company is likely to want more things guaranteed than you are used to with standard BTLs. Nothing majorly difficult, but it can be niggly. Well worth talking to an experienced broker about in some detail.
If you want to do holiday lets, you are likely to annoy permanent tenants, so this may be hard to combine.
Also, "If the block is a house which has been converted entirely into self-contained flats the conversion will be regarded by local housing authorities as an HMO if it does not comply at least with the standards of the 1991 Building Regulations and if more than one third of the flats are let out on short leases. These blocks of flats will not be subject to mandatory HMO licensing although the local housing authority may introduce additional licensing to cover them."