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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- 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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- 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
15:05 PM, 2nd September 2017, About 6 years ago
Hi Neil, is the property leasehold or freehold?
16:07 PM, 2nd September 2017, About 6 years ago
It doesn't matter whether it is leasehold or freehold - freehold can also be subject to such covenants. It usually applies to houses which are being prevented from being converted. Success would be more likely if it was not leasehold as you would have another freeholder to contend with. Do you own this property? If so, get a specialist solicitor. If you don't and are thinking of buying it then see above. Bearing in mind you might not succeed. Or you could ask the current owner to make the application, but that would no doubt increase the price. Get a copy of the covenant documentation and get a consultation with a solicitor.
21:58 PM, 2nd September 2017, About 6 years ago
It is Freehold, I own it.
I am already very familiar with the covenant, what it does and doesn't stop; I need the permission of the company that set the covenant to convert to flats, and the covenant is valid. They will want a hefty payment I believe, hence looking at the county court option, assuming I can get the planning permission.
Ignoring the planning permission, does anyone know how long this process takes, how it works, and the likely costs, excluding any award of fees etc by the court?
And does anyone know of a good specialist solicitor in this kind of arena?
11:20 AM, 4th September 2017, About 6 years ago
The covenant is there for a purpose, to protect the beneficiary of the covenant from the other party doing certain acts which they want to protect their property against. Presumably you wish to convert the property into flats in order to add value/ make money, so why would you object to paying them some money to release you from the covenant? It is better that are prepared to negotiate rather saying an absolute 'No'. You think that they will seek a "hefty" figure, but if they are experienced property people, the chances are they will have assessed the premium to take a reasonable share of the proceeds that you will obtain from carrying out the development, which is just good business. If they put the figure too high, you will not do the development, simple as that, so if both parties are realistic about their respective negotiating positions, you should be able to come to a sensible solution.
I have experience in these matters and in my view, going the legal route is not the best way to get to your end game. Even if you were successful legally, the court will still have regard to the valuations put forward by both parties so you won't gain anything other than a large legal bill. The role of a good solicitor in these circumstances is to advise on the enforceability of the covenant, and from what you say, the beneficiary is aware of it and it is enforceable. It's much better to negotiate it out rather than attempt an unpredictable court process where a lot of your money could be lost/wasted on fees if you are unsuccessful - which seems likely. Any money you pay out by way of premium to the beneficiary of the covenant may also be tax-deductible from your development scheme (obviously check that out with your accountant).
12:14 PM, 4th September 2017, About 6 years ago
If you are going through the negotiation route, and not litigation (not advisable), you need to get a valuer to obtain the residual value for you. The residual value is what remains after deducting the net increased in value resulting from the conversion, of the property "Net Open Market Value, NOMV" deducted from the Total costs "TC" (i.e. the total costs consists of construction works costs, short term borrowing costs and professional fees all dded together). The difference between these two figures gives the residual value "rv". Therefore NOMV-TC= rv. From the rv make further deduction of say 20% of TC representing developer's profit, to give you the net profit "np" to be shared with the covenant owner. The covenant can be viewed as a ransom on your property, the rule of thumb for valuation of the releasing of a ransom can be found in Stokes v. Cambridge Corporation (1961) 13 P & CR 77 and it is usually based on "one-third of the increase in value of the adjacent land provided by the ransom strip". Therefore in your own case, after netting out all your costs and taken a profit for your risk, by going through the residual valuation process, you are left with a net profit, what ever figure you obtain thereafter, one-third of that is what you should pay to the Covenant owner as premium. You then need to have another look at your overall calculations to see if after paying the premium the venture would still proof profitable for you. The decision as to whether the venture is profitable should be determined after you have gone through the valuation process and before commencement of the negotiation process. Once you are comfortable with the figure obtained through the process as above described, you could then put through a without prejudice offer. Basically you should start with an offer that is lower than what you are willingly to pay with a view that the other party would make a counter offer that is higher; so that by the time both parties agreed, the compromise would be as close as possible to your target figure. You should aim to strike a compromise around the one-third value figure. The next stage would then be to draft the agreement for the covenant to be discharged which would be discharged upon payment of agreed premium to the covenant-owner as above described. Sometimes, the other party may ask you to pay (or as a negotiation sweetener you may offer to pay) their legals fees, legal perfection or variation of title deed costs, you should factor these costs into the value equation process.
12:37 PM, 4th September 2017, About 6 years ago
I agree with Olu's observations above, but do be aware that payments under the Stokes v Cambridge principle sometimes go above one third; it depends on the issue and the relative negotiating strength/knowledge of the parties.
18:06 PM, 4th September 2017, About 6 years ago
Reply to the comment left by nap har at 02/09/2017 - 21:58
Whereabouts are you?
21:58 PM, 4th September 2017, About 6 years ago
I am in East London
Thanks for all the comments so far.
If I wanted to build the flats, I'd have no issue in paying the covenant holder. It's not that simple though, but I don't want to go into the issues on a public forum, but as an overview, this covenant is stopping me doing something else on the property, for which I have permission; the covenant does not forbid what I want to do, according to my lawyer, but someone before me stupidly asked the company about it, and they stated they wanted a "hefty" fee to give permission for something they are not required to give permission for. Since they have been contacted, covenant insurance is a no-go. Hence trying to find a "work around", ie get planning for flats and ask the county court using section 610 to remove the problematic covenant. It's just open option I am considering. Negotiating with the company is another, given the barrister opinion I have since received (three solicitors and two barristers all agree the covenant does not stop the works I want to carry out, but just going ahead without insurance is a financial risk I cannot take).
23:08 PM, 4th September 2017, About 6 years ago
If I understand correctly, the covenant wording doesn't stop you doing the other thing, you have (planning?) permission to do the other thing and your lawyer say you can do the other thing? But the covenant holder said to a previous owner that they refuse permission to do the other thing?
Why not ask, via your solicitor, the covenant holder the grounds they believe they have for refusing permission for the other thing? The covenant (probably!) can't say the covenant holder can dictate what they like but should have specific terms. Perhaps one of the terms is open to interpretation.
23:50 PM, 4th September 2017, About 6 years ago
It is very difficult second guessing the situation without the facts.
If the company are not required to give you permission for the 'other thing', what is stopping you from proceeding to do it anyway? In light of the advice you have received, where is the perceived risk? If the company was unhappy about what you are proposing, could they in thory take action against you? Would they have a basis for any legal action?
The boot would now be on the other foot and the company would have to take action against you, but you might still have achieved your objective. What would be the penalty/action they could take if you were unsuccessul? Would it be successful/enforceable/proportionate?