Privacy Policy
BACKGROUND:
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.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site
. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
“Account” |
means an account required to access and/or use certain areas and features of Our Site; |
“Cookie” |
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; |
“Cookie Law” |
means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
“personal data” |
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 |
“We/Us/Our” |
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 npatterson@property118.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?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- 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?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- 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?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- 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.
- You may restrict Our use of Cookies. For more information, see section 13.
- 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 info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- 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 |
Purpose |
Strictly Necessary |
JSESSIONID |
Used only to collect performance data, with any identifiable data obfuscated |
No |
__cfduid |
This cookie is strictly necessary for Cloudflare's security features and cannot be turned off. |
Yes |
- 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 |
Provider |
Purpose |
__utma, __utmb, __utmc, __utmt, __utmz |
First |
Google |
Helps to understand how their visitors engage with our website |
_fbp |
First |
Facebook |
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
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
Mark Alexander - Founder of Property118
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Sign Up15:54 PM, 10th June 2014, About 10 years ago
Hi Ronny
If the underpinning was done by a decent contractor at the bequest of an insurance company then you might find that the property is the most stable on the street. What you need to check are the guarantees that were offered and documentation relating to subsequent monitoring of the problem after the underpinning work was completed.
Having said all of this, some mortgage lenders and some insurers will not like the fact that the property has been underpinned and therefore, mortgage-ability and insurance could be affected, albeit not usually catastrophically. This should be reflected in the asking price though.
If in doubt take advice from a structural surveyor. He will be able to ask all of the right questions of all of the right people for you too. For the sake of a few hundred pounds this could prove to be a very good investment. I'd be very surprised if the vendor hadn't got all of the above all ready sorted. If he hasn't, tell him that before you go any further that you want him to pay for all of the above. He could say no, in which case you have a commercial decision to make, but given he wants to sell he might well agree to foot the bill 🙂
Good luck.
.
Neil Patterson
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Sign Up16:41 PM, 10th June 2014, About 10 years ago
Dear Ronny,
I have over 20 years experience in various guises in the mortgage industry.
This will be an over simplification as I am sure there are always exceptions to the rule, but I would not recommend anyone considers a property that has been underpinned for the reasons you have already mentioned.
It is just not worth the risk, so my advice is walk.
micky alderson
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Sign Up17:37 PM, 10th June 2014, About 10 years ago
I have to agree with Neil on this ( sorry Mark ) the area where I live is worst for subsidedence in London , it tends to always be an issue when selling regardless of who or why underpinning was required.
The Missus was an Insurance Underwriter for many years and to be honest some of her horror stories regarding this issue have a Laxative effect that still haunts me.
WALK AWAY WITH YOUR HEALTH AND WEALTH INTACT!!!
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Sign Up17:43 PM, 10th June 2014, About 10 years ago
Hi Mark & Neil
First of all I would like to say a big thanks for responding so quickly. This is my first post and I was very impressed about the quick turnaround. With my first post will come my first donation this evening!
Whilst it would appear that structually I may be comfortable with the property in that it is now stable, the reality is that I may or may not find a lender or insurance and if I do I should expect to pay a premium!
There is little doubt that the asking price has taken this issue into consideration, however the question remains whether this property is worth the risk? If I can find a lender now, who is to say there will be any at all in 2 years time and maybe the ones that will lend will charge such a rate that the margins will be too small.
Thank you for your comments as they have certainly provided food for thought!
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Sign Up18:02 PM, 10th June 2014, About 10 years ago
Reply to the comment left by "micky alderson" at "10/06/2014 - 17:37":
Wow that certainly sounds like a voice of personal experience! Thanks for the advice.
DC
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Sign Up23:14 PM, 10th June 2014, About 10 years ago
We were buying a property for our own residence 2 years ago that had a history of subsidence. Our mortgage company asked us to provide assurances that the property was now in a structurally sound state and also to provide a letter of assurance from an insurer that full buildings cover would be provided on our purchase (not easy to obtain in the circs!).
We had a full structural survey carried out by the original structural engineer that did the underpinning work in 1991. This included a comprehensive report with copies of the original paperwork and the up to date assessment clearly stating that the property was in a very sound state and that there was no evidence of further movement since 1991.
We also spoke with the chap that carried out the lenders valuation and our initial homebuyers report and he stated that the findings of the subsequent structural report was proof enough that the house was sound. He said that from his own personal experience with subsidence repair work that he felt the house was a safer bet than others in the street because of that work carried out 22 years previously with a new survey proving that there was no further sign of subsidence during that time.
Unfortunately, not good enough for our lender and their underwriters (as they kept informing us) because they wanted even more information. It appeared that the 1991 survey had mentioned another case of subsidence many years earlier but no other details of when or what it consisted of were evident, however the underwriter wanted the full facts before making a decision whether to lend on the property. We made what enquiries we could and despite obtaining some basic details of a company that may have been involved in the previous claim it transpired they had long since ceased trading and no information was to be found to help our cause.
We were advised that other lenders may not be so concerned with the older and somewhat irrelevant case in making a decision on whether to lend or not but we decided that the cost of all of our efforts, including only finding one insurance company that was prepared to insure for future subsidence and at quite a cost, was too much of a risk for us to take on. After all we would be leaving ourselves open to future problems every time we needed insurance, a remortgage and most important of all, if and when we came to sell the property ourselves.
It was an expensive four figure experience that taught us that unless you were buying an absolute dream home and probably for cash, anything other than this should be avoided in future!
Mark Alexander - Founder of Property118
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Sign Up8:26 AM, 11th June 2014, About 10 years ago
Very interesting reading.
For the investor who does all the due diligence I've suggested above he could have:-
1) The best yielding property of its type in the area (value lower rent the same)
2) An asset which appreciates at the same rate as all the other properties, possibly better as the underpinning (which should be guaranteed) stands the test of time.
3) Plenty of lenders and insurers who will not have a problem with such a deal providing all of the boxes can be ticked
4) Better cashflow than he would have for a similar property due to the higher yield.
5) A fantastic opportunity to snap up a bargain because most other purchasers will follow the same thought processes as those who have posted above.
Of course, Ronny should walk away if the boxes can't be ticked based on my recommendations. However, to walk away before asking the questions and haggling hard over the price does not make sense to me.
Ronny should also talk to a good broker about mortgages and insurance. If there's only one lender/insurer interested that tells its own story but at least find out before making a decision, there might be dozens.
.
Neil Patterson
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Sign Up8:57 AM, 11th June 2014, About 10 years ago
Reply to the comment left by "Mark Alexander" at "11/06/2014 - 08:26":
I agree with everything you have said Mark and yes an investor could be walking away from a bargain.
However, I stress this is only my experience and not a rule in all cases, what may make sense now and be perfectly fine to find finance on and insure currently can change in the future.
If you purchase any property that is difficult or unusual to lend on and insure you will find that it affects it's value in the future from the laws of supply and demand. If fewer people are able to finance or insure the property you reduce the demand for it and hence as supply is equal on one property the price is affected negatively.
Lending criteria is a fickle beast and when times are hard lenders pull criteria and go for the easiest least risk lowest hanging fruit. If a lender can use all its funds on bog standard houses with no issues why even bother entertaining something that has been underpinned in the past as it makes no economic sense for the lender to go to the trouble.
We have seen the same thing happen to new build flats, ex-LA, flats above commercial, non standard construction etc etc.
In my front line mortgage days if I thought there was a significant chance of unforeseen risk I would just refuse to do the deal safe in the knowledge that I did not have a client that could come back years later and say why did you let me do that Neil.
Dcs experience above is a good example of the fact that you cannot anticipate the thousands of unknown unkowns that can come back and bite you.
Mark Alexander - Founder of Property118
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Sign Up9:12 AM, 11th June 2014, About 10 years ago
Reply to the comment left by "Neil Patterson" at "11/06/2014 - 08:57":
That's just business though Neil. For example, new build flats were the original backbone of BTL in 1996. The property market boomed and everything was rosy but what if it had gone the other way?
Commercial decisions need to be made. Those who over analyse risks rarely end up owning a property portfolio.
.
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Sign Up9:12 AM, 11th June 2014, About 10 years ago
Hi Ronny,
Additional to the good advice you have already received, I would add "think of your exit strategy".
With property investment, I've always found that it works best to start with the end in mind and work back from there.
When you come to sell this property, the subsidence will still be an issue, and your prospective purchaser, perhaps posting on a forum such as this, will be advised to walk away.
I have always made it my policy to buy a property that I know I can exit with no hassle, that would appeal to an owner occupier, not just another investor.
This has served me well. Property is a fairly illiquid asset and you never know when life might throw you a curve ball that makes you have to sell. If that curve ball comes along, I want to know that I have a clean, quick exit to an owner occupier, not a property that is going to provoke a question like this on a forum!
These types of properties are sold to specialist investors, usually cash buyers, with deep pockets and experience of these problems.
Hope that helps some more?