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
Mark Alexander - Founder of Property118
13:29 PM, 15th April 2014, About 9 years ago
Wow, where do I begin?
Let's assume that your figures are correct. You seem to have done some research and due diligence and I particularly like that you have used comparable sales to justify that you really are getting a good deal. Far to many people use asking prices as their starting point. I just hope the comparable evidence of sales you are using is recent.
Now let's look at the numbers.
First, if you let the properties you will no longer be responsible for the Council Tax. If we assume that's say £1,500 a year for each property then you stand to save £27,000 on that alone over the three properties over a 6 year period.
Then let's consider the rental income, i.e. £875 pcm X 60% to factor in your maximum costs = £525 pcm net. Multiply this by 3 properties over 72 months and you can add another £113,400 to your bottom line before tax.
Now let's step this up a level.
Just suppose you use finance to buy the properties.
If you borrow 50% of the value then you will be able to purchase twice as many. If you let them all you will also have double the rental income and no Council Tax to worry about.
If you do this you will have mortgage interest to pay too. Let's just suppose you could get a 5 year mortgage at a 5% fixed rate. Based on 50% borrowing and buying twice as many properties you would need to borrow £549,000. Over a six year period this amount of finance would cost you £164,800. That's slightly more than your rental income but not much more. Given that you have already budgeted to fund Council Tax you can decide for yourself whether the negative cashflow makes sense.
Perhaps the key reason for letting the properties and using the rental income to fund the associated costs is the potential for doubling your gain.
Instead of making £164,700 gross return on the projected capital uplift you would stand to make double, i.e. £329,400.
I have written a series of articles called How to become a respected and profitable landlord, please see >>> http://www.property118.com/how-to-become-a-respected-profitable-landlord/60765/
I also offer one to one consultancy, details of which can be found in the series of articles linked above.
14:10 PM, 15th April 2014, About 9 years ago
Personally, I'd prefer to buy 3 properties cash, and rent them out.
It's a split strategy, so doesn't have all my eggs in one basket. I'm guaranteed the rental income (which will be higher than your estimate, but I understand the figures), which hedges against no price rise.
It comes down to how you evaluate the risk.
For me, the risk of only having the price rise as my ROI is greater than the risk of renting, probably because I'm a letting agent.
Mark's strategy is the highest risk, as you're now adding debt to the equation. If there is no growth, and the rental income is used to pay the debt, you've got no return on your investment.
Obviously no growth over the next 6 years is unlikely, but has to be considered. If you're comfortable that's not a risk, then it changes the evaluations I've made.
14:30 PM, 15th April 2014, About 9 years ago
If I were you I'd buy them for cash rent them out then sell them after 6 months and take the money and run. Ive bought off plan before with large discounts and then sold it to someone else on the day of my completion. There's no guarantee the market will rise, what if it crashes? Buy them BMV then move them on at a profit within 6 months and take the profit , then do it again.
Mark Alexander - Founder of Property118
14:33 PM, 15th April 2014, About 9 years ago
Reply to the comment left by "Rob " at "15/04/2014 - 14:30":
James said he's speculating over a 6 year period. When you factor in the costs of buying and selling it really would have to be one hell of a deal to be able to come out with a profit after 6 months, especially in the current market on a new build project.
15:19 PM, 15th April 2014, About 9 years ago
What's the % discount your getting James? When I was buying new build I always got 15-20% discount sometimes 30% plus stamp duty paid especially if it's year end which always made selling on profitable. If all your getting is a 5-10% discount then your probably buying at market value as new build are always overpriced anyway.
15:33 PM, 15th April 2014, About 9 years ago
Reply to the comment left by "Rob " at "15/04/2014 - 15:19":
List prices of these particular units are £217,000 but land registry sale prices have been recorded in the last 12 month in the £190's to £200's. Not all the apartments are identical though so without seeing the plans for all the units and going into them it's difficult to say which if any are identical to the units I'm looking at. Location within the development has a bearing on owner occupiers too so I'm not convinced there are any absolute comparisons to be drawn. One must consider why these are the last of the units to have been sold. Maybe it was the higher list price, perhaps it is something else which isn't immediately obvious to me, realistically I will never really know. All that said I'm happy with level of discount I have negotiated, especially with the furniture packs thrown in. If I could have negotiated a better deal I would have done so but discounts at the level you are talking about are not readily available in my area - South East. In the last 12 months I have looked into several deals which claim to have been discounted at the levels to which you are referring, mainly they are in the North or the Midlands and they are never as good as they make out when I dig into the detail. My experience has been that the asking prices are inflated or the comparable evidence is based on 2008/9 prices achieved.
16:45 PM, 15th April 2014, About 9 years ago
Consider that you could rent them to another Landlord at a lower but guaranteed rent. They would have the hassle of being a Landlord etc but you would retain your capital and get an income from it.
Also there are income tax benefits from having mortgages and rental payments associated with them so you ought to factor these into your figures to get better comparables.
There has also been press talk about Councils tackling property owners who buy and lock up their empty properties so those types of actions also need to be given consideration because it may happen during your ownership.
17:10 PM, 15th April 2014, About 9 years ago
You also have to consider how much the properties will deteriorate when left empty. Damp and condensation destroy everything if left unlived in sometimes for just a few months just think about 6 years. Oh and vermin love empty properties.
18:01 PM, 15th April 2014, About 9 years ago
Reply to the comment left by "Peter Hindley" at "15/04/2014 - 16:45":
What is the positive angle you would associate with letting to a landlord who would presumably sublet as opposed to letting through a properly qualified letting agent? I can only see downsides, i.e. no PI insurance, no client money protection etc.
If I do decide to let it would be through an ARLA or RICS qualified agent with a strong balance sheet and local reputation to protect.
Mark's suggestion of gearing the assets is appealing given that my strategy is based on capital growth.
I may well use one of the properties, possibly all of them at different times, as my main home over the period in order to be able to claim PPR relief and lettings relief should I decide to let the properties.
I have no requirement for extra income as I already pay tax at the highest band, hence I am targeting capital gains and plan to use CGT allowances for both myself and my wife to reduce the tax burden when we do sell. The sales may be staggered in order to achieve this but that will depend on my reading of the market closer to the time.
Thanks for all your advice so far. I am now erring more towards the letting and gearing model.
Mark Alexander - Founder of Property118
18:02 PM, 15th April 2014, About 9 years ago
Reply to the comment left by "James A" at "15/04/2014 - 18:01":
Take a look at this >>> http://www.property118.com/run-property-portfolio/64692/