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.
- 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
12:32 PM, 4th June 2014, About 9 years ago
Dear Lord Smythe,
As we do not know much about your personal circumstances, which could have a massive influence we are not aware of, the easiest thing to do is break down mathematically the factors you have given us.
What is the Value of the outstanding unsecured debt and how much does it cost you per month.
What is the value of the property in question and hence how much is the o/s mortgage
How much is the rental income (looking at current yields)
How much capital would be left to purchase a new property
What would the Purchase Price and rental income be
Then you would need to factor in cost of sale, cost of purchase and the increase in cost of BTL finance (around 2% plus fees)
There will probably be more questions I haven't thought of yet but this would be a great start for us all to try and solve your puzzle 🙂
12:43 PM, 4th June 2014, About 9 years ago
Based on what you have told us, my instinct would be to sell.
The low interest rate you are currently enjoying is living on borrowed time, and, the second BOE raises the base rate, property prices will start to stagnate.
Make hay while the sun shines.
Repair the roof while the sun is shining.
Always have a pot of cash for a rainy day.
All these sayings seem to fit your conundrum. 🙂
12:57 PM, 4th June 2014, About 9 years ago
We do not know enough facts yet really.
The mortgage could be 10k and value 70k for all we know yet.
We don't know what the alternative investment options are (they could be much worse)
If and when interest rates rise (unlikely until well into next year) the rises are predicted to be very small and gradual and no more than up to 3% in approx 3 years. These BofE predictions are assuming current growth which many consider is unlikely to be sustained under current market conditions. Therefore 1.99 above base could still look like good value for a while.
If there is a need to increase interest rates it could be because of an improving economic climate and this could out weight an increase of borrowing costs in the balance of Supply and Demand especially when Supply seems to be the issue rather than rampant wealth.
Therefore it is not a given that prices will do one thing or another if interest rates rise.
13:00 PM, 4th June 2014, About 9 years ago
If in doubt it is often safer and cheaper to do nothing until you are sure and keep your options open.
Hazel de Kloe
13:22 PM, 4th June 2014, About 9 years ago
You've raised a good question here, and one which I'm sure many other readers will be contemplating with the market as it is currently. Neil and Vanessa have both given some good feedback and I'd like to add my two-penny-worth here too.
It may well be that you already have a 'gut feel' for what you'd like to do. I have found during my investing career, that this is often the best 'steer' we can have. You must still look into all the facts and figures and reach a conscious decision, but your instinct will tell you whether that is right!
Indeed, the fact that the lease is shortening is quite a factor to take into consideration. I guess the overall question is, how much more will you benefit in true cashflow terms if you were to sell up, pay down your debt and purchase another property/ies vs keeping the status quo?
If you are already certain of the move you'd make in property terms and have a good grip of the figures, then making the decision should be easier. If you are uncertain, then taking Neil's advice, it's best to stay put until the way becomes clear. A favorite quote of mine is 'Resistance is created through a lack of clarity', so keep going until you find it!
Hope that helps 🙂
17:40 PM, 4th June 2014, About 9 years ago
Thanks for all the comments so far most helpful and further food for thought.
As to my circumstances, the debt pay off will be £20K so saving £400 pm in credit card repayments and £40K to add to new property or keep as rainy day fund as Vanessa alludes to as I feel there may be opportunities ahead and I avoid extension costs which if paid will not really add any monetary value to property.
I have not sourced or worked out where the £40k could be used as a deposit for another property but sometimes one needs to shift a property to lead on to another opportunity.
I dont think base rate will go up quickly and agree with Neil so there is reasonable margin to be had and my product will always be at a lower rate than other BTL products.
My gut feel is to sell if I can achieve over stamp duty level ( property is on for £270k) or if not retain and let out to bolster my cashflow. Perhaps a win-win scenario ?
19:43 PM, 4th June 2014, About 9 years ago
Reply to the comment left by "Lord Smythe" at "04/06/2014 - 17:40":
Just some observations if you do sell:
The savings of £400pcm on your credit card are less than your profit on the property so this plan is actually cash flow negative depending on the interest paid on the surplus funds, but as you will not want to tie it up this may not be very much.
Also the costs of selling will increase the effective APR of the credit cards quite substantially. 3k cost are 15% straight away.
If you do not increase your cash reserves above the 40k amount and you do wish to purchase another property it will need to be at a lower value due to deposit LTV requirements and purchase costs. Don't forget the new higher BTL rates will eat into cash flow.
If there is a good chance you are looking to buy again you may be moving backwards from your current position.
Alternatively your exposure to debt and risk may be of more concern.
21:09 PM, 4th June 2014, About 9 years ago
Reply to the comment left by "Neil Patterson" at "04/06/2014 - 19:43":
Excellent comments. Thanks.
21:13 PM, 4th June 2014, About 9 years ago
Is the mortgage portable?
21:37 PM, 4th June 2014, About 9 years ago
Reply to the comment left by "Lord Smythe" at "04/06/2014 - 21:09":
Thank you, but I did forget that your surplus cashflow on the property is taxable income so the value of it depends on your tax position.
However this is a great example to show how everyone's circumstances are different and need to be considered individually subject to personal preference and attitude to risk