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:
|Name of Cookie
||Used only to collect performance data, with any identifiable data obfuscated
||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.
- 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
|__utma, __utmb, __utmc, __utmt, __utmz
||Helps to understand how their visitors engage with our website
||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
Mark Alexander - Founder of Property118
8:22 AM, 24th June 2014, About 9 years ago
It may be difficult for you to pass referencing being newly self employed. 6 months rent up front may appeal to some landlords but many will be suspicious as this offer is commonly associated with cannabis factory operators who prey on naive new landlords and then convert the property to grow cannabis. Also, if you are unfortunate enough to find a bad landlord and there are problems with the property, paying 6 months rent in advance will not work in your favour either.
The best thing you can do is have a guarantor lined up, perhaps a brother or sister or a good friend and preferably a home-owner. You could give them the up-front money in exchange for the guarantee.
The more you can tell a landlord about your finances the better. Therefore, if you have just sold your property and have lots of cash why not show them your completion of sale statement and a copy of your bank statement for the account the money was transferred into?
With regards to selling, I suggest you don't over complicate that. Just put the property on the market with a good estate agent. The chances of selling your maisonette to a person who has the ideal property for you to rent are very slim indeed.
18:10 PM, 24th June 2014, About 9 years ago
Why are you selling it, why dont you rent it out then use the rent you get to pay the rent on a place for you, then give it 12 months when you would have been working for a while and you can mortgage the property to release money to buy other properties.
21:49 PM, 24th June 2014, About 9 years ago
I'm with Rob.
Why sell your asset?
There are costs associated with selling. You are stepping off the property ladder!
Rent out the property and use the rental income to pay for your rental home.
If you want to start building a property portfolio, you could then take out a mortgage on the masionette and use that money as a deposit for your next property.
Rather than arriving at your retirement with an oak tree that you have to cut down to fund later life, use equity release from the masionette as acorns to grow additional assets.
Arrive at retirement with an orchard! 🙂
Your little masionette is a great asset. Don't sell it is my advice.
10:55 AM, 25th June 2014, About 9 years ago
I go along with those that are saying keep your property and rent it out if you can afford to of course.
I own five 1 bed properties in Peterborough and they give me by far the best return on investments out of my portfolio.
If you do decide to sell though I go along with Mark's advice that you should find the best selling agent and not try to kill two birds with one stone by seeking out that perfect agent that will also line you up with the landlord that will rent to you.
There are a couple of estate agents in the City that specialise in investment properties/landlords but they possibly may not be the best ones to get you best money on your property sale so I would keep an open mind on the two different aspects of selling and renting.
11:32 AM, 27th June 2014, About 9 years ago
Reply to the comment left by "Mark Alexander" at "24/06/2014 - 08:22":
Thank you for taking the time to leave such an informative comment.
I'd never thought of the cannabis factory view 🙂 Likewise, hadn't thought about bad lanlords either...
Using a friend as guarantor and giving them the money is a good idea.
I've spoken to an estate agent and they say there is currently a good market for proerties like mine (don't they always say this...), so probably need to re-evaluate my finances and see what I can do.
12:54 PM, 27th June 2014, About 9 years ago
Reply to the comment left by "Vanessa Warwick" at "24/06/2014 - 21:49":
Thank you so much, this is awesome advice and something I never even knew was possible.
If I move out and do a BTL for 75% of the value, this would help with both my short term and long term financial goals.
13:05 PM, 27th June 2014, About 9 years ago
Well done Eddie.
A perfect example of tapping into the "hive mind" of knowledge.
Good luck with your next move! 🙂
9:13 AM, 28th June 2014, About 9 years ago
Reply to the comment left by "Eddie Edwards" at "27/06/2014 - 12:54":
Hang on Eddie: what are your chance of getting a BTL mortgage if you are newly self-employed? Most lenders demand to see an employed income of £25,000, on top of assessing whether the proposed rent will cover the mortgage interest (plus stress-testing whatever percentage increase in base rates their risk assessors demand), so you may well struggle to get a 75% BTL loan.
In my experience lenders are extremely wary of self-employed people and will need to see at least three years accounts and evidence of income before they will even consider a loan: they are obsessed to the point of mania with what they choose to call "income", completely ignoring savings, other rental income, other capital assets and so on. I would seek advice from a mortgage broker before plunging into BTL applications.
Perhaps it would be better to stick with your current lender and consider asking for permission to let, perhaps soft-pedalling the redundancy/self-employed background (unless asked direct) and presenting the situation as more of a case of you needing to rent temporarily elsewhere yourself for reasons of work, and therefore you would like to rent out your flat.
12:04 PM, 28th June 2014, About 9 years ago
I would first ask your current lender for consent to let, but someone told me recently that lenders are becoming much stricter about this now, whereas when I did this in the past it was practically a rubber stamping exercise. You might in any case get a better deal if you were to remortgage, as I did.
When I applied for my first BTL mortgage in 2011, I only had a small income from renting out my former home, and only savings aside from that. Back then, there were only about two lenders who were prepared to grant a mortgage without a minimum income, one being The Mortgage Works (TMW). I consulted a mortgage broker attached to the estate agent I was buying my second property from, who found them for me.
It's my understanding that now there are many more lenders who don't have minimum income requirements and are happy to accept projected rental income as the repayment vehicle, but I'm by no means an expert in this area - perhaps others can clarify?
21:00 PM, 28th June 2014, About 9 years ago
So many choices.
How about this one. - I take over your mortgage and you continue to buy it but from me via a 3rd party.
Yes everyone who is reading this will say - That's illegal - Its not if done via the correct legal process and it might be just what you need.