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:
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- 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.
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- Contacting Us
8:48 AM, 27th October 2015, About 8 years ago
Hi Lise, This is not an area of expertise for me so please do check everything out with the Leasehold Advisory Service and a solicitor.
Just simplistically to make it easy, give you options of selling separately and something lenders understand I would want one Freehold and two leaseholds and a very simple management company in place.
You could just have it as one Freehold building and lenders will still lend, but the option to sell the flats separately is not there.
Depending on what you decide if it is a low LTV TMW should work with you, but worst case scenario you could remortgage at the same time as sorting out the tenure.
10:01 AM, 27th October 2015, About 8 years ago
If you own the freehold and the leases to the two flats you can create new leases for both flats to replace the existing leases. You will be able to revise the conditions in the leases and also the remaining term.
The solicitor acting for you in changing the lease would write to your lender to obtain their agreement to the new lease and I would expect your mortgage lender to agree to it.
Look for a solicitor who has written new leases for other blocks of flats.
13:36 PM, 27th October 2015, About 8 years ago
Entirely agree with S E Landlord 's comment above.
15:25 PM, 27th October 2015, About 8 years ago
Thanks for the comments so far. The lease was difficult to work under because the landlord (owner) of the above flat refused to do basic restoration eg pointing and roof work, the lease directs the freeholder (me the owner of the ground floor flat) to take over the work in this stalemate situation. As it was 10-15k repairs and I would loose the first 10k of legal expenses at court trying to recover that (so my solicitor said) and given the upstairs owner was also a retired solicitor I felt I only had one way forward. However it took 3 years and a restricted insurance policy to get anywhere. My last threat was to involve his mortgage company ... He put the flat on the market and I bombarded the estate agent with builders surveys (a surveyer would be £800+) I've spent £1500 on legal sand surveys, eventually I agreed to buy it at a lower price, but higher than I feel it's worth, that said I've got him out of my hair and I can now do the much needed repairs.
But I want a management company so that every month an amount goes into a pot and the repairs are regularly picked away at. Annually the differences can be balanced and the insurance paid etc. This way I can sell the FFF in year or so (I'm trying to reduce my portfolio due to that daft budget change) this I hope means that I will never have to beg, nag or take to court my neighbour. As a landlord I work very hard to get things right and was shocked to see the conditions his tenants lived in with broken windows and damp. Fire regs ignored etc (they won't report him), so we will all overcome but I don't want the lease at all it relies to loosely on both parties being hounerable and different view of 'neglect'. As the manager of the management company I would never neglect the guttering and pointing as its basic to caring for a stone building.
TMW have said I would have to repay their mortgage first. They won't change fro leasehold to freehold in the current package. I can just afford to own the property outright and pay the £1000 redemption, but I would need to get a mortgage on both flats within 8 months. I wonder how long aka agent co must exist to qualify for morgageability. I will speak to my solicitor once I've bought the property about any ideas and solutions I pick up on here. I'm very grateful to you all and 118 as just venting has helped !?
16:03 PM, 27th October 2015, About 8 years ago
I have read your post a couple of times. You really shouldn't have to repay your mortgage to TMW. You say that they won't go from leasehold to freehold in the current package - but the actual flat itself should not ever become freehold. Let me explain.
Once you have bought the FFF you can then restructure everything. The most common set-up is as follows:- You set up the Management Company - your solicitor can do this for about £150. The 2 leaseholders (OK- just you at the moment since you will own both flats!) are the directors of the company. You then create a new freehold title for the land on a new Land Registry title number. The company then holds/owns the freehold. Then you issue new up-to-date leases for both flats that are linked to the freehold title/company. The new leases can be for 999 years, abolish ground rent etc. and of course you can ensure that the maintenance provisions/sinking fund that you want are written in to them. Once all that is done, perhaps after some upgrading work to the FFF, you will then be able to sell it as a leasehold flat with a 50% share of the freehold. The new leaseholder will become joint director of the company with you on a 50/50 basis.
I personally have been through this process twice. Both my mortgages were with TMW and I didn't have to redeem them.
I have subsequently sold both flats concerned. Both were snapped out of my hands at a premium. "Shares of freehold" are still relatively uncommon in the grand scheme of things.
You really do not want to end up with a freehold flat. Lenders do not like them and they are difficult to sell. Any flat without a lease that is linked/accountable to the others in the building can suddenly become the problem occupier because they are the one without the rules/guidelines - even though that might be you!
Hope this helps.
16:57 PM, 27th October 2015, About 8 years ago
As far as TMW are concerned it is a new lease with a longer term and up to date conditions. It is not a freehold flat as the freehold is separate to the flats' leases.
18:51 PM, 27th October 2015, About 8 years ago
Management companies have to submit accounts etc that all have costs. If one of the lease holders will not agree to the work where there are just two lease holders you are no better off with a management company then a cross over lease.
19:13 PM, 27th October 2015, About 8 years ago
Reply to the comment left by "Graeme " at "27/10/2015 - 16:03":
Gosh what wonderful advice I'm impressed. Yes I get that and very happy that on Thursday I will be 'illuminating' my poor battle tired solicitor of what Ive gleaned. Bravo! Infact a friend now wants to buy the FFF as he knows I'm trying to do the right thing here. The tunnel now has lights in it .... Onwards ! ?
20:40 PM, 27th October 2015, About 8 years ago
It would be more usual to make it a shared freehold between the two flats. You need a specialist solicitor.
If you own both why do you need a company, just open a savings account. If you sell one make sure the buyer is beholden to contribute in the lease or sale contract.
23:42 PM, 27th October 2015, About 8 years ago
got no idea what this is about. if you own all the interests i.e. leases and freehold you have complete control and the terms of the leases are effectively irrelevant and subsumed your complete ownership. why bother drafting new leases...that can wait until you sell.