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
8:33 AM, 2nd May 2014, About 9 years ago
Split the title and mortgage some or all of the flats. That way you are not a motivated seller giving away part of your equity. I would imagine it also is likely to be quicker.
8:44 AM, 2nd May 2014, About 9 years ago
Agree with Jerry, above, if you have enough time.
Split and sell 2. Then you've got the £100K you need, possibly with some cash left over, and you will still own 2 flats outright giving you that excellent 10% return.
Sell the 2 flats with 85 year leases which means that in 10 years time the lessees will need a lease extension and you as the freeholder will get the premium for granting an additional 90 years.
8:52 AM, 2nd May 2014, About 9 years ago
Reply to the comment left by "Jerry Jones" at "02/05/2014 - 08:33":
I too am a big fan of splitting the titles for the simple reason it just gives you so many more options.
Easier to sell smaller properties and you don't need to sell them all.
Easier to finance individual leaseholds on standard BTL if you wish as well.
Mark Alexander - Founder of Property118
8:54 AM, 2nd May 2014, About 9 years ago
I suppose it depends on how desperate you are to raise the £100,000 and how far down the line you are with each of the transactions.
The properties are producing a nice rental income and if you want to retain at least half of that, stay mortgage free and raise £100,000 or more then taking a mortgage or bridging finance in the short term would probably be the best way forward. Do consider bridging finance and seek professional advice from a whole or market broker, preferably an NACFB member. Bridging finance may appear to be more expensive at first glance based on interest rates alone but by the time you factor in lenders arrangement fees, early repayment charges and other costs associated with a mortgage you might be better off with bridging finance.
If I were you I would consider finance to raise the cash first.
Then I would get professional advice in respect of creating 4 leasehold and retaining or selling the freehold interest. The ground rent income associated with the 4 leasehold could be in excess of £1,000 per annum and investors will buy this interest for circa 20 times the income should you decide to sell that element of the deal.
£60,000 for a one bed flat in Bristol also sounds cheap, have you taken any professional advice on this? To get some comparables without it costing you anything check out our Property Research Tool >>> http://www.property118.com/property-search-tool/
Once you have all the initial finance and all of the paperwork ready to go in respect of the creation of 4 separate leases you have several option. For example:-
Option 1 - Market the flats with a view to selling two of them. On the day of completion of the first two sales you can complete the conversion of the property into leasehold titles and pay off any finance.
Option two - apply for separate remortgages on two or more of the flats in order to repay the short term finance and create the leaseholds simultaneously on the day of completion.
Consider whether you wish to sell or retain the freehold revisionary interest of the property. Whether you sell or hold this element of the deal you will probably need to appoint a freehold management company to deal with everything for you as this is very different to managing properties let on AST's. The purchasers or your own mortgage lenders will probably insist on this. I have previously used the services of Annette Stone of Grangeview Management Limited to manage one of my own freehold revisionary interests and she subsequently purchased the property off me. I can't recommend Annette or GML highly enough. I met Annette though this forum, her member profile can be found here >>> http://www.property118.com/member/?id=384
Personally I would not sell anything other than the freehold revisionary interest in the property. I would gear up and try to buy something similar as this looks like a very nice deal. Why sell the Goose that lays the golden eggs? If you can generate a 10% gross yield (say 7% after costs) and only pay 5% interest it seems to make sense to hold doesn't it? If you think property values will rise then holding is even more compelling. If you need the rental income I'd still hold if I were were you but only after a lot more consideration about the merits of gearing up with finance vs staying mortgage free.
With regards to considering your financing options I would recommend you speak to Howard Reuben at HD Consultants. I also met Howard via this forum and have since referred literally hundreds of landlords to him and the feedback I've had has always been incredibly complimentary. You will find Howard's member profile here >>> http://www.property118.com/member/?id=314
Hope this helps and at least gives you a few additional angles to consider.
Howard Reuben Cert CII (MP) CeRER
9:15 AM, 2nd May 2014, About 9 years ago
Reply to the comment left by "Mark Alexander" at "02/05/2014 - 08:54":
Thank you Mark.
James, when I read your question my initial thought was exactly as Mark detailed above, so by the time I had read all of Mark's reply I am now left with not much else to add except, if you would like to consider all options, my details are as per my member profile.
One thing I can add is that I am actually in the middle of progressing a short term lending (bridging finance) solution for another Client who is more or less in exactly the same situation, although he is buying rather than remortgaging, a property that he is splitting the title on.
Because of what he is doing and also because of the 'need for speed', a bridging loan is indeed the most appropriate financial tool to secure his key objectives.
By the way, for most people who have not used bridging finance before, the long held belief is that it is 'expensive', however there are heavy refurbishment deals from just 0.89%pm, so if you only need it for 3 -4 months, the max interest you would pay is 3.56%. I believe that this is still relatively cheap borrowing to secure urgently required funds.
And, finally, on your situation, a £100k loan on a property valued at £210,000 is an excellent low LTV too, so I am sure we could assist in attracting the right lender and proposition.
Hope that helps.
23:36 PM, 2nd May 2014, About 9 years ago
Hello All, Many thanks for these wise words of advice. It sounds as if I have more than the three original simple options. Indeed, it sounds as if I can have my cake and eat it. Splitting, and financing by a variety of methods looks like my best (and most recommended) option, allowing me to raise the necessary cash whilst still holding onto at least part of what is a very good investment (and I should add, has been managed in a very efficient and economical manner by my local agent.) I shall spend the weekend reading through your comments again in depth. What a useful site this is! James.
14:33 PM, 5th May 2014, About 9 years ago
Nobody has mentioned tax implications on the disposal alternatives? Surely that could have a huge bearing on the final decision?
21:15 PM, 5th May 2014, About 9 years ago
Hello Neil, Yes, this is something I've considered. Selling all, I'll have a profit of should push CGT payment to around £30k, less deductions and exempt amount leaves CGT on £14k profit, less also legal and estate agent's fees, which around £2k. Mortgage - fees on a £100k loan will be £5k. Splitting - some CGT may be postponed, depending on when and for how much each flat is sold. Sell two (which is one possibility) and CGT may be reduced, with the help of annual exemption. But then again, I'm hoping to make a bigger profit, so CGT may still be based on a £14k profit, for just two flats, this year. But I'll settle for that! The bigger the CGT, the better! Finally, I'm also looking seriously at Mark's suggestions, and hope to run these past my solicitor later this week. Thanks. James.