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
19:07 PM, 7th September 2012, About 11 years ago
Glad this guy is not my banker. I think the banks protect themselves very well by taking "product fees" of up to £1,999 and/or 3% of the mortgage up front. There is also the question of banks who do repossess properties selling them at lower than market valuations (sometimes to other clients of their banks who get in quickly or are on the books as buying this stuff) which has also been called into question on many occasions. I had this happen to a friend some 19 years ago but the bank picked the wrong one as I agreed to fight the case on behalf of my friend (really a friend, not me) and eventually the bank gave up and wiped what they considered to be the balance of the loan still owing because they sold the property at way less than market value.
The best advice I could give to someone starting out is go slowly; buy something, let it out, save the rent as far as possible and when you have a good deposit buy the next one and keep doing the same thing. You have to be very disciplined and not grab everything in sight but in the long run this enables you to build a portfolio with a good equity base. Never spread yourself too thinly; don't keep everything with the same bank and try and keep at least one property unencumbered in case you need to raise funds urgently.
20:09 PM, 7th September 2012, About 11 years ago
I agree with the banker, anyone who misses their rent or residential mortgage payments should be arrested and criminalised.
That means millions of teachers and policeman out of a job, you aren't allowed to have a crimianl record.
the banks would be sitting on vauless property and councils would face housing millions of homeless people.
I don't think the -anker has thought things through.
All we as LL are asking is to be able to repossess our properties when the tenant refuses to pay rent.
A tenant can just go to another tenancy.
a homeowner cannot just up sticks without any sanction.
Tenants and residential occupiers are 2 different beasts.
All a residentila occupier needs is about 6 months of saving to pay the mortgage and then the social step in and pay mortgage interest on a loan up to £100000.
If the occupier cannot sustain this then the lender repossesses.
don't see what the problem is.
A tenant not paying though could force a LL to be bankrupted and made homeless.
VERY FEW businesses in the UK have sufficient capital adequacy.
This is why perfectly viable businesses are going to the wall as the banks won't lend.
The -anker is in the extreme minority having sufficient capital adequacy.
The vast majority of capitalism in the UK is run on a hand to mouth existence.
Very few businesses have cash piles to contribute to CA.
This is why they use banks.
To condemn anyone in business who does not have sufficient CA is just being naive about the way a modern economy runs.
LL in particular run their businesses with little CA.
It takes years for it to build up.
If LL did not risk ther would be no rental property and then where would all the tenants live.
Not even the -anker with his massive capital adequacy could replace all those LL and provide the rental accommodation.
There is certainly no way that these tenants could afford or wish to buy property as the banks ain't lending.
The -anker is dreaming if he thinks prices will crash.
They won't, govt will maintain the low interest rates for decades. and only once wages can afford a property price of 2007 will prices then start increasing.
It will need wages to double to achieve thiss.
In about 30 years time this may have happened.
I hope the -anker has his CA in a high interest account as he won't be able to use it on property at prices he thinks it will fall to!!
21:10 PM, 7th September 2012, About 11 years ago
Read the PS - I'm not saying it should apply to homeowner mortgages, just landlords like you. No laws on capital adequecy, just make it a criminal offence to miss two or more payments on a B2L mortgage. After you've had it repossed and you've done your 6 months of time, then you can go and rent a property to live in. If you want it to be a criminal offence for tenants to miss their rent payments and you also think it's fair that you should be able to reposess without a court order then my suggestions should look equally fair to you. As you often say at the end of your post ......... chances of it happening zero.
3:33 AM, 8th September 2012, About 11 years ago
Is this man sane? Who is taking the lions share of the risk? It's the bank, wow get a life. I buy a house for £100,000 ( I wish) pay all the fees (arrangment £2000 or more, plus slicitors etc) My deposit could be £25k or more plus expenses, then get reposesed because of a moron tenant
The bank sell the property for more than £75k, I lost my money and the moron tenant will be evicted. I lost, credit rating thrashed and the non paying tenant now moves on to blead another LL.
I was a train driver in the 80's, the union wanted to go on strike and I did not want to be a scab. I notified the bank that I will have to fall behind on the mortgage payments for a while. I was told if my payments were not up to date in 3 months they would reposes my house.
Pressured i sold in 2 months and moved into a wreck of a house because the banks wanted their mony NOW. I want my money from a tenant now so I can pay the mortgage and upkeep for their comfort as the council cannot house them.
4:45 AM, 8th September 2012, About 11 years ago
this is obviously aimed at me and my proposal to make theft of accommodation as illegal as theft of a car, so I think it's for me to answer.
hi mr. banker,
first of all I don't think you are a banker. you may well work for a bank but you probably rent your accommodation.
the reasons why I think this to be the case is down to your crude explanation of the " risk "
let me expand;
1, landlords have to put up a deposit. average 20% of the value of the property. CALLED L.T.V.
if the property price goes up...that's good for the LL but if the value goes down it is the LL that looses not the bank. please note = property prices have fallen by around 30% since 2008
2, let us assume a LL goes bankrupt, for whatever reason;; the process the bank undertakes goes like this; they hold the deeds to the property so it becomes theirs, it is their duty to sell the property [ because they are not in the rental business ] so they sell to anyone with the cash, normally at auction, with a target price equal to the total outstanding debt. if the sale equals the debt then everyone can relax...even the ex-LL is in the clear. but should there be a shortfall then the ex-LL still has that debt to clear. he/she then has to either take out a loan with THAT bank at a very high interest rate [ as the now ex-LL is now considered to be a high risk ] to pay off the outstanding balance or the bank then takes over the LLs home and other assets and sells them, the car, the furniture and the grandmother to pay off the outstanding shortfall.
3, the base rate is 0.5% and banks sell money at whatever rate they can get.
LLs pay presently on offer 4.5% above that, come rain or shine, with tenant or no tenant.
4, when a bank has problems the TAXPAYER bail the bank out. [ just a bit of history there any real banker would have noticed ]
SO... WHAT RISK DO BANKS TAKE ????????
however, I must admit there could be credence in this bankers argument.
we, as LLs, take deposits and negotiate that deposit for lack of rent.
banks take deposits and also use this same deposit for lack of payment of the loan.
the problem only occurs when the shortfall becomes greater than the deposit.
so as LLs we would be forced to talk to the bank before we got to that point.
as tenants should talk to their LLs for the very same reasons.
5:51 AM, 8th September 2012, About 11 years ago
What a load of "tosh" a banker talking about a level playing field, what a contradiction, They are accuse and in some cases proven to have driven the economy by there stupidity and greed to no, not to, but collapse, Barclay's accepts a multi million pound fine for manipulation of the interest rate, all the others sheepishly keep quiet, City Bank accept a multi million pound fine for monie laundering for Iran, HSBC for the same and now Barclay s accused of misappropriation of the SME funds, not to mention of course the couple of billion they have put aside for the over selling products compensation? What else is there about to come to the surface, yes you got it interest only mortgages, Give us all a break these guys should not be allowed to collect and look after monie they should be in jail. At least "Dick Turpin" wore a mask!!!!!
8:04 AM, 8th September 2012, About 11 years ago
What a knob this man is!
A. For a start the bank isn't taking the risk the LL is hence the requirement for 25% or greater deposit at inception..No need to explain that to the majority here but Mr thicky AB hasn't grasped that concept..B. The Mort Co are making good profits otherwise they wouldn't bother... C. Due process already exists for Mort Co's to take back and repossess property when there are arrears, and due to the large deposits required at inception (see point A) the Mort Co's are rarely out of pocket otherwise see point B
Best regards John
10:13 AM, 8th September 2012, About 11 years ago
The Banker has a number of relevant points. If the tables were turned that is what the landlord community would face. This might not be such a bad thing as it would remove the speculative landlords from the game and ensure that those in it had a secure base and a professional attitude. The difference is however this. The Banker, if he were a true banker would realise that there is a significant difference between the Institution and the individual. We take the financial hit and it is far more immediate for us. The Institution is able to off-set its liabilities in a far broader context. But does he not have a point. If the rules did apply to us as he would seem to suggest we want applied to our tenants, it must give us greater leverage to have intentional non payment of rent to be treated as a criminal offence. A come is a commercial proposition between me and a tenant. It should be treated as such and the consequences take for an abuse of the privilidge.
So Mr *anker, what do you have to say to that?
Mark Alexander - Founder of Property118
11:16 AM, 8th September 2012, About 11 years ago
Whilst I generally agree with the most of the other comments I too can see that The Banker does have some valid points. I'm glad you've said so first as i thought I'd get lambasted for agreeing with anything he said. I think his arrogance is intended to provoke a reaction and in a way I find him quite funny. From a personal perspective I can't see that it will ever be made a criminal offence to miss a rent payment or a mortgage payment as that's just taking matters to the extreme. I think he makes some fair points regarding liquidity, or capital adequacy as he puts it. I suspect many of the problems that earn small landlords a bad reputation come as a result of them not having the money to fix things when they go wrong. If I was renting a property and my landlord couldn't afford to fix a broken boiler I think I'd probably get upset pretty quickly too. It's probably unprofessional of me to say this but I don't want The Banker to think he's right about everything - I still think he's an arrogant tosser!
13:21 PM, 8th September 2012, About 11 years ago
I am not a banker, I am a trader. The Banker is a name that Mark Alexander decided to call me, I think we all know what he was getting at and I'm happy to play his silly games.
@Mark Alexander - call me what you like, by your own admission it's "unprofessional". Sticks and stones ...........
@Cosmo - not aimed at you old chap but if the cap fits ...........
@Paul Barrett - I've read your story on many forums. You've made your bed ............ I pity your tenants.
@Devon Landlord - at last, a landlord who can see reason, in a blurry sort of way
@Recardo @Don @John - my point is not who takes risk, it is that landlords and tenants should be equally accountable for making payments on time.
To all - If landlords want missed rent to be criminal then they must accept that missed mortgage payments should carry the same penalities. Yes I agree that landlords take a risk and it's a good point that Mark made in that tenants take a risk to if they are unlucky enough to set up home in a rented property where a landlord is strapped for cash.