Privacy Policy
BACKGROUND:
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.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site
. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
“Account” |
means an account required to access and/or use certain areas and features of Our Site; |
“Cookie” |
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; |
“Cookie Law” |
means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
“personal data” |
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 |
“We/Us/Our” |
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 npatterson@property118.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?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- 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?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- 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?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- 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.
- You may restrict Our use of Cookies. For more information, see section 13.
- 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 info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- 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 |
Purpose |
Strictly Necessary |
JSESSIONID |
Used only to collect performance data, with any identifiable data obfuscated |
No |
__cfduid |
This cookie is strictly necessary for Cloudflare's security features and cannot be turned off. |
Yes |
- 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 |
Provider |
Purpose |
__utma, __utmb, __utmc, __utmt, __utmz |
First |
Google |
Helps to understand how their visitors engage with our website |
_fbp |
First |
Facebook |
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
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
BigMc
12:09 PM, 10th August 2015, About 9 years ago
Hi Dennis,
How many flats are in the block? If at least 50% feel as you do, best route may be to buy the freehold then you can make your own decisions.
Good Luck, Mike
Shakeel Ahmad
12:31 PM, 10th August 2015, About 9 years ago
This is a quite normal in all new leases. This makes the Freehold worth more when the developer sells.
At least in your case there is a cost stipulated. I have walked away from purchase where the lease stipulates a revaluation every twenty years.
You, can imagine the Surveyors fee, legal fee & you guessed it you pay for it.
A legalised theft & deception. The solicitor should have picked this up as this not something new.
Michael Barnes
14:16 PM, 10th August 2015, About 9 years ago
This equates to a 7.2% anual increase.
Dennis Silverman
20:53 PM, 10th August 2015, About 9 years ago
No idea of cost - as a rough guess could be as much as £20,000. 30 flats in block would be surprised if any others join me due to the high cost. Bought property at good price - been on market for 6 months part way through 3 year company let. I probably paid about £15000 below market value. Online lease calculators are a waste of time - none allow for escalating ground rents whether they double after 10, 20 or 25years, or whether they are RPI linked or HPI linked. I calculate that after 40 years with inflation at 4% then a £500 ground rent would be £2400. Compare this with the £8000 ground rent a TW ground rent will be in 40 year time. So TW will be 3.33 times more expensive. Working back to present day it's like asking at today's prices £1,666 ground rent instead of a more reasonable £500 per annum. Most buyers would want to take at least £12,000 of market value to compensate for the very high ground rent charges. I have been through to several sites selling leases. I have seen blocks of flats for sale with ground rents doubling every 25 years. I have also seen blocks for sale with RPI increases every 10 years and every 25 years but cannot find any sales for leases where ground rent doubles every 10 years. I presume that the LVT use past sales as a yardstick when valuing lease extensions but if very few sales happen then how do they work it out. Any positive ideas as to how much I will have to pay for statutory 90 lease extension with peppercorn rent? (would not get 60% of owners interested in buying freehold)
H
19:19 PM, 13th August 2015, About 9 years ago
Hi Dennis I am in a similar position having purchased a 2 Bed Flat from TW at the end of 2011 on a 125 year lease starting in Jan 2008 at £250 doubling every 10 years to a maximum of £8000 . I also was badly advised by Solicitor. On the positive side the flat produces a good rental yield. My exit strategy with this Buy to let and my other two is to leave them to my Daughter. But I would obviously prefer to find away around this issue as it stands with the ground rent clause and the length of the lease - it would make it difficult for me or my Daughter to sell. I did look into applying for a statutory 90 year lease extension with peppercorn rent in Dec 2013 but I was advised it could cost me about 16 K plus costs which would probably taken to it to about £20000 which I could not afford at that time.
Any advice from yourself Dennis if you have made up your mind about what to do or any other 118 members would be most welcome.
Thanks
Hamish
Shakeel Ahmad
20:09 PM, 13th August 2015, About 9 years ago
It may sound obvious. You need to consider whether £20k now is better value or the ground rent for the period that you wish to hold the property.
The buyer will also be looking of his future ground rent liability & may prefer to buy another flat with lower ground rent and this could affect your selling price..
The issue is gaining momentum. I know two instances where the ground rent now is higher than the service charges .
H
20:33 PM, 13th August 2015, About 9 years ago
Hi Shakeel thanks for that if I am keeping it long term I would probably be better off paying for the statutory 90 year lease extension soon and save on future ground rent and eventually when it is put up for sale it should be a lot easier to sell at good price.
Shakeel Ahmad
20:45 PM, 13th August 2015, About 9 years ago
That would be my strategy. If the block, where the flat is in desirable area e.g on a river front near the sea, park etc. It will be worth it.
When ever you get around to selling it. Your, flat in the block will be more desirable in comparison with others who may not have taken the steps that you are contemplating.
The longer you delay the more will be the cost of extension of lease as it is known as marriage value. The most optimum value for Leaseholders is 85 years.
Dennis Silverman
20:57 PM, 14th August 2015, About 9 years ago
I have just had quotes from 2 experienced valuers. Both quote very similar figures - a mind-boggling £30,000 to £40,000. The second valuer has actually carried out several of these lease extensions on long lease properties with ground rents doubling every 10 years. The valuer states that the marriage value is nil, the reversionary value is only about £300 but it is all about the loss of considerable future ground rent income to the freeholder. He has revalued all the different cash periods and capitalised them at an assumed 5.5% discount rate. The last valuer says if I could do the lease extension now it would cost me arond £31,000 plus about £6,000 in costs for my costs plus freeholder's costs. If I delay about 18 months until I have owned the property for 2 years before serving the statutory notice for a lease extension then the cost will go up to about £35,000 plus costs.
The valuer suggests I might try making a direct approach to the freeholder now to see if we can do a deal before the qualifying 2 year period. The valuer says that if the freeholder is temporarily 'cash strapped' then I could be offered an attractive deal with minimal expenses. I have nothing to lose by trying other than my time.
I might also offer the freeholder an alternative deal. Firstly not to extend the term of the lease at all beyond the existing 150 years. Secondly to agree to the ground rent doubling but only at 25 year intervals. (this equates to only a 2.85% compound annual increase). So the ground rent could now be 2007 £250, 2032 £500, 2057 £1,000, 2082 £2,000, 2107 £4,000 and 2132 £8,000.
The latter option might be a bit cheaper and would give me confidence that the ground rent is going to stay within reasonable bounds way into the future and is unlikely to escalate to such a level that future buyers are not put off by the high ground rent.
I would recommend that any buyer contemplating a new TW apartment with a similar lease is to agree a fair price and then DEDUCT about £25,000 towards future costs in negotiating a fairer deal on the ground rent.
Chris Amis
21:34 PM, 14th August 2015, About 9 years ago
Or you could wait a bit and hope the law changes, under the current setup once you serve the notice the FH is free to go ramp up fees all at your expense.
Should just be the mean of say 2 surveyor valuation and a fixed calculation (taking into account length remaining and GR).
I would say skip the lease and just buy the FH between the LHs.
Or at the very least do an RTM before something nasty happens.