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 firstname.lastname@example.org, 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 email@example.com, 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:
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- 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:
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- 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
1:53 AM, 14th June 2017, About 6 years ago
The title of your post made me smile. Before I read you questions I thought you were going to ask something along the lines of; what if I transfer properties to my spouse and she leaves me?
Believe it or not, that is one of the most frequently asked questions (from men and women) when I recommend transferring beneficial interest in properties during a tax consultation. Accordingly, I am going to take the liberty of answering that question first.
If a spouse want a divorce the legal and beneficial ownership of property is generally disregarded by the Courts when ordering settlements. They prefer you to agree on the split of assets but if you can't they will make an order for assets to be divided in a way they feel is fair and proper.
Now turning to your question/strategy.
From an SDLT point this makes a lot of sense. However, once you have transferred the legal title of the unencumbered property to your spouse, how will you them remortgage it? You have already said you spouse doesn't have an income. On this basis, what makes you think your spouse would get a mortgage?
If you transfer the beneficial ownership to you spouse, then all she has do do is agree to you remortgaging the property. The transfer of beneficial ownership is of no business of the mortgage lender and it is completely invisible to them. there is no legal requirement to register the Declaration of trust with HMRC.
Once you have completed the remortgage, the net proceeds will then technically belong to your spouse so you should pay that money into her bank account. in turn, she can then can pay off your mortgage and you can then transfer the beneficial interest on the second property to her via a declaration of trust.
Even leaving aside the issue of whether your spouse would qualify for a mortgage, the Declaration of trust route is both cheaper and quicker.
From a tax perspective, providing the Declaration of trust is drawn up in the right way, your spouse will be able to declare all of the rental income and finance costs on her own self-assessment return form.
Property118 Limited charge £250 + VAT for each Declaration of Trust. This is a fixed fee and includes all disbursements.
Mike Woodfine (Admin and Compliance Director of Property118 Limited) can assist you to prepare the necessary paperwork, including searches. Searches are required for compliance purposes; at least in part to determine there are no mortgages which would constitute a reportable consideration for SDLT purposes.
If you would like to proceed on that basis he will require the following:-
1. The full postal address of the property
2. Scanned proof of identity (passport or driving licence) for you and your wife
3. Scanned proof of address dated within the last three months (utility bill or bank statement will suffice) for you and your wife
4. The name address and occupation of the person who will sign the Deed as your witness. This doesn’t have to be a professional, but cannot be a family member.
On receipt of the above Property118 Limited would raise an invoice for the work.
On receipt of payment the Declarations of Trust will be emailed to you in PDF format. It’s then simply a case of having it signed and presenting it to your conveyancing solicitor dealing with the sale. There is no requirement to register the Declaration of Trust with HM Land Registry.
Chris Novice Shark Bait
11:14 AM, 14th June 2017, About 6 years ago
I do not wish to hijack MJ's question but have 3 properties in my sole name and 7 in 50:50 arrangements with my partner (in life of 20 years standing). We are not married. We would enter into a civil partnership for heterosexuals if this was allowed but as yet bizarrely it is not!
I am confused as to where we stand but need to act as I am retired on a pension and severely affected by section 24. My partner is working part time and is not as things stand. She is eligible to take early retirement next year on a reduced pension, (less than salary) so there is scope for beneficial interest transfers and inclusion on the deeds of those owned by me at a modest financial commitment level for which I am hoping no SDLT would be needed.
How would that work for an unmarried couple?
Mark Alexander - Founder of Property118
11:26 AM, 14th June 2017, About 6 years ago
Reply to the comment left by "Chris Novice Shark Bait" at "14/06/2017 - 11:14":
For your circumstances I would suggest transferring just 1% of beneficial ownership to stay below the £40,000 SDLT threshold and crystallise less than capital gains than your annual CGT allowance could absorb. Then form a partnership to enable you to allocate profits disproportionately to ownership.
This strategy is equally applicable to people who are not married as it is to people who are.
We have produced an eBook which explains this strategy in detail and costs just £5.99. Please see the link below.
Chris Novice Shark Bait
12:03 PM, 14th June 2017, About 6 years ago
Thanks Mark, I will give your e- book a go. I have dallied with the thought of consulting you but we have the sword of Damocles hanging over our heads in relation to Mortgage Express which rather complicates matters. Ducks need to be in a row. They just won't get in the right order. I rarely comment but avidly read. Keep up the good work and good luck to M.J. You are on the best property site ever.
17:41 PM, 15th June 2017, About 6 years ago
Reply to the comment left by "Mark Alexander" at "14/06/2017 - 11:26":
Many thanks Mark, will do!
21:43 PM, 10th February 2020, About 3 years ago
I need help with Mortgage Express. Back in 2008 MX reposed some properties. After they where sold, it had a shortfall, but they did not ask for any money until after 3 years. We agreed a repayment amount because they still had some other properties from me. After two years the company they where using to collect the repayment stopped collecting and returned the accounts to Mortgage Express. Everything went quite a gain for another two years. again, we entered into another monthly payment agreement.
Now, last year Mortgage Express asked me to give them consent to secure the loan on the other properties and my residential home. But, I did not give them consent.
The have now put a claim against me in the high court in Manchester. I have sent in a defence without consulting any solicitors yet. But, I know one is needed is I am going push back against Mortgage Express.
Please help, what can I do at this stage?
11:26 AM, 9th September 2020, About 3 years ago
Sorry to Hijack, unmarried couple (A&B) are separating and currently jointly own a property with a joint mortgage.
A will port the mortgage into own name with same mortgage provider and the Title deeds will be updated into the sole name of A.
B cannot get the property they want without A also being on the mortgage application. A is happy to be on the mortgage for B as part of the split (all being done on good terms).
The proposed structure is for A to be a Bare Trustee with the legal title being to B after the 2 year fixed period. When B would either remortgage or port into own name. On the basis of more equity and higher income.
As A will be a part legal owner and jointly and severely liable for the mortgage (though as a trustee) but as B is the beneficial owner of the property my understanding is there would be no SDLT surcharge implications.
I assume lenders would be OK with this structure as the legal ownership is A & B as far as they are concerned is unchanged. Both parties legally responsible for the mortgage liability. This is simply to get the correct SDLT treatment.
Assuming I am correct with the above, any contact for the conveyancing, Trust and SDLT work. Preferably through an email rather than form submission so that I can copy and paste.
16:26 PM, 6th January 2023, About 5 months ago
Reply to the comment left by Mark Alexander - Founder of Property118 at 14/06/2017 - 01:53
I found the answer to M James' question really helpful but I had just one query if I may.
You mention that "the transfer of beneficial ownership is of no business of the mortgage lender and it is completely invisible to them" but in the same answer state that "searches are required for compliance purposes... to determine there are no mortgages which would constitute a reportable consideration for SDLT purposes.".
Having read the relevant SDLT legislation, it's clear that SDLT is only payable on the £ consideration of transfer, this would apply to the outstanding mortgage amount if the mortgage was transferred between spouses, but as your answer states; this trust deed is of no interest to the lender, so what relevance does it have to SDLT?
Reason I am asking this is I have a situation that i'm sure you must come across frequently:
- My wife owns a buy-to-let property, 100% legal owner, (£900k value, £700k mortgage), and is a 45% taxpayer
- I am a 40% taxpayer but looking to quit my job for childcare reasons so will have no income. It makes sense for tax reasons to declare the buy to let income in my name.
- My wife will have to retain the legal ownership and the mortgage in her name (as I can't get a £700k mortgage with no income!)
- We plan to do this through use of a normal trust deed or interest in possession trust deed (depending on which is compliant with ITTOIA), transferring beneficial interest to me.
- We want to ensure there is no SDLT implication as the mortgage will stay in her name.
Keen to use your services to draw up the deeds and get the relevant advice, if you could kindly clear up the point above first
Mark Alexander - Founder of Property118
14:01 PM, 7th January 2023, About 5 months ago
Reply to the comment left by Daniel at 06/01/2023 - 16:26
It is no longer economically viable for us to use our Barristers to draft Trust deeds of this nature. We recommend Clients who need this service to speak to an established Conveyancing Solicitor. They will be able to advise you further on the specifics of your case.
I recommend you to have a chat with Blacks Solicitors on the basis that they are also on pretty much every mortgage lenders panel, they are a big firm with a good reputation to protect and solid PI insurance. A small market town solicitor will be the cheaper option but you get what you pay for.