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
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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;
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- 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:
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- 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;
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- 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?
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- Contacting Us
11:46 AM, 19th December 2016, About 7 years ago
If we assume your mortgage broker is fully qualified, whole of market and completed a full fact find and product search using Trigold or similar then there may be no standard BTL mortgage that fits. You may be mixing too many competing unusual criterias.
If that is the case then you will need to investigate commercial finance using a specialist Commercial Finance broker (should be members of the NACFB).
This will cost a little more dependent on circumstances and risk profile, but is worth investigating.
Please see >> https://www.property118.com/commercial-mortgages-recent-examples/
12:49 PM, 19th December 2016, About 7 years ago
I own 2 ex local authority flats and have had no trouble with mortgages and remortgages. One I have owned since 1992 and have remortgaged it many times. However there are only a few lenders that will lend on ex local authority property. There are usually additional criteria such as the building must have fewer than 4 floors, and the building must be brick built. Even those lenders that do not exclude ex LA property will of course say that the decision is based on the opinion of the valuer and as we know opinions can differ from one person to another. I suggest that you look on line at this lender's criteria to see what their policy is on ex local authority. If they exclude all ex LA property you have been let down badly by your broker who did not do his/her research. If the lender does lend on ex LA property then I would ask for a more detailed reason for the decision. I use London & Country brokers and they only target lenders that will lend on ex LA property; in addition they tend to phone up the underwriter to talk about my specific property prior to the application so that time and money is not wasted on a property that is outside of their lending criteria. Current/recent lenders on my ex LA flats are Leeds, BM Solutions and Nat West. However the decision will be based on the valuation. Also as you know valuations differ wildly. I recently had a valuation for a remortgage on one of my ex LA flats for 200k which was well below market value. I approached another lender and the valuation came back at £255k. Good luck.
12:51 PM, 19th December 2016, About 7 years ago
My broker tells me that the lenders are normally ok with ex local as long as most of the estate is also ex local and privately owned. I would give Gary McKenna at Mortgages for Business a call. They have access to every lender you can imagine.
I also congratulate you on your wise decision to buy in Brixton at such a great price. If worse comes to worse given how much value you have added to the property, you can sell and take your profit. Best of luck.
16:27 PM, 19th December 2016, About 7 years ago
My general view is as far as possible is to keep it simple.
That being the case I would cash in my chips soonest.
It is frequently the case that the more complicated it is the more complicated it gets.
You could spend much time and money going around in circles .
Cash in your chips and get aother deal going.
10:26 AM, 24th December 2016, About 7 years ago
I would just bear in mind that if you decide to sell, it may take a while. A friend owned what sounds like a very similar property in a Brixton estate (it may have even been the same one) and had several offers fall through because of mortgage problems encountered by the buyers (the valuations were all over the place, some wouldn't lend because not enough flats were privately owned etc) He ended up selling for almost 80k less than his first accepted offer. He still made a tidy profit but not as much as expected.
11:11 AM, 24th December 2016, About 7 years ago
If for the moment we ignore the red herrings of you buying at auction just 7 months ago & buying it through a Ltd Co SPV, it could be a number of factors - examples:-
1) is the block/estate built of precast reinforced concrete? If it is this will be a problem as it is defined as defective under the 1985 Housing Act
2) is the estate/block a large panel system building (LPS)? If it is & the block is over a certain number of stories high it must have been strengthened to minimize the risk of progressive collapse eg East End's Ronan Point tower block collapse in the late 1960's.
3) Length of Lease remaining less than 70 years?
4) Is it deck access? This is where most of the front doors to the flats in the block are open to the elements on a walkway, which many lenders do not like especially if the block is over 4-5 stories high even if your split level flat is on the ground floor.
5) how many units in the council estate are privately owned? (the managing agent should hopefully be able to tell you). I ask cause if less than 60% of the council estate/block is privately owned then buy to let lenders aren't interested.
6) I don't know the lender you approached but do you know what exposure this lender has to the estate/block already? (most lenders limit their exposure to eg 20% - some even 10% - of the number of units, plus if this lender is part of a larger group, their % limit exposure will include all banks/lenders within the group)
7) as already commented on by Marlena, how many floors are in the block? and is there a lift?
8) is there any commercial retail outlets next door/adjacent, especially chicken type takeaway outlets as lenders don't like these?
9) is rental demand & resale value strong in this estate?
10) is rental demand strong in the area or is there an over-saturation of units to let?
If this were me, I'd call Colleys (part of the Lloyd/Halifax banking group) & get their opinion. The local guy for Brixton is Nick Carline on 07702 681276. Don't mention you own it already. Just say you personally (don't mention SPV) are considering buying a newly refurbished flat/maisonette in SW2/Brixton at £430K as a buy to let purchase on which you've researched the market rent to be £1900 pm (give him he post code & number of beds etc) but before you put in an offer & apply for a mortgage to Birmingham Midshires (BMids are part of the Halifax Group that Colleys are owned by), could he give you an opinion as to whether Colleys would recommend it as suitable security for BMids to lend on. If he say not, ask why. This should give you your answer.
Subject to Colleys & your answers above will eliminate certain buy to let lenders after which you then need to filter this further to lenders that will lend:-
- on a property that was bought for cash & within less than 1 year of ownership, the owner wants to capital raise which many lenders won't entertain until atleast 1 year of ownership
- on a property owned by a Ltd Co SPV
- on a property to capital raise the required amount vs lenders rental calculations that have seriously tightened up these last few weeks to a minimum of 145% at a notional interest rate of 5.5% (but Kent Reliance for example still do 125% of 5.5% or 125% of the pay rate + 1.55% if higher for Ltd Co purchases/remortgages, subject to their other underwriting criteria of course).
If unstuck at the end of all of the above, then as advised by Neil you need to consider capital raising via a good commercial broker. However as you may have already found, the amount you can raise through commercial investment property finance is often severely restricted by much tighter rental affordability criteria and often assumes a capital & interest profile even if paying interest only.
To sell will only be any good if the answers to above won't also prohibit a purchaser from raising mortgage finance whether as an end user or private investor. Otherwise you need a cash buyer.
I'm sure there's bits in my haste I've also missed out that need to be thrown in the melting pot but the above will hopefully be of some help. Good luck.
14:40 PM, 24th December 2016, About 7 years ago
quite often the devil is in the detail. I would hazard a guess that it is not just the Council Estate location here but you must also factor in the combination of the Ltd Co nature of the purchase too, which will severely limit your options.
I often have clients presenting situations, which are easily solve-able, but when you start digging a little further the proverbial can of worms starts to unfold. Quite often there are circumstances that the average man in the street wouldn't consider a problem, but lenders, with the benefit of hindsight, can come up with somewhat strange criteria points. However, when you see the situation from the lender's point of view, you can understand why that have said what they have said.
I have no doubt that your property now is in tip top condition, but to a lender it is still an Ex-LA flat and they have their criteria points, which are not up for discussion. The trick, obviously is to find the lender who ticks all of the right boxes. To do this, you should consult a specialised BTL broker. Could I suggest that you contact HD Consultants by clicking on my member profile? We have worked closely with Property 118 for some years now. There are a number of lenders who will accept the Ltd Co/Ex-LA flat scenario. I would like to know a little more about your circumstances before making a recommendation though.
10:29 AM, 26th December 2016, About 7 years ago
I think that you need to lower your LTV to roughly 50% to 60% or so. Lenders are much more concerned about pricy ex-LA properties. Some may have an outright cap on how much they are prepared to lend against such properties.
As of next week the new PRA regulations will come in and you will basically need rent that will cover 145% of your mortgage at a stress of 5.5%.
At your current rent, that comes to a mortgage of £286k and a maximum LTV of 65%.
12:16 PM, 26th December 2016, About 7 years ago
HB, the 145% figure is not set in stone. Some lenders have made this assumption but I am sure that some lenders will be pitching somewhere south of that figure, so there is still room for further borrowing, if required..
12:47 PM, 26th December 2016, About 7 years ago
Reply to the comment left by "John Constant" at "26/12/2016 - 12:16":
There are going to be few that do, especially for a niche product such as a big loan on an ex council flat.
From what I have seen they are either moving to something around 145% (like Nationwide and Coventry) or 125% after tax (like BM has announced). That is the top 3 lenders accounting for nearly half the market.
I admit to not knowing what every lender has announced ,but those offering deals at lower coverage ratios are likely to be more expensive with reduced capacity to lend.
I may well be won't, but I think that a sub-60% LTV loan will be the best bet here.