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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||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.
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- 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.
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- Contacting Us
9:34 AM, 8th January 2021, About 2 years ago
At the moment once a lease extension notice has been submitted, a strict timetable comes into effect:
The date of submission is considered to be the “Valuation Date”. So, however long the process takes, only the value of the lease extension on the valuation date will be considered as relevant to the application. It also freezes the length of the lease for assessing the premium. This fixed date is very important for leaseholders who want to avoid being on the wrong side of the 80 Year Rule. As long as you have submitted your application before the 80 Year deadline, you are safe. The premium is agreed.
You then have 28 days to complete the transaction or if the freeholder has a dodgy solicitor they will try and go beyond the 28 days so you have to start again. If it starts to look like that you have to make a County Court Application.
So it looks like under existing law you are stuck with existing values if you have started the process. The government has said that it intends bringing in the abolition of marriage value " in this parliament" so it may happen quite quickly. Of the three options given by the Law Commision, two of them reduce lease extension costs by between 35-40%. One of them keeps the same - but that will not happen. And freeholders have to pay their own legal and surveyor costs in the new proposals so thats another gravy train off the rails. I have been told that on my lease extensions of 53 years then the 17k should reduce to about 10k.
So in a roundabout way I think I am saying that if you have started the process you are stuck with the old system. You then have to weigh up the cost of withdrawal as against a cheaper and longer lease extension up to 990 years which will add value to the property.
10:19 AM, 8th January 2021, About 2 years ago
What about cases where lease premium has been agreed for the lease extension so presumably the leaseholder will now go back to the freeholder and renegotiate ?
10:31 AM, 8th January 2021, About 2 years ago
You can try but most will not negotiate outside the valuation agreed. Your valuer will need to run the hypothetical numbers to see if it is worth withdrawing and reapplying - but bear in mind although marriage value will be abolished we don't know what formula will replace it.
12:02 PM, 8th January 2021, About 2 years ago
If the amount has been agreed between leaseholder and freeholder where the lease is less than 80 years and only lawyers selected then maybe in the leaseholder interest to delay the lease extension until it become law or maybe renegotiate the terms as this will reduce the amount payable by half plus saving on on lawyer fees ? Though if the leaseholder is selling the property then may have no choice but to go ahead on the original terms.
13:00 PM, 8th January 2021, About 2 years ago
I'm in the process of extending the leases on three flats. They have 82.5 years left at the moment. I've had valuations done but not submitted the 'notice' yet so I have the option to wait and see and that is what I shall do.
14:22 PM, 8th January 2021, About 2 years ago
Advice in connection with yesterday's announcements must be given on a case by case basis. There are several factors to take into account - any of which will affect an individual situation differently; e.g.
> Is the current unexpired term more than 80 years and how close to 80 years are you? Marriage value is proposed to be abolished - so where you're extending and currently more than 80 years, then that element of the valuation remains unchanged. But if you're nearing 80 years marriage value may come into play if/when you trip over that line. Waiting may be a mistake.
> Is there a 'need' to extend now; e.g. for a sale or remortgage? If not, and if you're well away from the 80 year mark, then delaying and waiting for the new legislation might be worthwhile.
> The proposed +990 years is far better than the current +90 years. But the government also proposes to 'prescribe' deferment rates and other cogs in the valuation mechanism. We don't know what those rates will be - and there is the possibility that the bottom line figure may therefore be worse rather than better - especially if property prices generally rise between now and then.
> The governments priority is improving new build - either with zero ground rent leases, or commonhold. Those proposals have cross-party support and are likely to meet little or no opposition. They'll arrive soon...ish.
But the proposals to tinker with existing contracts (e.g. abolish marriage value) will meet with much opposition from wealthy freeholders, some of whom sit in the House of Lords. There might even be appeals and long drawn out legal objections. Thus those proposals may be signifiantly delayed in reaching the Queen's desk for signature. Can you wait that long?
It's a case of crystal ball gazing - and everyone's crystal ball will see differing things.
And apart from that - the devil will be in the details ... and we don't know the details. Watch this space!
15:24 PM, 10th January 2021, About 2 years ago
Ref the first comment about the timetable already started, in the ST today, the LKP is quoted as saying:
"If you’re midway through extending a lease, you can reserve the right to pull out of the process whenever you want, to wait for these reforms and extend under better terms — and for less money. “If you’ve got 82 years or fewer left, you might want to extend, but if you’ve more than that, you could wait for the changes to come in,” says O’Kelly."
15:34 PM, 10th January 2021, About 2 years ago
It also says -
"If you’re thinking of extending the lease before you sell to protect the value, your buyer may prefer to buy on the current terms and extend under better ones later."