LEGAL ASPECTS OF DIVERSIFYING
Post on 23-Feb-2016
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www.wslaw.co.uk
Louise Leaver, Finance PartnerNikki Lynds-Xavier, Housing Management Partner
Winckworth Sherwood LLP
LEGAL ASPECTS OF DIVERSIFYING
• What is PRS?• Structure • Funding• Design requirements• Tenancy agreements• Management considerations
Introduction
• Read your loan agreements
• Charity law restrictions– Charitable activity– Charitable investment
• Regulatory restrictions/tax implications
Structure - considerations
• Type of entity
• Intra-group support– Lending– Investment
• Consent of lenders
Structure – commercial subsidiary
• Joint ventures– Restrictions under existing loan documents– Exit strategies– Control
• Sale and operating lease– Not a funding arrangement– Investor ends up with portfolio of assets
Structure - alternatives
• Depends on structure
• Can you use existing facilities?– purpose– security s172
• Development finance or institutional investment
Funding
• Loyalty
• Flexibility
• Benefits
• Communal facilities
Branding
• Fixtures and Fittings
• Quality
• Wifi
• Personalisation
Standards
• Length of fixed term
• Compatibility with other tenancies and head lease
• Flexibility
• Housing benefit
Tenancy Agreements
• Car parking
• Bikes
• Storage
• Services– Laundry– Cleaning– Dog walking
Service Agreements
• Specialist managing agents
• Separate management teams
• Dual role management teams
• Breaches
• Enforcement
Management
Stratford Halo
Thank You
Louise LeaverFinance Partnerlleaver@wslaw.co.uk020 7593 5050
Nikki Lynds-XavierHousing Management Partnernlx@wslaw.co.uk020 7593 5003
Solicitors and Parliamentary Agents
Minerva House5 Montague Close
LondonSE1 9BB
DX 156810 London Bridge 6T. 020 7593 5000F. 020 7593 5099www.wslaw.co.uk
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