The following Banking & Finance practice note Produced in partnership with Neil Waller of Trowers & Hamlins provides comprehensive and up to date legal information covering:
The nature of social housing entities and the regulatory regimes that they fall under mean that additional issues need to be considered when taking security from them or enforcing security provided by them.
This Practice Note explains the key issues to consider when taking or enforcing security from social housing entities that are particular to a social housing financing context.
For information on taking and enforcing security in a general context, see: Taking security—overview and Enforcing security—overview.
The key issues that arise when taking security from social housing entities relate to:
the status and capacity of the social housing entity
sector specific notifications that the social housing entity may need to make
for certain types of social housing entities, compliance with the requirements of the Charities Act 2011 (CA 2011)
for certain types of social housing entities, registration with the Mutuals Public Register
issues around cross-collateralisation
priority issues when taking security over a property owned by a social housing entity
how security trusts are used in social housing finance, and
why it is uncommon to find floating charges in social housing finance
The first issue to consider when taking security from a social housing entity is the regulatory, corporate and charitable status of the entity which is proposing to give the security.
Most social housing entities
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