• It is increasingly more important for registered providers to be (and to be seen to be) actively managing their housing stock.

    Our specialist social housing lawyers advise on all aspects of asset management including:

    • Tenanted stock disposals and acquisitions
    • Stock swaps
    • Void disposal programmes
    • Voluntary sales programmes
    • Property ‘health-checks’ to get stock ready for disposal/mergers
    • Large scale voluntary stock transfers
    • Property due diligence as part of corporate mergers/acquisitions

    We can assist you to develop and deliver on your asset management policies and instinctively offer practical, contextual advice to identify and resolve issues and ensure that matters progress quickly to completion.

    Stock rationalisation - Top tips

  • Stock transfer from L&Q to Moat Homes

    We acted for L&Q on the tenanted stock transfer of c.260 units in Essex. Following a competitive tender process to secure the instruction, we project managed working closely with L&Q and CBRE, to collate documents and information for the data room. Following a successful bid, Moat Homes Limited were chosen as the preferred bidder and completion took place in January 2024. Tenanted stock transfers are primarily a property transaction involving the review of title, searches and answering buyer enquiries. As these projects also involved the sale of the business, we obtained input from various other disciplines which on this project included housing management, data protection and commercial. We successfully negotiated the contract and transfer overcoming several hurdles to ensure completion within the financial year. The transaction will help to support investment in some of L&Qs key areas for growth and where it already has significant stock. 

    Tenanted stock acquisitions

    Over the last few years, we have advised a large national registered provider in relation to several stock rationalisation projects.

    We advised on the stock acquisition of c.100 supported/sheltered units within a tight timescale. There were several challenges in relation to the stock which required pragmatic solutions from across our multi-disciplinary team to resolve. We worked closely with the seller and their agent, Savills, as well as our own client to resolve the outstanding issues having weekly telephone calls to ensure momentum due to the challenging deadline for the completion of the first tranche of properties. 

    We worked with the same client on the pre-bid review of a 250 unit portfolio where several issues were identified including missing s.106 agreements, support contracts which needed to be novated, missing title documents, historic planning permissions with no sign off of conditions and grant attached to the properties where no copy grant agreements were available. In that instance, we worked with the client to assist them and their Board to take a decision on whether to and how much to bid for the stock.

    We have also advised a housing association in relation to the purchase of 54 properties in Todmorden.  Whilst the title to the properties was relatively straight forward, we identified that part of the title included an area of land which had nothing to do with the properties being purchased.  This area was excluded from the sale.  In addition the properties had flooded due to issues with a culvert on third party land.  There were no express rights to enter the third party land on the title and the Seller had to locate an old deed that had been entered into with the third party to enable the culver to be cleared from time to time. Our management team also reviewed the tenancy agreements to ensure that they were in order. 

    Restructure and Property health checks

    We advised a major northern housing association on the merger of its five stock-owning subsidiaries into a single one and the conversion of the parent company into a charitable community benefit society. The success of the project means that the new stock owning subsidiary owns/manages 42,000 homes and has over £500m funding facilities in place (a mixture of bond and bank funding). As part of that project, we undertook a title 'clean up exercise' to address historic title problems, covenant issues, and Section 106 restriction issues affecting the value of uncharged stock to prepare them for being put into charge in the future. In some cases, we were able to carry out work which increased the value of the relevant stock from Existing Use Value to Open Market Subject to Tenancy.

    Corporate due diligence

    We recently advised a Manchester based association on the transfer of engagements of a local housing association. We undertook a review of  check developments, NHBC how dealing with defects in contracts and policy in terms of how they chose properties for development, what procedure was at board level, grant and making sure they’d complied with all the requirements (S106 and land-led developments) to highlight any areas where further documentation would be useful to complete the picture. 

Legal Insights

News1---c_920x385px

Yorkshire Cat Rescue gets shop boost thanks to Bevan Brittan’s pro bono support

17/04/2024

View all News
Placeholder Image

Civil Procedure Rules, Part 36 offers and recent decisions in 2024

09/07/2024

Bevan Brittan Education Lunchtime Training Webinars 2024

View all Events
Articles---c_920x385px

Energy Matters April 2024

18/04/2024

Key updates across the energy sector

View all Articles

Our use of cookies

We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences. For more detailed information about the cookies we use, see our Cookies page.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytics cookies

We'd like to set Google Analytics cookies to help us to improve our website by collection and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone.
For more information on how these cookies work, please see our Cookies page.