Addleshaw Goddard is considered ‘the pre-eminent and go-to lender law firm‘ in the social housing arena and, as such, acts for some of the country’s largest financial institutions, for whom the ‘approachable and available‘ team, headed by ‘sector expert‘ Lee Shankland-Gort, has recently been particularly active with regard to the transition of loans from LIBOR to SONIA. Jennie Chilton ‘always finds a solution to challenging issues‘ when advising on the securing of large housing portfolios for private placements, bond issues and bank lending. Debt capital markets expert Beth Collett is highlighted as ‘a renowned expert with regard to social housing bonds‘ and Steve Mackie is considered an ‘assured industry expert‘, in particular regarding debt transactions. Further key members of the team are ‘future leader in the sector‘ Tom McHugh, ‘stand-out‘ Geoff McGinley and partner Helen Hunter.

Devonshires Solicitors LLP is particularly known for acting on the borrower side of social housing finance matters and is hailed for the ‘detailed knowledge and understanding‘ of the sector. The practice frequently advises the largest registered providers in the UK on the raising of debt finance, the issuance of own name bonds, private placements and borrowing from specialised social housing funds or local authorities as well as the charging of property as securities for loan facilities. ‘Knowledgeable, personable and practical‘ Julian Barker heads the banking and capital markets team, and specialises in all types of finance options for registered providers. Sharon Kirkham is the head of the securitisation team and has a specialism in providing advice on the property aspects of giving security. Gary Grigor, Chris Drabble, Alice Overton, Andrew Cowan  and Natalie Swales are further key practitioners with specialisms in the financing arrangements of mergers, property charging issues, bond issues and constitutional social housing matters respectively.

As Trowers & Hamlins LLP’s social housing finance practice advises both on the borrowers and lender side, the team acts for all types of market participants, including local authorities, housing associations and for-profit registered providers as well as institutional investors, such as banks, and equity investors. Congruently, the team has ‘excellent experience of the housing sector’ advising on a plethora of matters, such as bond issues, loan facilities and private placements as well as on mergers and housing group re-structures. Katie Dyer and Melanie Comer head the firm’s national real estate finance security offering and Adrian Carter and Neil Waller are the national heads of the banking and finance practice. Eleanor James provides an ‘excellent service‘ to social housing providers in respect to private placements and capital markets issues, among others, and clients feel that the practitioners ‘work extremely well together as a team‘. Sarah Gooden retired in March 2022.

Anthony Collins Solicitors LLP acts predominantly on the borrower-side of social housing finance transactions while having a ‘strong working knowledge of the practices and mindsets of the lenders‘. The team, headed by ‘excellent‘ Natalie Singh, ‘always deliver excellent legal advice‘ on complex group refinancing and restructures and are ‘excellent to work with on treasury matters‘ as well as the funding of joint ventures within a registered provider group – one of the specialisms of partner Jon Coane. Ranjit Bassey is the team’s specialist for the property securitisation aspects of social housing finance matters.

Bevan Brittan LLP provides advice to both borrowers and lenders in the social housing market. The team is particularly well-known for its advice to local authorities lending and investing into social housing, supporting them with the formation of wholly owned registered providers, joint ventures and long-term investments. The practice, headed by ‘excellent’ Louise Leaver, a specialist for social housing finance matters, is complemented by the security taking team which is led by ‘well-versed’ Jessica Church, Wendy Wilks and Richard Stirk. David Moore is known to provide ‘excellent advice on a number of funding deals’ and clients appreciate the ‘excellent service’ of the team generally.

The social housing finance team at Pinsent Masons LLP acts for institutional lenders, such as large banks, as well as alternative funders, frequently advising on bespoke, high-value lending products and collaborating ‘with the borrower to find solutions that work for all parties‘. The practice has consistently been ‘growing their profile in the debt capital markets space following the recruitment of Alexis Hayworth a few years ago‘  – he joined from Allen & Overy LLP in 2019 and has added experience in EMTN programmes, commercial paper financing, sustainability bonds, and more. Practice head Sarah Whitty advises lenders on secured and unsecured bi-lateral and syndicated lending, private placements, joint ventures, sustainability linked loans, development finance and more. Edward Sunderland is a further key practitioner.

Clarke Willmott LLP fields specialised housing and banking practitioners who focus on social housing finance matters, including development funding. The team advises on a variety of funding options, including private placements, aggregated bonds and bilateral and syndicated facilities, while the securitisation team handles any issues concerning property charging and supports on large-scale due diligence exercises for transfers of stock. Cardiff-based Vicky Kells and Manchester-based Lindsay Felstead are the national heads of the practice, and are supported by Fraser MacRae who advises both borrowers and funders on any secured funding issues.

Clifford Chance LLP advises investors and funders active in the social housing sector, focusing on complex, high-value transactions. Clients include large international banks and security trustees; the team provides advice on bonds, private placements, synthetic securitisations and the restructuring of facilities. Angela Shepherd has a focus on the project and property aspects of social housing finance transactions and frequently advises on such issues as the security aspects of bond and loan transactions. Capital markets transactions specialist Paul Deakins is experienced in advising on secured bond issues by registered providers, amongst other areas..

The social housing finance team at Winckworth Sherwood LLP provides advice to both borrowers and funders on all types of debt funding. The ‘very well regarded lawyers‘ are ‘highly experienced‘ and show ‘sound judgement‘ when advising their lender, issuer, trustee and investor clients on such finance matters as bonds, bank loans and private placements as well as bespoke funding arrangements. ‘Stand-out partners‘ Ruby Giblin, Jill O’Reilly and Louise Forrest jointly head the team and are noted for being both ‘very knowledgeable and approachable‘. Lucy Grimwood, who made partner in April 2022, has a specialism in ESG-linked finance options.

Gowling WLG acts for banks, housing associations as well as registered providers on a variety of finance issues related to the social housing market. The team advises on bond issuance and cancellation, cash pooling and treasury arrangements as well as direct loans and has recently been active on LIBOR to SONIA switches, financings incorporating sustainability targets and the unwinding of uneconomic interest hedging transactions. Chris Brierley heads the practice and is experienced in acting for both borrowers and lenders. Navin Prabhakar  is experienced in advising on corporate banking facilities and bond issues.