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Standardised Certificate of Title for the housing sector

To access private finance, housing association use social housing assets as security. The securitisation procedure in the sector is difficult for a whole variety of reasons which means the process takes up to 12 months when 6 months might be more reasonable and is needlessly expensive.

Part of this problem arises because of the multiplicity of Certificate of Titles in existence which varies between lenders and additionally varies dependent upon solicitors used. The differing requirements leads to uncertainty and additional time costs.

A housing association securitisation working party has developed a standardised social housing Certificate of Title format which has been universally adopted by borrowers, lenders, and their legal advisers across the sector. This is a positive move for the sector which will produce significant time and costs savings.

Treasury consultants list

We've compiled a list of the treasury consultants used by the housing sector.

Mortgagee exclusion clauses – why are they important and what do you need to know?

Helga Chau, Corporate Counsel at A2Dominion Housing Group and Chair of the Property Finance Working Group, looks at mortgagee exclusion clauses in Section 106 agreements, and shares a new resource to help housing associations work with local authorities to implement them.

Example Standard Mortgagee Protection Clause

A Securitisation Working Group made up of various sector stakeholders has formulated an example mortgagee protection clause which should allow housing associations to obtain Market Value Subject to Tenancy when using s106 assets as loan security.

Mortgagee Protection Clause – GLA version

The Greater London Authority has issued a new version of the model mortgagee protection clause, which has been revised following discussions with housing associations and sector specialists.

Property Finance Working Group

The Property Finance Working Group is made up of 12 representatives (including lawyers, acting for both funders and borrowers, borrowers and valuers) and was set up in August 2014. The group is chaired by Helena Chau, Corporate Counsel at A2Dominion Housing Group, and includes representatives from Addleshaw Goddard, Allen & Overy, Clifford Chance, Trowers and Hamlins, Devonshires, Wright Hassall, Winckworth Sherwood, JLL and Savills.

Who to speak to

Adam Gravely, Finance Policy Officer