The Private Rented Sector has seen enormous change in the last 10 years resulting in significant opportunity for developers and investors, as well as funders. 1 in 5 households in the UK now live in rented accommodation and this is set to increase as the rental model offers the flexible and lifestyle benefits that many are looking for.
The Private Rented Sector has seen enormous change in the last 10 years resulting in significant opportunity for developers and investors, as well as funders. 1 in 5 households in the UK now live in rented accommodation and this is set to increase as the rental model offers the flexible and lifestyle benefits that many are looking for. Our clients are heavily involved in the development of and investment into build to rent apartment schemes throughout the UK as well as into “single family” housing schemes, working with many of the UK’s largest housebuilders.
We have a strong team of experts able to provide advice in relation to matters spanning the whole lifecycle of a PRS project including:
- site acquisition and site assembly;
- dealing with development constraints, including “rights of light” requirements;
- providing tax advice on the structuring of the transaction including in relation to forward funding transactions, SDLT mitigation and handling “golden brick” VAT requirements;
- advising on any corporate sale share and purchase (as well a transactions at asset level) on acquisition as well as exit;
- dealing with planning issues – from challenges through to HS2 requirements;
- dealing with the construction aspects of the development (including procurement) as well as any disputes;
- negotiating forward funding as well as “turnkey” agreements;
- ongoing asset management in respect of the completed project.
We pride ourselves on providing a seamless service and a dedicated team throughout a project from beginning to end, where we work collaboratively with our clients and their advisers, “project managing” complex transactions where required.
We act for numerous market leading businesses in all parts of the PRS sector and work closely with those clients as trusted advisers.
- Some of the most active investors in the UK PRS market.
- PLC developers and national housebuilders.
- Most institutional lenders.
We pride ourselves on getting involved at all stages of the process:
- We offer proactive solutions driven advice based on our wide experience in acting for buyer, developer and investor;
- Our multi-disciplinary team will engage at an early stage with our clients to help shape the heads of terms;
- During the transaction itself we will develop and refine the deal documents in close collaboration with our client’s own team and other advisers;
- We continue to support our clients with the ongoing management of their schemes once completed; and
- When the time is right we work together in order to facilitate a smooth disposal of those assets.
Through our Client Relationship Partners and our non-legal Client Relationship Managers we are committed to investing in really understanding what matters most to our clients and to being focussed on where we can best offer value in all we do to make our client’s lives easier and the legal process as enjoyable (yes really) and smooth and efficient as possible.
And the results
We have been delighted to be chosen by our clients time and again to be their trusted legal partners for their PRS projects. Our team won Law Firm of the Year at the RESI Awards 2020 and this demonstrates the degree to which we have now been recognised as leaders in our market. The Private Rented Sector has a crucial role to play in the provision of housing in the UK and we look forward to our continued involvement in the development of quality multifamily projects as well as the emerging professional single family housing PRS model in the UK.