Stay informed with all the latest news and developments at Interlaw and our strategic partners. Read all about our recent cross-border mandates, partner hires, office openings, pro bono and community activities, award wins and other achievements. For all media and press enquiries please email Imogen Lee, Interlaw's International Director of Marketing and Communications.
Interlaw's English Firm Advises VIVID Housing on £70M of Allocated Charging to RBS
Interlaw's partner firm in England, Trowers & Hamlins has worked with VIVID Housing Limited to complete the property charging exercise on £70M additional funding from RBS.
The portfolio comprised ex-LSVT stock and was an opportunity for VIVID to realise maximum value on its assets following the deregulation provisions, with 99% of the portfolio receiving an indicative MVSTT (market value subject to tenancies) valuation. Due to the lockdown restrictions, resulting in valuers being unable to carry out inspections of the properties, MVSTT values were provided on an indicative basis with full inspections to occur once the restrictions are relaxed.
All parties adapted swiftly, pragmatically and commercially to the rapidly changing environment, allowing the transaction to proceed without delay. The securitisation occurred during truly unprecedented times, and additional procedures needed to be put into place in order to ensure that the pace did not slow and was not impacted by the lockdown in order to complete the transaction by the deadline. With the landscape changing on a daily basis, it became even more necessary to bring the matter to a timely conclusion and utilise the changes to Land Registry procedures.
Beth Lindsey, Senior Paralegal in the Real Estate Finance Security Team at Trowers said: "We are pleased to have assisted VIVID on this transaction, enabling them to receive maximum value for their properties, which will inevitably provides VIVID with the funds it needs to continue with its development programs to provide vitally important affordable homes in Hampshire and surrounding areas. We look forward to working with VIVID again in the future."
Laura Abernethy, Security Manager for VIVID Housing Limited, commented "It’s been a pleasure working with Trowers on this exercise, which has been one of the smoothest charging transactions I’ve been involved with."
The Trowers team was led by Katie Dyer, with Beth Lindsey and Caroline Nugent undertaking the property due diligence and negotiations with the funder's solicitors and third parties.