Treasury

Keep up to date with the latest on treasury issues.

The transition from LIBOR to SONIA

At the end of 2021 the banks that report their LIBOR information will stop and LIBOR, in its existing form, will cease to exist.  

Find out the latest on the move from LIBOR to SONIA, which will affect housing associations that borrow from banks or other financial institutions.

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.

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 made up of 12 representatives (including lawyers, borrowers and valuers) was set up in August 2014. Representatives of the group are from L&Q, Addleshaw Goddard, Allen & Overy, Clifford Chance, Trowers and Hamlins, Devonshires, Wright Hassall, Winckworth Sherwood, JLL and Savills.

Who to speak to

John Butler, Policy Leader