1. www.wslaw.co.uk Louise Leaver, Finance Partner Nikki Lynds-Xavier, Housing Management Partner Winckworth Sherwood LLP LEGAL ASPECTS OF DIVERSIFYING

2. What is PRS? Structure Funding Design requirements Tenancy agreements Management considerations Introduction

3. Read your loan agreements Charity law restrictions – Charitable activity – Charitable investment Regulatory restrictions/tax implications Structure - considerations

4. Type of entity Intra-group support – Lending – Investment Consent of lenders Structure – commercial subsidiary

5. Joint ventures – Restrictions under existing loan documents – Exit strategies – Control Sale and operating lease – Not a funding arrangement – Investor ends up with portfolio of assets Structure- alternatives

6. Depends on structure Can you use existing facilities? – purpose – security s172 Development finance or institutional investment Funding

7. Loyalty Flexibility Benefits Communal facilities Branding

8. Fixtures and Fittings Quality Wifi Personalisation Standards

9. Length of fixed term Compatibility with other tenancies and head lease Flexibility Housing benefit Tenancy Agreements

10. Car parking Bikes Storage Services – Laundry – Cleaning – Dog walking Service Agreements

11. Specialist managing agents Separate management teams Dual role management teams Breaches Enforcement Management

12. Stratford Halo

13. Thank You Louise Leaver Finance Partner lleaver@wslaw.co.uk 020 7593 5050 Nikki Lynds-Xavier Housing Management Partner nlx@wslaw.co.uk 020 7593 5003 Solicitors and Parliamentary Agents Minerva House 5 Montague Close London SE1 9BB DX 156810 London Bridge 6 T. 020 7593 5000 F. 020 7593 5099 www.wslaw.co.uk