Heritable securities including securities for private finance: Application for specific consent under Part 9 of the Housing (Scotland) Act 2010
This application should be completed for disposals involving the granting of a heritable security, including security for private finance. Sections 1- 4 are to be completed by the person with delegated authority. Section 5 Terms and Conditions and authorisation section can only be completed by nominated individuals with the appropriate delegated authority to submit the application.
Section 1: RSL details
- Name of RSL:
- RSL registration number:
- Registered address:
- Correspondence address: (if different from registered address)
- Charitable status
- Constitution: (please tick)
Company Limited by Guarantee
- Contact person
- Direct telephone no.
- Direct email Address.
Section 2: Disposal details
- Is this a new loan facility?
If No, go to Q11 / Yes / No
- Is this an application for a revised consent?
- If yes, give original consent information:
PF/
Date of consent:
- Loan facility value:
- Properties being disposed of:
Social housing / Please list each address and attach file
Non-social housing asset / Please list each address and attach file
- Value of properties to be disposed of:
- Basis of valuation: (Please tick)
EUV-SH / MV
EUV-SH with sales / HAG offer
EUV / MSVT
OMV / Vacant possession
- Date valuation was carried out:
Section 3: Loan arrangements
- Name of lender(s):
- Charge holder (if different from lender e.g. security trustee):
- Will the loan facility be used for
- Drawdown value:
drawdown: £
Cumulative
drawdown: £
drawdown:
- Drawdown date:
- Redemption date:
- Are there any derivatives associated with this current drawdown?
Section 4: other supporting information
Section 5: Certification and authorisation
Please sign the box below to indicate that you have the authority to request consent to this disposal on behalf of your RSL and to certify that the disposal meets the following conditions:
- The disposal is within the RSL’s governing instrument and charity law where applicable.
- The property is to be disposed of in such a way that there will be no failure to comply with the terms and conditions of the offer of any Housing Association Grant or other public funding.
- The individual disposal or a policy covering this type of disposal has governing body authority and decisions have been properly minuted. Subject to the RSL’s constitution, governing bodies may delegate authority to sub-committees or employees. In this event, governing bodies must: (i) consider whether employees or officers are suitably experienced before deciding on delegation; and (ii) explicitly set out the terms of the delegated authority (e.g. in a minute, policy or scheme of delegated authority). Governing bodies must not delegate authority for major disposals, for example refinancing or multiple disposals.
- The disposal will be recorded in the RSL’s Register of Disposals. The register will be kept at the RSL’s head office and be available for the Scottish Housing Regulator’s examination at all times. Supporting papers for that disposal should also be easily accessible for verification by the Regulator.
- The disposal does not, in the opinion of the RSL’s governing body, affect the RSL’s ability to meet its financial obligations or breach the covenants contained in any loan agreements entered into with any of its lenders.
- The loan facility will be used by the RSL itself or, if on-lent, will be to an RSL within the same group or a non-RSL within the same group following the Regulator’s approval of a specific business case. The funding agreement must specifically allow this. It must be in accordance with the RSL’s constitution, be at arms length and at terms that can demonstrate no loss to the RSL. Where the RSL is a charity, the loan must be a “qualifying loan” in accordance with Inland Revenue rules.
- If social housing properties are being charged and the loan being secured will be used in full, or in part, to finance non-social housing activities, the RSL should have received prior approval from the Scottish Housing Regulator, following submission of a specific business case.
- The loan must not be made by, and the disposal must not be made to, any person or business specified in Part 9 of the Housing (Scotland) Act 2010.
- The valuation for the purposes of granting the security for the purposes of the consent application has been carried out by an appropriately qualified surveyor.
- If the loan facility is raised by a multi-RSL vehicle (i.e. the legal entity that raises and on-lends finance for the group), each governing body, or delegated authority, has considered cross-default and other liabilities in respect of the other participating RSLs.
- The governing body, or the decision maker with delegated authority, has considered the financial impact of obtaining the loan funding and of the associated loan servicing, repayment and covenant terms.
- Failing to follow the above conditions will render this transaction and any consent given as void.
Signature of governing body member* or staff member with delegated authority
Name of governing body member/staff member (block capitals)
Designation
Date
* Signed either at a meeting of the governing body or when acting under properly delegated authority. An electronic signature is acceptable.
Witnessed by:
Signature of witness (governing body member or senior staff member)Name of witness (block capitals)
Designation
Date
Please email your completed application including supporting documents to: