About Devonshires
Strength in Depth
Devonshires has one of the largest specialist banking, capital markets and securitisation teams working in the UK dedicated to social housing. The combined offering consists of a vast team of experts who are consistently rated for excellence in advice and delivery.
We couldn’t put it better than Chambers & Partners, who describes our team as: “Committed to working with its clients in a proactive way to ensure targets are met whilst offering a value-for-money service”.
Legal 500 considers our team "exceptional...always delivering to a high standard and within the budget requirements".
The legal directories (both Chambers & Partners and Legal 500) recognise us as Tier 1 (the leading firm) in social housing finance, a reflection of our large-scale banking and securitisation teams dedicated to working on social housing finance matters in the UK. Our Partnership is comprised of leading individuals who are ranked practitioners and recognised sector specialists, of whom include: Julian Barker, Gary Grigor, Andrew Cowan, Sharon Kirkham, Chris Drabble, Saghar Roya, Alice Overton, Rachel Orgill-Harris, Natalie Swales, Carlos Fernandes and Rachel Eldridge.
Our client base consists of both for profit and not for profit RPs and RSLs based in the UK.
Banking and Finance
We advise borrowers, issuers, lenders, bondholders and trustees alike on a range of financial arrangements, including syndicated and bilateral loan facilities, facility restructurings, merger activity, group collapses, interest rate derivatives and high-value private and public bond issues.
Our advice to RPs and RSLs (both companies limited by guarantee and community benefit societies) and their group members (including JV vehicles) primarily focuses on loan facility documentation (including new facilities and restating or varying existing facilities) to fund both general corporate activities and individual development sites on a standalone basis. These facilities range from small bilateral facilities to large syndicated loans of well over £200 million, either direct to RP/RSL borrowers or through treasury vehicles.
Our advice also extends to:
- derivative documentation including ISDA agreements (and associated credit support annexes and schedules);
- guarantee arrangements and put and call options;
- intra-group funding arrangements (including joint ventures); and
- security trust arrangements (both specific and numerical apportionment arrangements).
Capital Markets and Private Placements
We are also market leaders when it comes to advising on additional sources of private finance. We have acted on over 150 own name bond issues (including retail and wholesale bonds) and private placements since 2008. We believe this is more than any other firm in the sector. A flavour of the bond issues we have acted on are included on page 4 of this publication.
Our practice consists of experienced lawyers who also act for institutional investors and we therefore believe that we are uniquely positioned to understand the challenges of the investor community and help cut through negotiations in the knowledge of how far to push the boundaries.
Securitisation
We have extensive experience in all types of security arrangements, from traditional core loan facilities to capital markets issuances. The property charging team has an unparalleled capacity to charge large property portfolios in accordance with tight deadlines and uses a software programme developed in-house called The Securitisation Toolkit which "talks" to the Land Registry and search providers and uses AI capabilities to support us in providing a streamlined and smooth transaction. We have a skilled team fully conversant with current market practices and which is dedicated to helping clients achieve their goals. Our experience enables us to anticipate issues early in the transaction (such as identifying properties which will be unacceptable as security and those properties which will have their value restricted to EUV-SH), but also to extract maximum value through a proactive approach to property due diligence.
Our Team and Ethos
When it comes to delivery, our ethos is:
- our teams are Partner led, with Partners heavily involved in negotiations, which assists in resolving issues speedily and ensuring timely completion of transactions;
- we are familiar with “market standards” in the social housing sector and we are therefore ideally placed to ensure that negotiations do not become unnecessarily protracted, ensuring strategic milestones are met;
- we provide solutions, given our extensive experience of working with RPs and RSLs, rather than problems;
- we cut through negotiations in the knowledge that we have healthy relationships built on mutual trust and respect with other law firms who act exclusively for funders. Our partnership also comprises of lawyers who previously acted exclusively for funders and who are therefore able to assess and negotiate points that might otherwise be confined to funder “policy” decisions; and
- we pride ourselves on being responsive and committed to offering the highest quality of service.

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