Stress-free Securitisation

In the current market, RPs and RSLs need to charge properties as quickly and as efficiently as possible to access funds and extract full value. What they don’t need is additional stress and unwelcome surprises.


At Devonshires, our dedicated team has acted for over 100 RPs in charging properties under facilities ranging from £1m to £500m and between us we have over 150 years’ experience in property charging and refinancing work. We have the largest specialist social housing property charging team working in the sector.

We provide a stress-free service that is:

• Speedy
• Controlled
• High quality
• Transparent

We understand the pressures and obstacles faced by Smaller RPs and RSLs and can guide them through the challenges that play a pivotal role in the sector so that they can concentrate on what they do best – providing quality housing and care services to their residents.

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Our Team 

Sharon Kirkham | Partner and Head of Securitisation Team

Saghar Roya | Partner in the London Office

Chris Drabble | Partner and Head of the Leeds Office

Carlos Fernandes | Partner in the London office

Sara Snook | Solicitor and Manager of the Colchester Office

Click here to find out more about the wider team.

Our team is led by Partner and Head of Securitisation, Sharon Kirkham, and also comprises sector renowned Partners Saghar Roya, Chris Drabble and Carlos Fernandes who together spearhead a team of over 30 securitisation specialists, all of whom are highly experienced in charging properties and dealing with the wider property securitisation work.

Our team works out of three offices in London, Leeds and Colchester, working as a cohesive unit with the assistance of our Securitisation Toolkit.

Ways the charging process can be made stress-free 

Holding a Security Training Seminar

By holding a free Security Training Seminar for your Finance and Development Officers which looks at the charging process and highlights the most efficient and cost-effective ways of preparing your properties for charging.

Getting uncharged properties ready

By getting your uncharged properties ready for charging in advance of requiring the funds, so that any issues which may make the properties unacceptable as security, or make the charging process more problematic, are identified in advance and dealt with.

Ensuring Development Officers retain documentation

By ensuring that your Development Officers retain and collate the documentation required for charging properties as detailed in our bespoke precedents (such as the DEV1 Form) so that we are not reliant on third parties supplying this information.

Assessing if ex-LSVT units are capable of being uplifted in value

By assessing whether your ex-LSVT units are capable of being uplifted in value from EUV-SH (Existing Use Value – Social Housing) to MV-STT following deregulation.

Determining if your existing facilities are over secured

By determining if any of your existing facilities are heavily over secured and arranging for any excess security to be re-utilised to secure new funding, making sure you choose the right properties so that they are acceptable as security and will achieve maximum value, taking into account funders’ current requirements.

Ensuring that mortgagee clauses are adequate

By ensuring that mortgagee exclusion clauses in your Section 106 Agreements, Transfers, Leases, Nominations Agreements etc. are adequate to enable the higher MV-STT (Market Value Subject to Tenancies) basis to be achieved, so that you maximise your funding capacity. We offer a service of reviewing mortgagee exclusion clauses before you acquire or develop properties to assist with this.

By agreeing Deeds of Variation, Transfer, Leases etc, with third parties

By agreeing Deeds of Variation of Section 106 Agreements, Transfers, Leases, Nomination Agreements, etc, with third parties to enable you to charge properties which would otherwise be unchargeable and to ensure that you can achieve an MV-STT value for the properties where they would otherwise be valued on an EUV-SH basis.

Scroll through to find out about our strengths 

We have developed an in-house bespoke software programme called the Securitisation Toolkit which is a revolutionary transaction management system that has streamlined the charging process. This “talks” to the Land Registry and our Search Providers and enables us to download (at the press of a button) all Land Registry Titles, Plans, MapSearches and documents which are then automatically saved in the relevant E-Packets for each Title (along with the Search results).

Our Tables of Outstanding Items are available via our Portal which shows the current position on all matters in real-time. The Tables are split into items awaited from clients and items awaited from third parties for ease of reference.

Our team is led by Partner and Head of Securitisation, Sharon Kirkham and also comprises sector renowned Partners Saghar Roya, Chris Drabble and Carlos Fernandes who together spearhead a team of over 30 other securitisation specialists, all of whom are highly experienced in charging properties.

As the pre-eminent securitisation team in the sector, we have acted for over 100 RPs and RSLs in charging properties under facilities ranging from £1m to £500m and therefore have a wealth of experience in securities work.

Because Partner Chris Drabble and other members of the Team have acted for lenders in taking security from RPs and RSLs in the past, we have the benefit of the experience of acting on the other side of the charging process and are therefore able to identify issues at an early stage and anticipate lenders’ requirements.

We will assemble a Partner led “core team” on each transaction to deliver a greater consistency of service and to enable the core team members to develop a deeper understanding of the client’s business, people and how they work. In addition, we will also be able to pull in additional resource as needed from the wider Team to meet any deadlines set for transactions.

We offer clients a free security training seminar lasting approximately two hours at which we walk clients through the charging process, explain the legal steps and at which we give practical advice as to how clients can speed up the charging process.


We are ranked in Band 1 for social housing finance in Chambers & Partners which states that:

“Sharon Kirkham is described as “knowledgeable and approachable, organised and coordinated. A key figure on the property charging side of matters, clients emphasise her responsiveness and affable manner. Sharon is also highlighted for her excellent management of the property charging team which is a well-oiled machine”.

“One of the leading firms for borrowers, regularly handling capital market issues and loan documentation. Frequently advises on registered provider to registered provider lending arrangements and acts for over 90 registered providers on property charging exercises. Also equipped to advise registered providers on the finance aspects of their mergers”.

“Chris Drabble is a pleasure to work with, his technical knowledge is impressive and his knowledge of funders’ requirements is invaluable”.

Client Testimonials 

“The support we get from Sharon and her team is first class. They have been a great help in providing expert advice to both the Finance and Development teams to ensure everyone knows what is required for a smooth securitisation” – Ben Colyer, Assistant Director Corporate Finance & Treasury, Platform Housing Group

“I have worked with Sharon, Richard and their team in my time at both Midland Heart and currently at Stonewater and the service provided has always been second to none. Everyone I have had dealings with have always been very approachable, friendly, professional and informative and have always met any deadlines that we have set them” – Nigel Miller, Security Analyst, Stonewater Group

“Sharon and her team are fantastic! They always provide the highest level of service. Whether we are working on a £400M securitisation or a single Deed of Variation we know that we can count on their practical and knowledgeable approach to deliver quality solutions” – Desislava Vazharska, Treasury Legal Team Leader, Notting Hill Genesis

“I have worked with Devonshires’ Securitisation Team for almost 10 years now and they are our first point of call for our securitisation work. Sharon Kirkham, the Partner in charge of the Securitisation Team, has always been very helpful, approachable and proactive in sourcing solutions to issues that arise during the charging process. Also the development of Devonshires’ online Portal and Toolkit has been a god-send in terms of housing both current and historical documentation for all charging exercises and making these documents accessible to both the acting solicitor and client at all times has given us the opportunity to work much more effectively and coherently. I have also found that the team in general are open to suggestions for improvement and react positively to constructive feedback” – Atinuke Alder, Treasury Securities Manager, The Hyde Group

“Sharon and her team are professional, efficient and reliable. They always go the “extra mile” to provide a quality service” – Helen Shackleton, Chelmer Housing Partnership

“Sharon and her team brought a new focus and attention to detail to our charging process and documentation requirements: their help was invaluable in making the deal happen” – Steve Wood, Finance Director, Onward Homes