Appendix 1 - Business Case
Perth and Kinross Council · 25 March 2026
Back to Housing and Social Wellbeing Committee — 25 March 2026 and its agenda
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1 | O u t l i n e B u s i n e s s C a s e Appendix 1 Summarised Business Case FOR PROPOSED CAPITAL FUNDED PROJECT Title: Mid-Market Rent Proposal - PKC Executive Sponsor: Elaine Ritchie / Serge Merone Version: Author: James Ross Date: 27/02/2026
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2 | O u t l i n e B u s i n e s s C a s e Executive Summary 1. Strategic Case 1.1. Project Objectives Mid-market rent (MMR) is a type of affordable housing aimed at households on low to moderate incomes, designed to help them access affordable rented accommodation. Homes for MMR are let under a Private Residential Tenancy (not a social tenancy) however rent levels should be at or below Local Housing Allowance (LHA) rates, to ensure that they are more affordable than private rents. Broadly it can be seen as a tenure that bridges the gap between social rent and private rent. There are criteria that must be met to be offered an MMR tenancy. National context MMR is seen as an important component of the delivery of new affordable housing nationally. Housing to 2040, Scotland’s long term national housing strategy, sets out a target to deliver 110,000 new affordable homes by 2032, with 70% of these for social rent, and the remaining 30% to be made up of low-cost home ownership and MMR properties. With the slowdown of low-cost home ownership schemes available, only 5 new shared equity units planned within the currently agreed Strategic Housing Investment Plan (SHIP) and the suspension, now lifted, of the Scottish Government’s Open Market Shared Equity (OMSE) scheme, to new applicants, there has been a greater reliance on MMR to deliver an alternative affordable tenure to social rent. The current climate makes it increasingly challenging to deliver new low‑cost home ownership schemes. Rising construction costs are undermining the viability of such models, as the market value of a property must exceed the cost of building it. At the same time, high interest rates are making mortgages less affordable for people on modest incomes. As market values rise, properties become less suitable for inclusion in low‑cost home ownership schemes, further limiting their feasibility The provision of MMR can assist young people looking to enter home ownership by providing a secure, affordable home, which enables them to save for. deposit on their first home and so creates a stepping stone into home ownership. MMR homes are often found in large urban areas to help those households on low to moderate incomes that have difficulty buying their own home or renting privately but who also would be unlikely to be allocated a social rented property. MMR properties can also be provided in more rural areas where residents often experience similar problems in securing housing within their community, as normally there is fewer options.
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3 | O u t l i n e B u s i n e s s C a s e This tenure is broadly seen as providing a route for young people to secure housing, often for the first time, alleviating the challenges they face navigating the housing market with a lower income. However, the tenant profile of MMR is varied and often is dictated by the type of housing on offer and its location, and so it should be seen as a tenure open to all ages. Through the affordable housing supply programme’s main grant fund, Registered Social Landlord’s (RSLs) will deliver MMR properties via a subsidiary, and many have substantial MMR properties as part of their stock. Whilst Local Authorities can also deliver MMR using Scottish Government grant, there is a need for a third party as they are excluded from directly offering Private Residential Tenancies. There are different approaches to how Local Authorities can deliver new supply MMR, and these are set out in this paper. Perth and Kinross The Perth and Kinross Local Housing Strategy (LHS) 2022-2027 sets out the strategic aims for housing within Perth and Kinross. This report aims to contribute to the following actions and milestones within that strategy: Action 1.1 Deliver PKC’s affordable housing programme of 1,050 homes over the next five years. Milestone Achieve an average of 210 affordable housing completions each year 30% other affordable tenure (315 out of total 1050 over five years – Low-Cost Home Ownership (LCHO), MMR and Self Build). Action 1.4 Seek opportunities to deliver a wider range of affordable housing options e.g., intermediate housing, LCHO and affordable self-build etc. Milestone Carry out feasibility studies. Identify and develop partnerships to deliver wider range of affordable housing options. In Perth and Kinross there are three RSLs that currently operate MMR properties, with a fourth RSL due to deliver new properties within the next 5 years. Kingdom Housing Association has 124 MMR properties across Abernethy, Perth, Scone, Blairgowrie, and Crieff. Hillcrest Housing Association has 87 properties across Perth and Blairgowrie. LAR Housing Trust has 16 properties in Blairgowrie. Within the current Strategic Housing Investment Plan, Places for People (PfP) are also programmed to deliver MMR properties in Scone, thus adding further to the 227 existing properties. The MMR properties by Kingdom, Hillcrest and PfP are delivered via the Strategic Housing Investment Plan using Scottish Government grant to part fund the cost. LAR however use a different model whereby Scottish Government loan funding has been used rather than grant, with additionally sourced private investment to fund the cost. It
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4 | O u t l i n e B u s i n e s s C a s e is not known whether this loan funding will continue to be available for LAR to deliver more homes in Perth and Kinross in that manner, though this is funding outwith the Strategic Housing Investment Plan. The Gannochy Trust, although not an RSL, are a charitable organisation within Perth and Kinross with almost 300 properties that they let out below LHA rates and so also make a valuable contribution to affordable rented accommodation in the area. However, Kingdom, Hillcrest, and PfP are continuing to pursue further MMR opportunities through the programme in Perth and Kinross and are being supported to do so by PKC as part of our role as strategic housing authority. Housing Strategy will remain in dialogue with LAR to consider any opportunities that fit in with their model. Work is also ongoing within PKC to enable organisations to harness Rural and Islands Housing Fund monies to assist the delivery of this tenure in rural areas also. The broad objective of this paper is to ensure that the delivery of MMR keeps pace with the targets set out in the Local Housing Strategy 2022-2027. 1.2. Existing Arrangements The current framework allows for PKC to direct where MMR is delivered on sites, where there is an identified need, though this would always be subject to a financial appraisal by the RSL, who would deliver the product. PKC has also in the past used commuted sums to support MMR projects where viability has been an issue, this ensures that the projects do not falter and can be delivered in areas of strategic importance. PKC’s Housing Strategy Team are tasked with coordinating the Strategic Housing Investment Plan, and it is via this document where the majority of MMR is delivered in Perth and Kinross. Beyond this, support is provided to qualifying applicants to access the Rural Housing Fund, where one of the potential end tenures is MMR. This is valuable work to enable local communities to have real input into the delivery of affordable housing local to them, but its outputs can be small, and time consuming, and so its capacity to supplement delivery of MMR is limited. The recently approved Strategic Housing Investment Plan sought to fund the delivery of 1426 new supply properties with 124 of these being MMR. It was hoped that a further 16 could be developed for low-cost home ownership, however this is proving difficult to make viable. Unfortunately, the delivery of MMR and low-cost home ownership homes are not keeping up with the expected targets, as these projections indicate less than 10% being delivered against a target of 30%. Low-cost ownership schemes are unlikely to deliver in the short term due to challenging conditions thereby placing greater weight on the delivery of MMR. The previous 5-year delivery of MMR also indicates that the Strategic Housing Investment Plan outputs will not increase significantly the MMR delivery without some action. 1.3. Business Needs Need and Demand
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5 | O u t l i n e B u s i n e s s C a s e Rents for MMR are capped at the LHA rate for first let, though are often slightly below and so the need for this product tends to be in areas where private rents are higher. LHA is the maximum rate of housing benefit a qualifying applicant can expect to receive to cover the cost of their rent in a private tenancy, in any given market area. For the properties proposed in this paper, the LHA rates are around 50% higher than the rent levels set if they were PKC social housing and so should be seen as very much a different type of tenure from social rent, albeit a recognised form of affordable housing. Often MMR is not deemed to be needed in areas where the LHA rates are too similar to the market levels. Across the Perth and Kinross area, the private rents are higher than LHA rates for all property sizes, though there is variance across the different size of properties, as shown in Table 1 below: Property Size Market Rents MMR 100% Difference 100% Difference 95% Difference 85% Difference 1 Bedroom £452 £424 -£28 -7% -12% -25% 2 Bedroom £613 £558 -£55 -10% -16% -29% 3 Bedroom £836 £748 -£88 -12% -18% -32% 4 Bedroom £1,348 £1,247 -£102 -8% -14% -27% Average £812 £744 -£68 -9% -15% -28% Table 1: LHA/Market rates by property size for Perth and Kinross. 2022/23 data The allocation of MMR, because it is different to social housing, allows for households to apply for a property that has one bedroom more than the households needs. Therefore, 2 or 3 beds would be a typical property size for new supply MMR and are the house sizes where there is greatest variance between market rents and LHA rates, indicating an alignment with need and prospective supply. However, as table 1 also highlights, by ensuring that the rent levels are lower than the maximum LHA rates, which would typically be the aim, the rent savings for all property types can become substantial and would therefore allow a greater number of people to access them. Naturally, there are specific areas within Perth and Kinross where market rents are higher and so places greater pressure on those seeking housing in the private sector. Table 2 sets out where the highest average rents are and the size of property with the highest rents. Size 1 bed - shared 1 bed 2 beds 3 beds 4+ bed Average Eastern £490 £422 £604 £774 £1,406 £801 Greater Perth £437 £447 £609 £819 £1,282 £789 Highland £431 £518 £660 £923 £1,302 £850 Kinross £261 £508 £650 £873 £1,310 £835 Strathearn £456 £472 £625 £891 £1,483 £868 Comrie £446 £458 £565 £773 £1,496 £823
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6 | O u t l i n e B u s i n e s s C a s e Crieff £446 £458 £565 £773 £1,496 £823 North Eastern - £425 £650 £598 £1,600 £818 City Centre £431 £443 £600 £805 £1,209 £764 Perth & Kinross £441 £452 £613 £836 £1,348 £812 Table 2: Average market rents by location and property size. 2022/23 data Whilst evidence here shows that Highland, Strathearn, and Kinross would be areas to target delivery of MMR, it should be noted that it can be popular as a product even when the savings households can make on rents is minimal. This is because prospective tenants will consider aspects such as the quality of the property, the likelihood that repairs will be attended to promptly, and the security the landlord can offer. MMR landlords are typically recognised organisations with a well-functioning repairs system in place and as they are not private individuals, the risk of the property being needed back by the landlord is diminished. Whilst the introduction of Private Residential Tenancies meant that tenants had greater security of tenure than they did under Short Assured Tenancies, there are still a number of grounds that a landlord can evict a tenant under. These include, but are not limited to, the landlord wanting to sell the property, undertake major repair, to live in the property themselves or let out to a family member. This means that in practice, a prospective tenant will consider that renting from a landlord with only one or two properties, comes with less security. The locations where MMR has been delivered successfully in Perth and Kinross, demonstrates that it is not only the areas where need is greatest that have proved popular. All projects listed in table 3 have proved be in high demand and are successful MMR schemes. Site RSL Unit Number Year Moyness (Hazelwood), Blairgowrie Kingdom HA 7 24/25 Duchlage Road, Crieff Kingdom HA 8 23/24 Broich Road, Crieff Kingdom HA 4 23/24 Earlsgate, Scone (over 55’s only) Kingdom HA 51 21/22 Glenalmond Road, Rattray Kingdom HA 6 21/22 Table 3: MMR delivery in 2020/21 - 2024/25 (5 years) As noted earlier, MMR is not only targeted at those struggling to access good quality private rented accommodation but also those that cannot afford to access the home ownership market. For people living in communities where house prices are high, it is especially difficult to enter this market with a modest income. The table below shows the average house prices across a number of areas, and reflects the challenges faced within Perth and Kinross in trying to access home ownership.
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7 | O u t l i n e B u s i n e s s C a s e Table 4: Average house prices. 2022/23 data Whilst the average house price can demonstrate, broadly, the challenges faced within specific areas, it will include house prices of properties that many with modest incomes will not be pursuing. To assess the impact of house prices on the those with modest incomes, the lower end of the market needs to be considered. 2022/23 All Sales Average Price 1st Quartile Median 3rd Quartile 4th Quartile Eastern £228,176 £139,500 £219,975 £284,963 £844,626 Greater Perth £242,468 £133,390 £215,255 £315,548 £950,000 Highland £327,130 £187,000 £288,527 £432,500 £1,000,000 Kinross £305,881 £184,875 £283,000 £387,750 £800,000 Strathearn £313,241 £179,475 £270,000 £397,500 £995,000 Comrie £359,268 £202,488 £276,391 £389,250 £995,000 Crieff £286,330 £160,000 £249,450 £355,000 £865,000 North Eastern £354,616 £255,000 £280,000 £410,000 £844,626 Perth City Centre £205,533 £117,250 £187,886 £276,500 £780,000 Perth and Kinross £274,907 £155,385 £239,500 £344,998 £1,000,000 Table 5: House price quartiles. 2022/23 data Table 6 demonstrates how much a household would need to be earning, to purchase a property at the lowest quartile in each area, assuming a mortgage multiplier of 3.2, which is an affordable level. Many of the incomes listed below would be above the maximum income an applicant for an MMR property could have and so shows how out of reach home ownership is for many. It should also be noted. hat the more pressured an area, the greater the constraint there will be on supply also and so even if a household could afford a property at the lower end of the market, they are further inhibited by a constrained supply. Required for market entry LQ income to buy Ave income to buy Eastern £37,055 £60,609 Greater Perth £35,432 £64,406 Highland £49,672 £86,894 2022/23 All Sales Average Price Scottish Average + / - Eastern £228,176.13 11,839.13 Greater Perth £242,467.80 26,130.80 Highland £327,129.88 110,792.88 Kinross £305,880.21 89,543.21 Strathearn £313,240.84 96,903.84 Comrie £359,267.96 142,930.96 Crieff £286,330.02 69,993.02 North-Eastern £354,615.54 138,278.54 Perth City Centre £205,532.71 -£10,804.29 Perth and Kinross £274,906.82 £216,337 58,569.82
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8 | O u t l i n e B u s i n e s s C a s e Kinross £49,107 £81,249 Strathearn £47,673 £83,205 Comrie £53,786 £95,431 Crieff £42,500 £76,056 North Eastern £67,734 £94,195 Perth City Centre £31,145 £54,595 P&K £41,274 £73,022 Table 6. Income needed to buy property. 2022/23 Furthermore, it should be noted that this reflects data from 2023/23, and it is known that property prices and private rents have been on the rise, and so the current situation is even more challenging for those on modest incomes than data here shows. Whilst traditionally MMR is seen as a tenure for young people entering the housing market for the first time, it should not be seen as solely a tenure for the young. The Earlsgate, Scone development has demonstrated that MMR is attractive to older people also, if the property types are suitable and in the right area. Here, 51 properties were delivered, managed by Kingdom Housing Association, and for over 55’s only, with great success and high levels of demand. Providing suitable, affordable housing for older people ensures that they are not left in increasingly unsuitable accommodation as their physical capacity declines. This means for those households their needs are better met and reduces the risk of reaching crisis point and a sudden need for additional services. Beyond that, often these households are downsizing and so it creates a chain by freeing up more housing for younger people both in the social and private sectors. The Scottish Governments ‘Mid-Market Rent Analysis: The Characteristics of MMR providers and MMR tenants - December 2020 to February 2025’ shows that whilst most tenants are below 34, there are tenants throughout the age groups living in MMR properties. 2. Economic Case A full Outline Business Case has been undertaken, including options appraisal, and can be made available on request. This summarised business case, provides a headline summary of the options available. 2.1 Options Available Summary of Options Option 1 – Do minimum / Business as usual The starting point for any options appraisal is to consider whether any substantial actions outwith current ways of working is required to achieve the results that are being looked for. The current approach to deliver MMR in Perth and Kinross, as set out in 1.2, is to support our partner RSLs to deliver MMR projects.
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9 | O u t l i n e B u s i n e s s C a s e To increase supply of MMR in Perth and Kinross within the existing framework, a re- orientation of the prioritisation framework that is used to assess potential sites, so that those sites delivering MMR are prioritised, could be done. This could achieve an increase in supply with minimal intervention, though naturally still relies on partner RSL’s to deliver them. Furthermore, if needs can be identified, such as key workers, or over 55’s, a negotiation can be had with our partner Housing Associations delivering these new properties to ensure that suitable allocations can be made. If PKC contributes to a scheme by providing additional finance via commuted sums, conditionality can be included to ensure that appropriate groups are targeted. An example of this, was the Earlsgate, Scone, development, which is an MMR project for over 55’s. Option 2 – Leasing arrangement with RSL A leasing arrangement is a type of agreement between the Local Authority and an RSL that operates or is keen to operate in that Local Authority area. These types of arrangements are used in neighbouring authority, Fife, where the Local Authority own 167 MMR properties that are managed by Kingdom and Ore Housing Association. PKC currently has a leasing arrangement with Kingdom Housing Association, though this relates to a social housing, rather than MMR, development in Perth. This would work by PKC delivering new supply homes via its new build programme and then leasing out the properties to a partner RSL’s subsidiary, who will then manage and deliver those properties as MMR. The leasing contract will set out: The length of the lease, how it rolls on thereafter, as well as any notification periods. Delineation of repairs responsibilities. These can be divided up between planned and reactive repairs, or a different negotiated position can be derived, right up to full repairs responsibility being passed on as part of the lease. The leasing price paid by the RSL, including how yearly increases are to be calculated. How allocations are to be administered and whether specific groups are to be targeted. The leasing price would be derived from a financial appraisal conducted by PKC, that considers the cost of the following: Construction, and other associated project costs, less any grant. Planned maintenance costs, if applicable. Ongoing costs, e.g. staff time, insurance, white goods Once a leasing price is derived (which will vary by site, location and maybe the number of units on offer), the prospective RSL, will then need to make their own assessment on whether it’s a viable scheme or not, and thereafter this will inform rent levels charged to prospective tenants. Naturally, the lower the leasing price, the more likely a below LHA rent can be applied by the RSL.
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10 | O u t l i n e B u s i n e s s C a s e The properties will then be managed by the RSL until the agreement is terminated by either party. As PKC are leasing the buildings to an RSL, it will be the RSL’s subsidiary that is deemed to be the landlord of the tenants and not PKC and so Private Residential Tenancies can be issued. This approach can either be used indefinitely, or as part of a transition to option 3. Option 3 – Establish a Limited Liability Partnership (LLP) Establishing a PKC Limited Liability Partnership (LLP) would be the most active approach to take forward the delivery of MMR. This is an approach taken by Local Authorities such as Stirling and Edinburgh. Stirling Council’s LLP, Steadfast Homes, has 128 properties and is actively seeking more opportunities. Whereas Edinburgh Council’s LLP, Edinburgh Living, has over 500 properties as part of its portfolio and similarly is continuing to look for opportunities. This would typically be funded via Scottish Government grant and a loan from PKC, who would obtain the loan from the Public Works Loan Board (‘PWLB’), which is then ‘on-lent’ to the LLP. This on lending should come from PKC’s general fund, rather than the HRA and would need to be approved by the Scottish Government. The loan would then be paid back by the LLP as part of its ongoing business operation. An LLP structure requires a minimum of two members to form, and so it would be a joint venture between PKC and a second party. External legal advice has been sought, and provided, which confirms 1. That the LLP set up is the most appropriate legal form 2. The legislative powers that PKC can use to establish an LLP to deliver MMR 3. The type of 2nd member that the LLP can have as a prospective 2nd member. The key legal documents required to aid the governance of this LLP would be the following. A Members Agreement This is the main document between the Local Authority and the second member that sets out and regulates what the LLP can do. A Facility Agreement: This is the document that sets out the terms of funding from the Local Authority to the LLP. A Deed of Entrustment This is the document that ties the mid-market rent LLP to deliver a service of public economic interest (SPEI) for subsidy control purposes. A Management and Maintenance Agreement: This is the document that sets out the agreement between the LLP and PKC to deliver management and maintenance services. PKC can do this in house or contract this out to an external party. PKC’s control and accountability would be enshrined within the governance structure to ensure strategic objectives are met and gives PKC complete control.
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11 | O u t l i n e B u s i n e s s C a s e There are two different approaches as to how the management of such properties would be undertaken, as different models are used by the Local Authorities, highlighted here. Option A – External Management Organisation The first approach is to contract an external organisation to manage the properties on behalf of the LLP and pay a fee for this arrangement. A procurement exercise would be needed to establish who would be best place to contract this out to. Option B – In House Management by PKC The second would be to pay a fee to PKC itself to manage the properties. As PKC Lets, a team based within the Housing Options Service, operates in this area currently for private landlords, the council is in a unique position to have existing structures in place to manage such a proposal or make minimal adaptations to current working to enable this. Due to the reasons outlined above the proposal here is to implement option B, and utilise PKC Lets as the preferred party to manage the stock. 3. Commercial Case 1.1. Procurement Strategy The 13 new build properties relate to a developer led housing scheme within the PKC new build programme. The PKC New Build Delivery Working Group, chaired by Property Services, has procurement representation ensuring that all procurement requirements are adhered to. External legal advice from Burness Paul has been sought to consider the procurement implications of the LLP, specifically the prospective 2nd member. This advice will be adhered to, and only suitable 2nd members are being considered. 1.2. Service Requirements The LLP will be formed of a ‘Board of Members’ and ‘Board of Management’ structure. The Board of Members would typically be made up of PKC senior management and elected members, with one representative from the 2nd member. Voting rights would be weighted in favour of PKC so it had complete control of the LLP. The day-to-day management of the LLP is delegated to a Board of Management, appointed by the Member organisations. This would typically comprise of six individuals, with five from PKC and one from the second member. The Board of Management would be made up of senior officers from PKC who oversee its operations day to day, and so this could be representatives from Housing, Housing (Strategy), Finance, Legal, and any other appropriate dept.
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12 | O u t l i n e B u s i n e s s C a s e The maintenance of the stock would be contracted out to PKC Lets, however whilst this is a service requirement, it is one that would be paid for by the LLP in terms of a management fee. 1.3. Charging Mechanism The development costs will be paid for as part of the PKC new build programme. These works will be funded by Scottish Government grant, Council Tax 2nd / Empty Homes, commuted sums and a capital contribution. The capital contribution will be paid by way of a loan from the general fund. A payment schedule from the LLP to PKC general fund will be required as part of the ongoing business operations, to cover the cost of loan and interest. The payment from the LLP to PKC Lets will be made via the management agreement, a draft version of which is held on file that can be shared internally on request. A budget for external financial advice has been included within the startup costs to ensure that the appropriate financial arrangements are in place. 1.4. Risk Transfer The exit strategy, should the LLP default on repayment of the loan, will consist of various options The HRA can purchase the properties and convert all the tenancies to social housing, with the loan being repaid to PKC. A partner RSL can be offered to purchase the properties to continue as MMR, with loan being repaid to PKC. The properties can be sold on open market, with grant returned to Scottish Govt, and loan repaid to PKC. 4. Financial Case 1.1. Capital and Revenue Requirements A separate appraisal has been conducted to establish the viability of the development. This sets out the capital costs in greater detail; however, the headline costs are set out below Capital Scottish Government Grant (Resource Planning Assumption – annual affordable housing grant allocation) - £1,213,864 Council Tax 2nd / Empty Homes - £260,000 Commuted sums - £220,000 Prudential borrowing - £1,380,000
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13 | O u t l i n e B u s i n e s s C a s e Total - £3,073,864 An allowance has been provisioned in for external legal and financial advice, bringing the total capital contribution from the general fund to be on lent and paid back over 30 years at £1,380,000 Revenue The main revenue implication is derived from the management and maintenance of the stock. This will be undertaken by PKC Lets, though will be done for a management fee of £450 per property, per year, paid by the LLP to PKC Lets. This fee will increase 3% every year. Other revenue implications relate to the staffing required to be part of the ‘Board of Management’ and ‘Board of Members.’ It is expected that this role can be subsumed within current business operations and relates more to the governance of the LLP. This will need to be kept under review as more stock is added to the LLP, and future review may consider whether payment from the LLP to PKC needs to be made for these services also. 5. Management Case (for preferred option) 1.1. Programme and Project Management Methodology The new build properties will be managed and delivered in accordance with the current process for PKC new builds. They will be sold to the LLP on completion as they cannot be held on the HRA account. The management of the LLP is set out within the suite of legal documents that sit alongside this outline business case. These agreements are in draft form, with finalised versions to be created in tandem with external legal advisers. 1.2. Programme and Project Management Plans The delivery of the properties themselves will be part of the PKC New Build programme and will adhere to project management processes agreed. The function of the LLP is set out in the draft legal agreements held on file. The proposal itself seeks to deliver on our Local Housing Strategy (LHS) vision that “Everyone in Perth and Kinross has access to the right home, in the right place, at the right cost." It further seeks to deliver on the specific LHS objectives, such as Seek opportunities to deliver a wider range of affordable housing options e.g., intermediate housing, LCHO and affordable self-build etc.
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14 | O u t l i n e B u s i n e s s C a s e Achieve an average of 210 affordable housing completions each year 30% being of other affordable tenure such as LCHO, MMR, Self Build The proposed development sits within the Strategic Housing Investment Plan. This sets out investment priorities in new supply affordable housing over a 5-year period. 1.3. Use of Specialist Advisers External legal advice has been procured for initial advice and to assist with the suite of legal documents needed to establish the LLP. They will support PKC Legal Services in overseeing the establishment of the LLP. A budget for external financial advice has also been included as part of the startup costs, should that be required, to ensure that the necessary financial arrangements are in place to adhere to regulatory requirements.