Shared Ownership for elderly parents

Shared Ownership for the elderly: how can it benefit your loved one?

If you’re supporting your parents - or a friend or family member - as they look to downsize to a more suitable home, then you’ll want to ensure they get the right fit for their financial situation, as well as for their health and wellbeing. While you may already know that you can buy or rent a McCarthy Stone retirement property, the concept of Older Persons’ Shared Ownership might be unfamiliar. As we’ll explain, this new government scheme makes retirement living even more affordable and a wide range of people are eligible. Discover if it is right for your friends or family by reading on or browse Shared Ownership properties now.

What is Shared Ownership for the elderly?

Backed by Homes England, Shared Ownership for the elderly, also known as Older Persons’ Shared Ownership or OPSO, means that your loved one can buy 75% of an eligible retirement home - and enjoy the other 25% rent-free*. They may also be able to buy a 50% share and pay a reasonable rent on the remaining 50%. It means a £300,000 home would cost £225,000 based on 75% ownership or £150,000 based on 50% ownership with an affordable monthly rent.

Dot and Roy, both in their 70’s, from Balshaw Court, in Leyland, say, “When we toured the local McCarthy Stone development and saw the luxury apartments, the beautiful lounge area and landscaped gardens, we did not believe it would be possible to achieve such a lifestyle. Our helpful McCarthy Stone sales representative explained that there were several ways to join the McCarthy Stone community; buying, renting or Shared Ownership. And the rest is history…”

How does Shared Ownership for the elderly differ from Shared Ownership?

Older Person’s Shared Ownership is designed to free up money for future needs —so money saved could be put towards care and domestic support packages as well as for hobbies and holidays.

What are the Shared Ownership conditions for older people - is my parent eligible?

To qualify for Older Person’s Shared Ownership your loved one needs to meet the age criteria for the McCarthy Stone retirement development they want to buy in (usually over 60 for Retirement Living and over 70 for Retirement Living PLUS). Apart from that, the main criteria is that your loved one must own only one property and have a household income of less than £80,000 (£90,000 in London). Find out more about how Shared Ownership for the elderly works.

What are the benefits of Shared Ownership for elderly parents?

The main benefit for your elderly parents and loved ones is that it makes a safe, secure and pleasurable lifestyle more financially accessible.

Here’s the top three benefits of Older Person’s Shared Ownership:

1. Finances for future needs - and fun!

   While Older People’s Shared Ownership frees up money for important things like paying for future care and support, it can also give your parents/loved ones the financial freedom to go on a family holiday with you or keep up with their hobbies. John and Jean, who moved to Thorneycroft, Tettenhall, West Midlands, in their 80s, say that because of Shared Ownership they don’t have to compromise on their lifestyle and can still regularly play golf.
   
   

2. Future-proofed homes made more affordable

   McCarthy Stone retirement apartments are specifically designed to accommodate your loved ones needs now, and in the future - giving you real peace of mind.
   
   Our properties are beautiful to look at - a home they can be really proud of - but packed with clever design features such as raised toilets, level access showers and arthritis friendly taps that make life easier (and that are often difficult/expensive to retrofit in older homes). This means your loved ones may be able live in independently for longer and are far less likely to suffer from things like falls. And, if there is an emergency, the call out system means help will come quickly.
   
   Ruth,79, who recently moved to Kingfisher Court in Taunton using Shared Ownership says, “It’s also useful to know there’s always support on hand should I ever need it. Whilst I’m very active and healthy now, having the option of support in the future puts my mind - and my family’s mind - at ease.”
   
   Older People’s Shared Ownership could make all the difference on affordability when the time comes for your loved one to buy.
   
   

3. A fantastic lifestyle with complete peace of mind

   As well as access to more affordable, accessible retirement properties in prime locations up and down the UK, with Shared Ownership your loved one can relax knowing they are eligible to claim up to £500 a year to help with essential repairs for ten years**.
   
   

What kind of homes do McCarthy Stone offer for Shared Ownership?

We have a wide range of one and two bedroom retirement apartments available for Shared Ownership across our development types. Whether that’s continued independent living in a safe, secure and future-proofed environment or somewhere with care packages available as and when needed, McCarthy Stone offers options to suit all. 

McCarthy Stone has two development types both with Shared Ownership options on offer:

Support your loved one through retirement with McCarthy Stone

From convincing elderly parents to move closer to buying a retirement home on your loved one’s behalf and a guide to having difficult conversations about assisted living our friends and family resources give you the information you need to support your loved one through retirement. 

Good communication can make it easier for you both to understand the type of property that is right for them, and our lovely team are here to support you and your loved ones all the way and at every stage of the buying and selling process.

Find Shared Ownership homes near you now or find answers to your questions with our FAQs. Got a question that you can’t find an answer to? Get in touch with our friendly team online for more information.

*Qualifying criteria apply. Shared Ownership is available on selected apartments at participating developments only. Not available with Part Exchange.

**This covers items in the home that supply water and electricity such as basins, baths, toilets and also cables, but not fixtures, or appliances such as ovens or washing machines. Pipes and drainage items for heating and hot water are also included.