Older Persons Shared Ownership in Rugby, Warwickshire, “very positive”
Lesley, 70, and Ian, 71, brought their retirement apartment at Knox Court—a McCarthy Stone Retirement Living PLUS community for the over 70s in Rugby, Warwickshire via Older Persons Shared Ownership (OPSO) for the maximum share of 75%*.
“The Shared Ownership scheme is a really attractive option, as it makes properties like the apartment we’ve bought more affordable,” says Ian. “We briefly considered purchasing an initial share of 50%, however, that would have meant we needed to pay rent on the remaining share. Therefore, we opted for 75%, which has still allowed us to pay off some loans.”
Plus, part exchange saved them around £10K
They purchased their retirement apartment for £168,500 and sold their three-bedroom bungalow in Kettering for £300,000 through part exchange with McCarthy Stone.
Lesley says, “The part exchange scheme really worked in our favour, as we didn’t have to pay any estate agent fees or removals costs, and we even received a contribution towards legal fees. Plus, with no chain, it gave us great peace of mind that everything would go through smoothly. When you take everything into account, I’d estimate we saved around £10,000 simply by going with the part exchange scheme. It’s a no brainer!”
Support made the move stress free
Lesley adds, “At first, we were a bit unsure of how the part exchange and Shared Ownership schemes would work, but the Sales Consultant, Toni was absolutely brilliant…The time it took between putting down the deposit and moving into Knox Court was just a couple of months. It was a huge relief because when you get to our age you just want to get on with it. Had we put off moving for another few years, I don’t think we would have been able to do it due to mobility and health issues.”
The money they’ve saved through the part exchange scheme combined with the equity released from selling their property has provided a helpful rainy-day fund for the future. Read about how McCarthy Stone Sales Consultants can support your move.
Future-proofing is a key benefit of retirement living
Like many older people, Lesley and Ian had wanted to move from their previous retirement bungalow in Kettering, Northamptonshire, due to the amount of upkeep it required.
“Before we moved to Kettering, we lived in a three-bedroom house in Bedfordshire. We’d hoped the bungalow would be more suited to our needs and although it was initially, after eight years of living there, it was getting too big for us and the garden was becoming harder and harder to manage, along with the housework,” explains Ian.
He continues: “It’s natural as you get older not to be able to do the things you once could. However, from our point of view, having spent time in the past looking after our own ageing parents, we didn’t want to put that burden on our son, who lives 40 minutes away, so we decided to futureproof ourselves by looking into retirement living. “We looked at several McCarthy Stone developments, but chose Knox Court as it had been newly built, there were properties available as part of the shared ownership scheme, and it felt very friendly from the moment we stepped inside.”
The retirees are recommending McCarthy Stone to their friends
Lesley says: “Everybody who is our age should consider retirement living. We have some friends who are a similar age to us and have already put their name down for a property at a McCarthy Stone retirement community in Stamford.
“When we first discussed the idea with our friends, they were all for it. Shared ownership is a brilliant concept, so we can’t see why it shouldn’t work for most people. We really recommend that people make the move sooner rather than later while you’re still fit and well enough to do so.”
On-site amenities and activities make life easy
“Everything is so easy,” Lesley adds. “We don’t have to worry about repairs – not just in terms of cost but finding someone reliable to do the work. Even outdoors, everything is taken care of. Plus, our energy bills have been about half of what we previously paid.
“We like going to the on-site bistro on those days when we fancy something different or simply can’t be bothered to cook. Our five-year-old grandson, who often comes to stay with us, enjoys going there too. We also like that when we go away, someone will pop into the apartment to check everything is okay and drop off any parcels. Life is so simple here, it’s very relaxing.”
Ian says there are plenty of activities to keep you entertained and encourage you to socialise with other homeowners, from a tapas night and Greek evening to carpet bowls and film nights.
“It’s great as it all takes place on-site, so you don’t have to go very far. This will be a real bonus during winter with the dark nights. What’s also nice is that you can be as sociable as you want – if ever you want company, there’s always a friendly face about, but if you prefer some quiet time, you’ve got the privacy of your own apartment.
“We’ve met lots of lovely people since we moved in. Everyone has been so welcoming from the moment we arrived. There are so many social events that make it easy to get to know people and that create a brilliant warm atmosphere.” Ian notes. “At Knox Court, there’s 24/7 care available, which means should there come a time when we need support, we’ll be well looked after. The staff are brilliant.”
What is Older Persons Shared Ownership?
Offered in conjunction with Homes England, Older Persons Shared Ownership works by reducing the upfront cost of a new retirement property.
For example, at Knox Court, you could buy a one-bedroom retirement apartment at a 50% share from £115,000 with a monthly rent of £264, or a two-bedroom property at a 50% share from £140,000 with a monthly rent of £321. If you buy the maximum percentage of 75%, there is no rent to pay.
Find your ideal new home with McCarthy Stone
Whether you choose an independent living apartment with Retirement Living, the added services of Retirement Living PLUS, or to buy, rent or go with Shared Ownership, you’ll get a warm welcome in our friendly retirement communities.
Learn more about our retirement homes near you, call our friendly team on 0800 201 4811 or contact us online for more information.
*Other shares available, with monthly rent. Qualifying criteria apply. Shared Ownership is available on selected apartments at participating developments only.
