What is meant by Shared Ownership?
Shared Ownership makes buying a property more manageable. It means you can buy a portion (or share) of your property upfront, via a mortgage or with cash, and pay rent on the remaining share. McCarthy Stone offers affordable retirement homes with Older Persons Shared Ownership. Search for your Older Persons Shared Ownership property today or learn more below.
How is Older Persons Shared Ownership different from Shared Ownership?
Older Persons Shared Ownership is specifically designed for those aged 55 and over and allows people to buy a 75% share of a retirement home—with no rent to pay on the rest.* It’s designed to give older people access to more affordable homes, with the option to enjoy purpose-built properties that can support them as they age.
Can an older person buy a Shared Ownership property?
Yes! The Older Persons Shared Ownership scheme, also known as OPSO, makes it easy to downsize your home without paying the full price for you new one.
How does Older Persons Shared Ownership work?
The Older Persons Shared Ownership scheme gives you a fantastic opportunity to buy a retirement home that you might not otherwise be able to afford —and you’ll be surprised by how many people meet the criteria. It means that if you buy 75% of an eligible McCarthy Stone retirement home you won’t pay rent on the outstanding balance. As Kelly Murch, Sales Consultant from Kingfisher Court in Taunton, puts it: “Who wouldn’t want 25% off? I love a bargain!”.
If you buy a 50% share, you’ll have a lower outlay but you’ll have to pay a manageable monthly rent on the remaining 50% of your home.
Who is eligible for Shared Ownership?
To take advantage of Older Persons Shared Ownership you have to meet the criteria outlined by Homes England.
To meet the criteria you’ll need to:
- Be over 55. You’ll also have to meet the age criteria for your chosen retirement development which at McCarthy Stone is usually 60 or over
- Have a household income of £80,000 a year or less (£90,000 or less for people living in London)
- Only own one property at a time
Full details of Older Persons Shared Ownership eligibility criteria and terms and conditions can be found on the Government website.
Discover how Older Persons Shared Ownership worked for Christine in her 90s
Christine’s son Martin is delighted with the change he’s seen in his mum since she moved into Kingfisher Court in February 2023 thanks to Older Persons Shared Ownership—and Kelly.
He says, “She’s brightened up. She’s boosted. She’s a people person and she likes going down to the restaurant for her lunch and a chat—the food is good too—but the main benefit is mixing with people.”
Shared Ownership saved the day when the sale of the house Christine had lived in for 63 years fell through. Martin adds, “Kelly was brilliant really. Helping us through it. Without her we wouldn’t have known about the scheme [Older Persons Shared Ownership]. It allowed us to accept a lower offer on the house, settle on dates and move more quickly.”
Read Christine’s Shared Ownership story
Are Older Persons Shared Ownership properties a good idea?
If Christine’s success story wasn’t enough to convince you, here’s why the Older Persons Shared Ownership scheme may be a good idea for you.
1. Affordability
The biggest benefit of Older Persons Shared Ownership is that it offers a more affordable way to own a McCarthy Stone property.
2. Flexibility
With the option to buy 50% or 75% of your retirement home, Older Persons Shared Ownership offers a flexible solution to suit your finances.
3. Futureproofing
With the money freed up by an Older Persons Shared Ownership property, you can relax knowing your future financial needs are taken care of.
4. Reassurance
Not only will you be living in a beautiful contemporary home with all the mod cons, but you can claim up to £500 a year to help with essential repairs in the first 10 years.**
5. Lifestyle
You can enjoy the McCarthy Stone lifestyle, including communal amenities and services, like large, landscaped gardens and on-site bistros, without paying the full purchase price for your new home.
Do you pay Stamp Duty on Older Persons Shared Ownership homes?
Depending on the value of your retirement home, you may have to pay Stamp Duty on a Shared Ownership property but only for the share you buy.
If the value of the percentage of the home you buy is £250,000 or less, you won’t have to pay Stamp Duty.
For example, if you purchase 50% of a property worth £250,000, your share will be worth £125,000, which falls below the £250,000 threshold for Stamp Duty tax.
However, if you purchase 50% of a property worth £700,000, your share will be worth £350,000. In this case, you will have to pay Stamp Duty as the value exceeds the £250,000 threshold.
Buying a retirement home through Older Persons Shared Ownership
If you have your eye on a McCarthy Stone retirement property that is available for Older Persons Shared Ownership, our friendly team will guide you through the process and help you make your move.
Here’s what you need to do in three steps
- Find your new home: Browse our Older Persons Shared Ownership retirement homes to view all the available properties
- Arrange a viewing: Call us on 0800 201 4811 or contact us online
- Speak to a friendly sales consultant: They’ll run through your options, explain the process clearly, and check that you meet the initial requirements for Older Persons Shared Ownership.
If you meet the requirements and want to proceed, you’ll be referred to an Independent Advisor. They’ll carry out a full financial assessment to ensure Older Persons Shared Ownership is right for you. Once everything is approved, we’ll confirm your reservation and get everything on track so you can look forward to moving in.
Enjoy retirement with Older Persons Shared Ownership at McCarthy Stone
Available across independent living and assisted living developments, our Older Persons Shared Ownership homes are already proving very popular. Could one be right from you? Find a Shared Ownership retirement property near you now.
If you have any questions about our retirement communities or would like more information about Older Persons Shared Ownership, don’t hesitate to get in touch. Our teams are more than happy to help.
*Other shares available, with monthly rent. 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.
Read our guide to Selling your Shared Ownership Property
