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How does Shared Ownership work?

What if you could purchase up to 75% of your retirement home—and enjoy the other 25% rent-free? Learn how Shared Ownership works with our guide.

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Property advice
Posted 22 January 2024
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How do Shared Ownership houses work?

McCarthy Stone offers a range of ways for people to move in and enjoy life in one of our retirement villages. You can find options to buy, rent or part buy, part rent in most of our communities and we’re delighted to be able to offer Shared Ownership on select properties too*. Shared Ownership provides an affordable alternative way to purchase a retirement home and many people are surprised to learn that they are eligible for this fantastic scheme.

Shared Ownership allows you to purchase a 50% or 75% share of a McCarthy Stone retirement home. If you buy a 50% share, you will pay rent on the remaining 50% of your property. If you buy a 75% share you can enjoy the property rent free.

As Sales Consultant, Kelly Murch from Kingfisher Court in Taunton puts it “Who wouldn’t want 25% off? I love a bargain!”

A Shared Ownership home leads to new start for Christine

Shared Ownership was a good idea for 92 year old Christine

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 Shared Ownership—and Kelly. He says, ‘She’s brightened up. She’s boosted. She’s a people person and she like 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 [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

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Who is eligible for Shared Ownership?

To take advantage of Older Persons Shared Ownership you have to meet the criteria outlined by Homes England.

Examples of the eligibility criteria include:

  • Being over 55. You’ll also have to meet the age criteria for your chosen retirement development
  • Having a household income of £80,000 a year or less (£90,000 or less for people living in London)
  • You can only own one property – including once you’ve brought a Shared Ownership home.

Full details of Older Persons Shared Ownership eligibility criteria can be found on the Government website.

How Shared Ownership with McCarthy Stone and Homes England works

How to apply for Shared Ownership

If you have your eye on a McCarthy Stone retirement property, our friendly team will guide you through the process to help you to make your move.

  1. Find your new home – making sure it is available for Shared Ownership.
  2. Register your interest, call us on 0800 201 4811 or contact us online to arrange a viewing.
  3. The friendly sales consultant will run through the 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 will carry out a full financial assessment to ensure 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.

Is Shared Ownership a good idea?

We think Shared Ownership is a great idea! There are plenty of benefits to securing your McCarthy Stone retirement home through the Shared Ownership scheme.

1. Affordability

The biggest benefit of Shared Ownership is that it offers a more affordable way to own a McCarthy Stone property. The Older Person’s Shared Ownership scheme is specifically designed to help seniors who otherwise couldn’t afford to buy a retirement home that meets their needs.

2. Flexibility

With the option to buy 50% or 75% of your retirement home, Shared Ownership lets you find a solution that suits your finances.

3. Future-proofing

With the money freed up by Shared Ownership 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 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 such as large landscaped gardens and on-site bistros without paying the full purchase price for your new home.

a bedroom with a bed and lamps

Do you pay stamp duty on Shared Ownership?

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.

You can take a closer look at Shared Ownership and stamp duty on the Government website.

Get moving with Shared Ownership today

Our 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 you require additional information about 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.

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