Penny House

Assured Tenancy means that you agree to rent the property for a minimum term of 12 months, but after that you can leave at any time as long as you give two months written notice. We can’t ask you to leave unless you have broken the terms of the agreement.

We’ll ask you to complete a Rental Application Pack and an Income and Expenditure form to get the information we need to do standard background checks. You’ll be asked for proof of income, savings and/or pensions, along with copies of your last three months’ bank statements. You’ll be asked to provide identification documentation that complies with the latest Government Right to Rent regulations – our sales consultants will talk you through what you need.

Yes, you will need to pay a small refundable reservation deposit to reserve the property. You will also have to pay a security deposit equivalent to five weeks rent when you move in.

Before you can move into your property, you will need to pay the first month’s rent together with your security deposit, minus the reservation deposit you’ve already paid. 

The security deposit is equivalent to five weeks rent. Don’t worry, we’ll make sure you know the exact amount you need to pay in plenty of time. 

McCarthy Stone is part of the Tenancy Deposit Scheme, membership number G10625. Download the Tenancy Deposit Scheme leaflet.

All rental payments are due on the 1st of each month and must be paid by direct debit. Your rent includes all of the development’s service charges, ground rents and property maintenance.

A flexible, affordable alternative to outright purchase, with all the benefits of ownership. For more information call:  0800 201 4811

How it works
You purchase a minimum 50% share in a brand new McCarthy Stone retirement property and pay rent on the part you don’t own. 

Benefits include:
It’s an affordable approach to owning a stunning new retirement home

• You may be able to access cash tied up in your existing property (known as ‘equity release’)
• You can choose to buy a bigger percentage of the property in the future – this reduces the rent you pay
• If you want, we can buy your existing property as a part exchange
• You’ll be eligible for our free Smooth Move removal service, plus a contribution to legal and estate agent fees

Terms and conditions apply

No. This offer is available at selected McCarthy Stone developments, so make sure you check with the sales team on site.

70% is the standard option – there are options to increase this over time, known as staircasing.

What further costs and fees are involved You can purchase further 10% increments, based on valuation at that point. You can staircase to 100% at which point the property would be wholly owned. You would stop paying rent, but service charges and ground rent continue to be payable to McCarthy Stone.

Each time you staircase you need to plan for additional costs such as valuation fee, legal expenses, SDLT*/LTT** if applicable.

*Stamp Duty Land Tax  **Land Transaction Tax (LTT) has replaced SDLT in Wales from April 2018

You will need to pay SDLT*/LTT** on a private shared ownership property, but you may have less to pay than if you had purchased outright. You should seek advice from your solicitor to confirm how much SDLT you have to pay.

*Stamp Duty Land Tax  **Land Transaction Tax (LTT) has replaced SDLT in Wales from April 2018

The rent is set at the point of purchase. Annual rent review on the date specified in your lease will be indexed to movements in the Retail Price Index (RPI) subject to a minimum 0.5%. RPI has been in the range c.1-4% since 2013, and was 3.3% in March 2018.  3.3% is equivalent to an extra £1.98 per week for typical rent of £60 per week.