Our properties with shared ownership options are ideal for older people who may be looking to downsize, yet still have the benefits of owning and living in their own home but with additional shared facilities.
Leasehold apartments within Sanctuary Retirement Living properties are available through the Older Person’s Shared Ownership (OPSO) scheme. To apply for these properties, you must be over 55 years of age and meet the following criteria:
The scheme works in a similar way to shared ownership, also known as ‘part-rent/part-buy’ where you buy a share in the new home, which will range from 25% to 75%, depending on what you can afford. Sanctuary owns the remaining share and you will pay a subsidised rent on that share.
You can buy more shares as and when you can afford them - this is called 'staircasing’- and as you buy more shares, you will pay less rent.
Through the OPSO scheme the maximum share you can buy is 75%.
If you choose to buy the maximum 75% share, you will pay no rent on the remaining 25%.
This means that you need to get a smaller mortgage to buy the property, and will also need a smaller deposit.
You will also have to pay a service charge and rent as well as other charges that may apply. Contact your local team for information about charges by searching for properties in your area.
As a home owner, you will be responsible for the maintenance and repairs on your home. Sanctuary Retirement Living is responsible for maintaining communal areas. For more information about OPSO, visit www.ownyourhome.gov.uk.