Search for Older Persons Shared Ownership homes in London

What is Older Persons Shared Ownership and how does it work?

Is Older Persons Shared Ownership the right housing scheme for you?

Older Persons Shared Ownership (OPSO) is a scheme that’s recognised and funded by the government, designed to help people aged 55 and over buy a home that suits their needs. It can be a good option for those who want to downsize, move closer to family, or find a more accessible home later in life.

Through OPSO, buyers purchase a share of a home offered by a landlord as an OPSO home  – from 10 or 25 per cent, depending on the home – and pay a subsidised rent on the rest. The share can be bought using savings, the proceeds of selling a home that no longer meets the buyer’s needs, or a mortgage. Because the deposit and mortgage are based on the share, rather than the full value of the home, the upfront cost is usually lower.

OPSO differs from the general Shared Ownership scheme in that buyers can’t staircase (buy additional shares) to 100% ownership. However, if buyers buy or staircase to 75 per cent of their home, they do not pay rent on the remaining share.

Shared owners who purchase a flat, and, in some cases, a house, will be required to pay a monthly service charge. These monthly fees cover the maintenance of communal areas and building-related expenses, which include building insurance and things like the lifts, lighting, communal aerials, door entry systems, cleaning of common areas and grounds maintenance.

Homes available through OPSO are usually new-builds, and may be in purpose-built developments for older buyers. Many are designed with accessibility and comfort in mind. For example, they may have step-free access, lifts, and emergency alarm systems.

Some developments also offer Extra Care, which allows residents to live independently while receiving tailored support and care services if needed. Eligibility for Extra Care may depend on the buyer’s circumstances, local connection, and other local requirements.

Who is eligible for Older Persons Shared Ownership?

To be eligible for OPSO, applicants must:

• Be aged 55 or over. Some schemes may allow couples where one applicant is 55 and the other is at least 50.
• Have an annual household income of £90,000 or less in London (or £80,000 outside London).
• Be unable to buy a suitable home on the open market.
• Not own another home, unless they are in the process of selling it.

Applicants will also need to show they can afford the ongoing costs of homeownership, including mortgage repayments and rent and service charges, if applicable.

Housing providers will check whether applicants are eligible for Shared Ownership homes.

How are Older Persons Shared Ownership homes allocated?

Housing providers check whether applicants can afford OPSO homes, looking at the household’s income and the cost of mortgage repayments, rent and service charges.

Some groups may get priority for homes. Information on priority criteria will be made available when homes are advertised.

Every provider must have a clear allocation process that explains how they allocate homes and when priority rules apply.

How much does Older Persons Shared Ownership cost?

Buying through Older Persons Shared Ownership involves both upfront and ongoing costs.

Upfront costs may include:

• Deposit: Often 5–10 per cent of the value of the share being purchased, but this will depend on the buyer’s finances.
• Mortgage and solicitor fees: These will vary based on the lender and conveyancing solicitor. Some buyers may also choose to work with a mortgage broker, if a mortgage is required.
• Stamp Duty: First time buyers currently pay not Stamp Duty on the first £300,000 of homes worth up to £500,000. The buyer can choose to pay on their share or the full value of the home. If they pay on the full value of the home, they will not need to pay Stamp Duty if they buy further shares.
• Moving expenses: Budget around £3,000–£5,000 for moving costs.

Monthly costs may include:

• Rent: For new build homes, rent is usually 2.75 per cent of the value share retained by the housing provider. No rent is payable when an owner has bought 75 per cent of the home.
• Mortgage repayments: If applicable, the mortgage will be based on the share, loan amount, and interest rate.
• Service charges: Cover communal maintenance, building insurance and management costs. The Mayor expects providers to manage service charges in line with his Shared Ownership Service Charges Charter.
• Insurance: Buildings insurance is arranged by the provider and usually included in the service charges. Contents insurance is the buyer’s responsibility.

Buyers might also have extra costs if they staircase, extend their lease, or sell their home later on.

Where can you find Older Persons Shared Ownership homes?

Any OPSO homes that are developed with funding from the Mayor will be advertised on the new Homes for Londoners property portal, powered by Share to Buy – the country’s leading portal for affordable homeownership and buying schemes.

For homes outside London, visit the Share to Buy website to view available Older Persons Shared Ownership homes.

Shared Ownership for people with disabilities

As well as OPSO, there’s another form of Shared Ownership for a particular group: a scheme called Home Ownership for people with Long-term Disabilities (HOLD). If Shared Ownership is an appropriate option for someone with a long-term disability, but the Shared Ownership homes available do not meet their needs, this scheme enables buyers to purchase a share of a home being sold on the open market on a Shared Ownership basis.

Shared Ownership applicants buying through the HOLD scheme should look for a suitable home on the open market and work with a housing provider to buy the property through Shared Ownership.