Older Persons Shared Ownership Scheme OPSO

If you are aged 55 or over, you can part buy a property in England using the Older Persons Shared Ownership Scheme (OPSO). As with the standard shared ownership schemes, you buy any home that's for sale on a shared ownership basis i.e. part-rent/part-buy, buying a share of between 25% and 75% of the home's value, and pay rent on the share which remains.

Like all shared ownership schemes, you buy an initial share which you can afford. You pay a subsidised rent on the remaining share owned by the Housing Association or other Registered Provider.

As with other shared ownership schemes also, you now only have to present a minimum 5% deposit for the share which you are buying with the approval of the specific Housing Association/Registered Provider involved.

Please Note
This shared ownership scheme, offering shared ownership retirement properties for those aged over 55, is presently available in England only.

Thinking of using the Older Persons Shared Ownership Scheme? For Specialist OPSO Shared Ownership Solicitors & Mortgage Brokers, call 0333 344 3234

Want a FREE Older Persons Shared Ownership Mortgage Consultation? Call 03333 443 234.

Shared Ownership Eligibility - Who can qualify for the OPSO scheme?

To be eligible for the older people's shared ownership scheme and to part-own, part-rent a retirement property, you must be aged at least 55.

The rest of the criteria are common to all shared ownership programmes:

  • Your annual household income can be no more than £80,000 or £90,000 in the Greater London Area.
  • You should be unable to purchase a home suitable for your needs without assistance.
  • You will need to sell any existing property owned before buying through OPSO, but you will not require a Local Authority nomination in order to be approved as eligible.
  • You must not have any outstanding credit issues (i.e. unsatisfied defaults or county court judgments).

How does the Older Persons Shared Ownership scheme differ from other shared ownership schemes (other than the age requirement)?

  • You are only allowed to purchase a maximum 75% share in your property - you can neither own the full 100% nor, if the property is a shared ownership house, convert the title to freehold.
  • The upside to the above is that once you own 75% you no longer pay any rent on the remaining share.

Extra Care
Some OPSO developments offer sheltered Shared Ownership schemes (sometimes known as Extra Care) which are designed to provide residents with the ability to live independently in self-contained, modern homes, but with access to care and support services tailored to their individual needs.

You should consult your local Help to Buy agent (details below) to find out if these schemes are available in the area you wish to buy a shared ownership property for older persons.

Did You Know?

  • If you are buying as a couple, then only one of you has to be 55 or over.
  • There are custom-built retirement homes available as part of the scheme.

How Do I Apply for an OPSO property?

You need to apply to your local Help to Buy agent to find out which organisations are running local OPSO schemes in your area. You have to fill out an application form and specify 'shared ownership'.

How do I find out who my local Help to Buy agent is?

Click on the link to find your local Help to Buy agent.