Over 55s shared ownership is a great way to keep an investment in property while saving money. Through buying a share of a home between 25% and 75%, this is the perfect opportunity to ‘rightsize’ to an affordable, modern home.
Swallow Place, Penkridge
Swallow Place in Penkridge is a development of luxury apartments designed exclusively for the over 55s.
These homes are also available to rent.
- Symphony Koncept range
- Soft Close doors and drawers
- Integrated Washer Dryer
- Integrated Electric oven and gas hob
- Bar light with spotlights
- Walk in shower with Glass shower screen
- Half height tiling to bathroom, with full height to shower area
- Spot lights and extractor fan
- Fitted toilet and sink
- Vinyl flooring to kitchen and bathrooms
- Fitted wardrobe to master bedroom with mirror doors
- Contemporary square-edged skirting boards and architraves
- Gas Central heating throughout
- Pendant points to bedrooms and living rooms
- TV point to living area
- Stainless steel electrical switches and sockets throughout
- Phone entry to each apartment
- Hard-wired smoke and heat detectors
For more information ring 0345 155 0302
As our lifestyles change in later life, people often think about the most effective ways of managing their home and money in order to do more of the things they enjoy.
For example, you may wish to free up funds so you can do more with your spare time – like travelling or spending time with family.
Some people prefer the idea of spending less time and money on the upkeep of a smaller home when compared to a bigger property – perhaps after children have left home and the space is no longer needed. It may be that you’d just like a home with no stairs to climb!
Or if you are thinking about retirement, you may wish to re-evaluate your financial obligations by moving to a smaller home and reducing or paying off your mortgage.
Whilst the apartments are self-contained with their own front doors, Swallow Place features a modern communal area with a friendly atmosphere, which is ideal for those who enjoy a more social lifestyle.
As the purchaser you will be responsible for all maintenance and repairs to your home. One advantage of new build homes is that maintenance should be required less frequently than with an older home.
Maintenance and repairs to communal areas are covered by the service charge. This includes: communal lighting; cleaning and caretaking; security, door entry and fire alarm systems; grounds maintenance and lifts; building insurance; sinking fund; leasehold costs.
Shared ownership for over 55s is a flexible, affordable way to purchase a home. It is part of a government scheme in England called Older People’s Shared Ownership, or OPSO.
With OPSO, you only need to purchase the share of the home you want or can afford to buy – between 25% and 75% of the property – meaning costs can be a lot lower.
You will pay rent to whg proportionate to the share you purchase – the more of your home you own, the less rent there is to pay – and no rent if you buy 75%.
You could be eligible to buy a home through the OPSO scheme if you’re aged 55 or over and can’t afford to buy the property outright.
Planning permission does allow the tenure at this scheme to be mixed if required.
We are happy to work with you to find a solution that suits all, so there are multiple options if you decide you want to sell. whg will either buy your share back from you, or you can sell your share and we will hold onto ours.
Just like buying outright the there are costs involved in buying a shared ownership home. In addition to your deposit you will need to cover solicitors’ fees and you should also consider the other costs of moving home.
In addition to any mortgage and rent payments, there is also a mandatory service charge.
Service charge: £109.05 per month
This covers: communal lighting; cleaning and caretaking; security, door entry and fire alarm systems; grounds maintenance and lifts; building insurance; sinking fund; leasehold costs.
Research suggests that the average cost of maintaining an older home could be between £3,000 and £5,000 annually, depending on the age and size of the property.
This means that you may make a significant saving compared to the costs associated with maintaining your existing home.
If you are looking to ‘right size’ your home, shared ownership can be an effective way to free up equity from an existing property, leaving you with more time and money to spend on the things you enjoy in life.
The combined monthly mortgage and rent payments of shared ownership usually work out cheaper than buying outright, and they are often less than renting a similar property privately.
No. Swallow Place apartments are sold as shared ownership homes, but they are also available to rent.
You can buy a share between 25% and 75% to begin with. You can purchase a bigger share later on if you wish – up to a maximum of 75%. The more of your home you own, the less rent there is to pay – and no rent if you buy 75%.
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