Shared Ownership Explained

What is Older Persons Shared Ownership?

Pay For Half, Live Life To The Full

 

Buying your new home with Platinum Skies couldn’t be easier or more affordable with our Government approved shared ownership scheme.  You get more home for your money and you get to unlock the money tied up in your old home.  It’s all thanks to our partnership with Homes England and our government approved Older Persons Shared Ownership scheme.  Shared ownership, otherwise known as part-buy, part-rent, means instead of buying your new home outright you pay just a proportion, typically 50%, of its full market value.

Older persons shared ownership is specifically designed for those over 55, with an income of less than £80,000. It is for those who want to benefit from moving to a new home that’ll meet their needs now and in the future and who want to release some of the money tied up in their old home.

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How does Older Persons Shared Ownership work?

Find your ideal new home in a perfect location.  Purchase a share of your new Platinum Skies home, usually 50%.  Then pay a low monthly rent, regulated by Homes England to cover our share of the property.  As for your surplus cash, you’re free to use that however you choose.  Which means you can put your worries aside and look forward to a comfortable and fulfilling future.  And remember Platinum Skies can part-exchange your old home, at full market value, so you start to enjoy your new life within 7 days.

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Pay for half of your new
Platinum Skies home

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And pay a low rent
on the other half

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Enjoy the financial freedom
to live life to the full

With Older Persons Shared Ownership you have the best of both worlds as property prices increase over time so does your equity.  And with Platinum Skies as your long-term partner, you can count on us to keep everything in tip-top condition.

We offer shared ownership at all of our properties, however, if shared ownership is not right for you we have other purchase options available to suit your needs.

The key benefits of Older Persons Shared Ownership with Platinum Skies

Trusted partnerships and always a fair deal, guaranteed.

We partner with NHS Trusts and local authorities to provide affordable retirement properties in ideal locations. And as a registered provider of our Older Persons Shared Ownership scheme, all of our rental charges and fees are set by Homes England, a government agency. Everything is transparent, there are no hidden charges. What you see is what you get, guaranteed.

Hear from our homeowners…

“It’s great to share!”

“Platinum Skies’ part-buy, part-rent concept has meant we’re able to move into a modern, brand new apartment with more space than we thought we could afford and still be mortgage free!”

Homeowners at Monterey, Christchurch

“My nest egg is unlocked”

“I’ve been able to unlock considerable equity, real money, through using Platinum Skies’ part-buy, part-rent scheme. I’ve been on once-in-a-lifetime holidays, and helped my children financially – it changed my life for the better.”

Homeowners at Chapters, Salisbury

FAQ

Older Persons Shared Ownership is exclusively for those aged 55 or over to enable them to purchase an appropriately sized new home, whilst unlocking some of the equity from their old home.  You have to earn less than £80,000 and can only own one home.

To make our new homes affordable our customers typically purchase between 30 and 60% of the property.  You may purchase a greater share at a later date, known as staircasing, however Older Persons Shared Ownership is intended for those that are looking to staircase down, to free up their equity.  The purchase of a greater share is subject to an event fee.

Platinum Skies is your partner for life, as and when you need additional care your Lifestyle Manager will take care of everything for you.  We have a complete range of care and support services, that are CQC approved and delivered on a not-for-profit basis, so you get the best care, at the best possible price.  Your home is adaptable too, so if you need grab rails, a wet room or even a hoist our team can arrange this for you, and again you only pay what it costs us to make those changes, we do not make profit on any of our services.

You always own your share of your property, and Platinum Skies as your partner, owns the other share.  All shared ownership properties are leasehold.  We offer other purchase options, including outright purchase for those that are not eligible for shared ownership.

Yes, pets are welcomed into our Platinum Skies homes. We are aware that owning a pet makes us healthier and happier, therefore we wouldn’t ask you to leave your beloved companion behind when you make the move to a Platinum Skies home.

How do I apply?

There are some general eligibility requirements that anyone wishing to buy a Shared Ownership home must meet. The criteria for purchasing through the ‘old person shared ownership’ (OPSO) scheme are as follows:

  • You must be at least 55 years old
  • Your annual income must be less than £80,000 per household
  • Shared ownership requires that the property you purchase is your only property
  • We have other purchasing options available to suit most circumstances and budgets – please speak to one of our customer advisors for futher details.
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