How does it work?

This scheme gives retired people lower living costs, than if they owned a home on the open market. It is available solely to the over 55s.

In the same way as standard Shared Ownership, you buy an initial share that you can afford, helping you get into home ownership in manageable stages.

The Housing Association or Registered Provider will offer initial shares of between 25% - 75% of the full purchase price. You pay a subsidised rent on the remaining share that the Housing Association or Registered Provider still own.

In the future you can simply sell your share for its value at the time or alternatively you can purchase further shares in your home.

Am I eligible?

If you are applying for a standard over 55’s scheme:

  • You must be aged over 55
  • Your annual household income can be no more than £80,000.
  • 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).
Older Persons Shared Ownership (OPSO)

Specific schemes developed for older persons usually providing additional services over and above the property.

It works in exactly the same way as general shared ownership for the over 55’s except the maximum share you can ever own through OPSO is 75%. 

If you choose to buy the maximum 75%, you will pay no rent on the remaining 25%.

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.

If applying for an Extra Care OPSO development, you must have a minimum number of hours care requirement per week and a connection to the local area. Minimum care requirement will vary between developments.