Older people shared ownership (OPSO) vs normal SO?

Eliza_2

At 66 and living in a privately rented cottage I'm beginning to think now that I might need a bit more security in the coming years. It's very isolated here - though gorgeous - and cheap too as I have an arrangement with the landlord to pay for all repairs etc apart from the really big stuff like roof. However this is an old house and really expensive to keep warm and there are associated other high expenses such as transport in rural areas - and snow!!

In the next 12 months I'm likely to receive around £50k+ inheritance and while my instinct is to buy a nice motorhome and go driving off into the sunset with the cat, my grownup side tells me I'll never have another chance and should make more sensible use of the money.

So while looking around I came across shared ownership schemes which look interesting (though I don't like any of the houses/flats offered so will have to make a huge compromise, I realise that!) and then shared ownership schemes for older people where you don't pay any more rent after staircasing to 75% - though I'm definitely not looking to live in an old person's bungalow or similar. Once I've used the 50k as the deposit, the rent seems really low and I'm already used to budgeting for repairs etc. I have enough for solicitors etc fees too in savings.

I've read various pros and cons, but none relating to my sort of situation. What do people think? All I know is that I can't live here in the middle of nowhere when I'm 80 so do need to start planning alternatives.

Thanks

Eliza

AnotherJoe

Repairs on a flat are a different kettle of fish to a house so consider that when choosing.

Eliza_2

sparky130a wrote: »

Hey? How does that work?

I think the old maxim if it sounds too good applies here..

Edit: Is it this scheme?
https://www.ownyourhome.gov.uk/scheme/opso/

From here: https://www.ownyourhome.gov.uk/scheme/opso/

'It works in the same way as the general shared ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share.'

Edited to add: Oops I've just seen you edited yours after I read it!! Yes that's right.

However I don't see any great advantage (over normal SO) from my point of view as the rent is cheap anyway.

usefulmale

Personally, I'd take the camper van option. You only live once and if thats something you want to do, then do it. Time is running out.

carefullycautious

Eliza wrote: »

From here: https://www.ownyourhome.gov.uk/scheme/opso/

'It works in the same way as the general shared ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share.'

Edited to add: Oops I've just seen you edited yours after I read it!! Yes that's right.

However I don't see any great advantage (over normal SO) from my point of view as the rent is cheap anyway.

The only advantage is that you will be with over 55s as opposed to families with young children mixed age groups etc.
I am in the same situation in that we are looking into this also but cant seem to find out where the properties are available

Elfbert

Whilst I like the camper van option too, if you did want to go into SO, it's quite common for properties where you can never buy 100% to not charge rent on the final 20 or so %. They are, after all, keeping their asset, but not letting you have 100%. I don't know quite why it came about originally, but it is fairly common.

Eliza_2

carefullycautious wrote: »

The only advantage is that you will be with over 55s as opposed to families with young children mixed age groups etc.
I am in the same situation in that we are looking into this also but cant seem to find out where the properties are available

Ah that's interesting and another aspect I wasn't clear about. To me it would be a disadvantage to live in an 0ver-55s ghetto, I would want families with children etc living around me. So the OPSOs only apply in over 55s developments then?

I agree it does seem hard to find properties. There's a few on rightmove and on the agent's website but most of what I've read seems to point to contacting individual HAs as the % arrangements seem to vary depending on a whole host of things - as does the eligibility criteria. Locally there's a couple of new developments in the pipeline but unfortunately the planning department's website is down at the moment. There's also a small development that's been built in a nearby village but they're only available for rent, not SO. Might be persuaded to change their minds perhaps.

A lot more research to be done here by us both I think carefullycautious. Incidentally Elfbert, I already have a campervan and would never chose to camp on adults only sites. I was thinking of upgrading to a posh larger proper motorhome!

Eliza