SHARED OWNERSHIP

Stamp Duty update

With Shared Ownership you can just pay stamp duty on the share that you buy. Now that the stamp duty threshold has risen to £250,000, purchasing a 25% share on any of our apartments will be under this threshold!

What is Older Persons Shared Ownership and how does it work?

Older Persons Shared Ownership (OPSO) is a government scheme, overseen in London by the Greater London Authority. The scheme enables a part share of a property to be purchased, thereby reducing the price paid, so it is more affordable. The remaining share is owned by a housing provider, in this case Tonic Housing Association. All properties are sold on a leasehold basis.

Shared Ownership gives the opportunity to buy a share in a new home in the heart of the city, making it more affordable.

You may purchase up to a 75% share in a Bankhouse apartment, with the remaining 25% share that is owned by Tonic being rent-free. If you are purchasing less than a 75% share, a subsidised rent will be payable.

For example: if a 60% share is purchased, rent is payable on the 15% share but rent-free on the 25% share. All our properties are sold on a long leasehold basis. Tonic will always own a minimum 25% share which we will hold as a community asset, enabling us to manage future sales and ensure we continue as an LGBT+ affirming community. There are many aspects to consider whilst deciding to buy at Bankhouse, including affordability. When you arrange to visit Bankhouse, we will provide you with a clear and detailed breakdown of the costs of living at Tonic@Bankhouse, and will help you calculate how Shared Ownership best works for you.

Please note, all apartments are sold unfurnished and images are for illustrative purposes only.

To buy a Shared Ownership apartment at Bankhouse you must:

• Be aged 55 or over

• Be able to purchase a 25% share of a property at a minimum

• Have a household income of less than 90,000 per year

• Be unable to purchase a property suitable to meet your needs on the open market

• Sell your existing property (if applicable) to complete a purchase at Bankhouse and to make this your main residence

We are happy to discuss any of these points in more detail with you, contact us.