SHARED OWNERSHIP

*Please note that all shared ownership properties have been sold and none are currently available for purchase.

What percentage share can be purchased under the scheme?

Purchasers can choose to buy anything between a 25% to a 75% share in the property.

The scheme only lets you buy up to a 75% share of your home. 25% will always be owned by Tonic, and held as a community asset, which enables us to manage future sales to ensure we continue as an LGBTQ+ affirming community. No rent is charged on this held 25% share.

What other costs are involved in shared ownership?

Rent is payable on the equity share that you do not purchase up to 75% share. This is to cover Tonic’s costs of the loan on the unsold share and our on site staff. The rent charged is calculated at 2.75% of the unsold equity up to 75% share.

If you buy 75% there is no rent payable. Tonic has a rent calculator tool that we can use to advise purchasers on the actual rent for a specific apartment at different share purchase levels, to find out what suits you best. Annual rent increases are limited to a maximum of Retail Price Index plus 0.5%.

In addition to the rent there is a standard service charge and admin fee. Full details of these are available in our Shared Ownership Key Facts. Other costs are similar to most property purchases, although there is an option to just pay Stamp Duty on the price of the percentage share you purchase.

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 LGBTQ+ 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.

Can I buy more shares at a later date?

Yes it is possible to buy more shares up to 75% maximum if you wish to after your initial purchase. This is known as ‘staircasing’. This would be based on the valuation at that time.

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

What is Tonic@Bankhouse?

Bankhouse is an affordable Integrated Retirement Community of 84 apartments, across 14 floors, located on Albert Embankment in Vauxhall, Lambeth. Tonic has 17 apartments for shared ownership and 2 for rental on the top four floors. The building is shared with Riverside, a social landlord who have 59 rental apartments and 6 shared ownership apartments. 

Tonic@Bankhouse is the UK’s first LGBTQ+ affirming retirement community. Tonic brings our LGBTQ+ affirming offer to Bankhouse, with our on site Head of Operations, who facilitates our resident-led events and activities programme, working alongside the other Bankhouse staff. 

Tonic is working in partnership with Riverside to ensure that our LGBTQ+ affirming approach is for all residents of Bankhouse, regardless of their tenure or landlord. Tonic has provided training for all the staff at Bankhouse to equip them with the knowledge and skills to provide quality care and support to older LGBTQ+ people.

Bankhouse was designed as a retirement community by architects Foster + Partners and consists of high-quality one and two bedroom self contained apartments, many with balconies with stunning views. Bankhouse also has community spaces to meet with other people, a bar and restaurant, a community lounge overlooking the River Thames, a floating garden and a roof terrace with incredible views of central London, an overnight guest suite, a laundry room and bike storage. All areas of the building are fully accessible to wheelchair users. 

Bankhouse has 24 hour on-site staff and optional care packages from Care Outlook are available.

What is aN Integrated Retirement Community?

Integrated Retirement Communities combine high quality housing options for older people with tailored support services. They allow residents to rent or own a property to maintain their privacy and independence, with the reassurance of 24-hour on-site staff, communal facilities, and optional care and support as needed.

Integrated Retirement Communities may also be referred to as, extra care housing, housing-with-care, assisted or independent living or retirement villages.

The term was created by ARCO (The Associated Retirement Community Operators) and you can find out more about this here - arcouk.org/what-retirement-community.

What does LGBTQ+ affirming mean?

LGBTQ+ affirming means that our approach to services and support is not just be “LGBTQ+-friendly” but genuinely affirming of the lives, histories, needs and desires of LGBTQ+ people. The term does not imply exclusion of those who do not identify as LGBTQ+, but actively values those who respect and celebrate LGBTQ+ people.