Co-Ownership Launches New Product for Over 55s

As panel members of the Northern Ireland Co-Ownership Housing Association (Co-Ownership), Cleaver Fulton Rankin are pleased to report that Co-Ownership have launched a new product, Co-Own for Over 55s.

The Co-Own for Over 55s product will allow people to move to a new home, even if the value of their current home or savings does not stretch to cover the cost of a new home. Co-Ownership will make up the purchase price and in return the applicant will pay Co-Ownership a monthly rent at an annual cost of 2.5% of their investment.

The main features of the Co-Own for Over 55s product are as follows:

• It is open to all applicants 55 or over
• The applicant must take an equity share of at least 50% up to a maximum of 90% of the new home
• The new home can include existing properties and new build properties anywhere in Northern Ireland, up to a maximum value of £175,000.00
• One bedroom apartments or houses; architect certified properties or; properties which require a substantial amount of work to resolve defects are not acceptable to Co-Ownership
• If the applicant sells their existing property, they can keep up to £25,000.00 of the sale proceeds or alternatively keep £25,000.00 from their existing savings. Anything above this must be put towards the applicant’s equity contribution for the Co-Own for Over 55s home.
• If in the future the applicant is no longer living in the home on a long-term basis the home must be sold. The sale value of the home will be returned to the applicant (or their estate) and to Co-Ownership in line with the equity shares agreed at the outset.

Please visit the Co-Ownership website for more detailed information on the Co-Own for Over 55s product and the application process.

If you are thinking of buying your home through Co-Ownership, whether using their new Co-Own for Over 55s product or the existing Co-Own or Rent to Own schemes, we recommend that you seek legal advice at an early stage.

For further information on selling or buying a residential property, please feel free to contact our Private Client team.

This article has been produced for general information purposes and further advice should be sought from a professional advisor.