Deciding whether to rent or buy
Renting with us
We have one- and two-bedroom apartments available to rent for those over the age of 55 with a care or support need and a local connection. To rent at Minterne Apartments, you must:
- Be at least 55 years’ old
- Be actively looking to move
- Need to be able to live independently with support
- You need to be able to afford the rent and services charges (depending upon your circumstances, you may be entitled to Housing Benefit to help with the costs), as well as any care provided
- You must be able to pay by Direct Debit (we can help you set this up)
You will need to be nominated by Hammersmith and Fulham Council who will assess your eligibility.
If you are a homeowner or have sufficient funds to purchase a home, you may not qualify to rent. Instead, purchasing through Older Person’s Shared Ownership (OPSO) at Minterne Apartments may be a better option for you.
What does the service charge include?
Whether you rent or buy at Minterne Apartments, as it’s an Extra Care scheme, residents will also pay a service charge to maintain the upkeep of the building. This fee covers:
- The employment of a Housing and Care Manager including salary and related costs
- A 24/7 emergency alarm call system so you can call for help
- Buildings insurance covering the structure of the building. You are responsible for arranging your own contents insurance. As with many insurance policies, there is a “policy excess” to pay in the event of a claim. We choose the value of the excess to keep the premium affordable
- Lighting and heating for communal areas, including entrances, corridors, laundry and guest room(s)
- Cleaning of all communal areas
- External window cleaning
- Maintaining communal gardens
- Maintenance contracts for equipment in communal areas, such as lifts and fire alarm systems
- Management fee, which is the Housing 21 charge for the administration of the scheme. For more information please request a copy of the Management Services for Homeowners booklet
- Utility charges may apply
Buying through shared ownership
Shared ownership doesn’t mean that you have to share your home with anyone else. For people aged 55 and over who would like to buy a home but can’t afford the full purchase price, Older Person’s Shared Ownership (OPSO) is a government-backed scheme that provides an affordable way to buy a home. You purchase a share in a property and pay a subsidised rent on the part you don’t own.
Who is OPSO for?
This scheme is ideal for people who would like to own their own home, have a care need, but cannot afford to buy on the open market.
With OPSO you can buy a minimum of 25 percent and up to 75 percent, based on affordability. This means you only buy the share you can afford so you don’t overstretch yourself financially.
If you are interested in buying through OPSO at Minterne Apartments, you must be 55 or over and meet the following criteria:
- Your gross annual household income is £90,000 or less
- You are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move
- You are an existing homeowner but have sold your property
I already own a home. Can I still buy through OPSO?
Yes, but one of the conditions with OPSO is that you cannot own more than one property at once. As long as on the date of completion you no longer own your current property, you can buy through OPSO.
What if I decide I want to sell in the future?
Just like any other homeowner you are free to sell the percentage that you own to another eligible person at any time. If you decide to sell your share you must instruct an Independent Valuer to set the selling price.
Who provides care at Minterne Apartments?
Residents have the freedom to choose their own care provider, giving them the flexibility to select the best fit for their needs. You can do this by going through Hammersmith and Fulham Council’s nominations process.
What will I need to pay?
Each month, shared ownership buyers pay:
- A mortgage - on the share they own and;
- Subsidised rent - on the outstanding amount
- Service charges
- Any personalised care you have arranged
The rent payable is subject to annual increases. You can buy further shares in the property, which is also referred to as ‘staircasing’ up to a maximum of 75 percent. After this point, you won’t pay any rent.