Older Persons Shared Ownership at Millstream

We are pleased to offer a selection of Millstream properties through the Older Persons Shared Ownership scheme (OPSO) – a government-backed scheme offering eligible people a more cost-effective route into retirement living.

Under the scheme you purchase a minimum 40% share of the property and then pay an affordable monthly rent on the remaining share.

purchase from 40% to 75% of your new retirement home.
pay rent a low monthly rent, calculated at 2.75% of unpurchased share of the property.
buy a greater share in your home at any time and reduce your monthly rent charge.
once your shared ownership hits 75%, you’ll live rent-free in your home.

Download the key facts document

Register your interest

0117 919 4273

Book your tour

sales.team@stmonicatrust.org.uk

How the shared ownership works

Make your initial share purchase on the property and then pay rent on the remaining share you don’t own. For example:

On a property worth £325,000

Buying the minimum share of 40%

Buying the minimum share of 40% will cost £130,000. Your rent will be 2.75% of the remaining 60%, unowned share, i.e. £195,000 x 2.75% = £446.87 a month (£5,362.50 per annum).

Buying a 50% share

Buying a 50% share will cost £162,500. Your rent will be 2.75% of the remaining 50%, unowned share, i.e. £162,500 x 2.75% = £372.40 a month (£4,468.80 per annum)

Buying the maximum share of 75%

Buying the maximum share of 75% will cost £243,750. As you own a 75% share, there’s nothing to pay on the remaining 25%. You will live in your property rent-free.

Remember you can increase your ownership at any time by making what is known as a ‘staircasing payment’. Your reduced rent will be calculated on the remaining share – unless, of course, your ownership reaches 75% in which case you’ll no longer pay any rent.

Eligibility criteria for the OPSO scheme

To qualify for the OPSO scheme you must:

have a household income of £80,000 a year or less.
not be able to purchase the property outright.
be able to evidence a connection to the local area.

And be able to show one of the following to be true:

you are a first-time buyer.
you used to own a home but cannot afford to buy a new one now.
you are forming a new household e.g. after a relationship breakdown.
you are an existing shared owner, and you want to move.
you own a home and want to move but cannot afford a new home that meets your needs.

All retirement properties, including those purchased under a shared ownership, are subject to a monthly service charge. A surrender fee is payable when the property is returned to the Trust.

Full details of the OPSO scheme, financial examples and other charges can be found in the OPSO Key Facts document.

DOWNLOAD KEY FACTS DOCUMENT

No risk leases with guaranteed buy back

At St Monica Trust, we’ve always offered leases with the promise that the Trust will buy back the property from the resident when they leave. In April 2025, we updated our leases further to offer more openness, transparency and guarantees on the repayments that will be made. There are no hidden costs and, as the Trust buys the property back from you, no stress or worry of selling on the open market for you or your family.

Your guaranteed final repayment will be the original purchase price* of the apartment minus a ‘surrender fee’ calculated on the number of years of residency (1% per year or part year of residency up to a maximum of 10%).

We take the worry and uncertainty away of what will happen when you surrender your apartment, giving you and your loved-ones peace of mind.

A surrender fee is payable when the property is returned to the Trust, calculated at 1% of the purchase price for every year or part year of residency, up to a maximum of 10%*. All retirement properties are also subject to a monthly service charge. For details of the monthly service charge, please refer to each property's listing.

* For Equity Participation leases at The Chocolate Quarter, this figure is calculated at 2% per year or part year of residency up to a maximum of 10% on the resale price of the property.