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Did you know you can buy ExtraCare retirement properties through our shared ownership scheme?

As part of our mixed tenure model at ExtraCare, 40% of our retirement properties for sale are shared ownership. This option has emerged as an innovative solution, offering a blend of independence, community, and financial flexibility for our residents.

In essence, someone aged 55 and over purchases a share of the property, ranging from 40% to 95%, and pay rent on the remaining share owned by ExtraCare. This setup allows retirees to enjoy the perks of homeownership while minimising the initial financial outlay.

We recently sat down with the daughter of a couple who lived at Solihull Village, and she told us all about their positive experience of purchasing a shared ownership retirement property.

Did you know you can buy ExtraCare retirement properties through our shared ownership scheme?

How did you find out about Solihull Village?

“We were looking for a place for my Mum and Dad and we live not far away. We stopped to have a look when it was first being built. It was still very much under construction and there was only one small show apartment on the ground floor. If I’m honest, we weren’t very impressed at that stage but gave the sales team our details anyway. We continued looking at several other retirement residences over the next months but none of them seemed to have what we were looking for. We eventually received some sales info from Solihull Village and went back to have a second look. By then it was nearer being finished and when we walked into the main entrance we were amazed at how wonderful it looked. It was so impressive, absolutely beautiful, like a 5* hotel.”


Did you know about the shared ownership option that ExtraCare offers, how did you find out about that?

“When we received the sales brochure we went down to speak to the team and they explained about the shared ownership. This was immediately appealing and ensured that my parents could afford an apartment of their choice.”


What was the reason for your family choosing shared ownership? What was the process that took you there?

“This was something that really appealed because my parents were in a situation whereby they owned their own property in Wales but unfortunately were tied into an equity release situation. They could not have afforded to buy a new apartment outright so the shared ownership was a great option for them. The buyback scheme was also something that helped us make our decision.”


Did you get any further support from ExtraCare? Welfare benefits etc?

“ExtraCare staff explained that they would both be entitled to Attendance Allowance and their financial advisor helped in the application. Later, after Mum and Dad had been there some time, they began to need extra care and help. ExtraCare staff helped assess what their needs were and organised everything for them.”


Was it the right decision for you and your family?

“Absolutely. It was a beautiful apartment, the facilities around the Village were excellent. We all loved to spend time in the Bistro. It was a lovely place for the family to meet up and visit and bring the grandchildren.”


What are your thoughts on the buyback scheme?

“The buyback scheme turned out to be a life saver for my family. Unfortunately, my Dad passed away and not long after, my Mum had a couple of strokes and she needed to be in a Care Home with 24 hour care and assistance. If they hadn’t been in an ExtraCare apartment, we would have had to get an estate agent involved to sell it with viewings, offers etc and all that that entails. I can’t imagine how stressful, not say how costly and time consuming that would have been for our family at what was a very difficult time for us. Instead, we spoke to the manager at Solihull Village and he told us the procedure for the buyback. We gave three months’ notice, emptied the apartment, and shortly afterwards Mum had the buyback money in her account, less the small depreciation fee which we were made aware of when the apartment was purchased.”

If you would like to find out more about ExtraCare’s shared ownership scheme or explore our other options, get in touch with your chosen village here.