What happens to my home if I go into a nursing home?

If you go into long term residential care (for 12 months or more), then your home should be sold as you will no longer be living in it. You or your personal representative should request a buy out valuation from Co-Ownership. This confirms the amount required to buy Co-Ownership’s share. This amount is based on either the sale price of the property or its market value as established by our external valuer – whichever is greater. If a sale price is greater than the market value, the amount due to Co-Ownership will be based on the sale price.

Example: An apartment which was purchased through Co-Own for Over 55s has been sale agreed for £155,000. It was originally purchased by the owner on a 50:50 spilt, which means that the amount due to Co-Ownership on completion of the sale is £77,500 plus any outstanding rent.

The remaining sale proceeds of approximately £77,500 less any solicitor, estate agent and associated costs would be returned to your estate.

Your estate is responsible for any costs associated with the purchase of the Co-Ownership share e.g. solicitor fees.

If you are no longer living in the property, it is important that you notify us in line with the terms of your lease.

We recommend that when you purchase your new home with Co-Own for Over 55s you speak to your solicitor about updating your will to reflect your new circumstances.