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

If you move into long-term residential care (for 12 months or more), your home should be sold as you'll no longer be living in it. You, or your personal representative, should request a buy-out valuation from Co-Ownership. This confirms the amount needed to buy Co-Ownership's share, based on either the sale of the property, or its market value (confirmed by our valuer), whichever is greater.

For example, if an apartment purchased through Co-Own for Over 55s on a 50:50 split has been sale agreed for £155,000, the amount due to Co-Ownership on completion is £77,500, plus any outstanding rent. The remaining sale amounts, minus fees from solicitors, estate agents 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, such as solicitor fees. 

If you're no longer living in the property, it's important to notify us in line with the terms of your lease.