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Shared Growth Option

Here's to a happy and active retirement

With the Hodge Lifetime Shared Growth Option, an agreed percentage of your property is sold to Hodge Lifetime, in return for a tax-free cash sum.
You are free to spend this cash in any way you wish.

This Home Reversion Plan guarantees your right to occupation for life, so you can enjoy living in your home, rent free, for as long as you wish.

Who can benefit from the Shared Growth Option?

1. A Shared Growth Option plan can be arranged for either one or two people, who own and live permanently in their own home, which is in England, Scotland or Wales – plans are also available to couples, sisters, friends etc who hold the property title in joint names.
2. Applicants must be at least 65 years of age.
3. The property must be in sound condition, of standard construction, and worth at least £60,000.
4. Leasehold properties are acceptable, provided the lease has at least 90 years left to run.
5. Between 30% and 90% of the property value may be used for the plan.
6. If there is an outstanding mortgage or charge, it must be low enough to be repaid from the cash sum expected at completion, unless cleared earlier from other funds.

Commercial property, flats, sheltered/retirement housing, park homes and non traditional concrete/steel framed dwellings are not acceptable.

Please ask for advice if you are unsure about property eligibility.

How much cash can be released?

This will depend on your age(s), your property value and the percentage of ownership you wish to transfer. The older you are the higher the benefit you will receive from the percentage transferred. We will be happy to let your advisers have a personalised illustration.

Could further cash sums be released?

You may apply to release a further cash sum at any time, providing you have not already sold the maximum percentage of 90% either in a single transaction or a succession of transactions.

At this time, we will also take into account:

• Whether the property has been satisfactorily maintained
• The lending criteria at the time of application

A surveyor will re-value the property at your expense, and a further proportion of the equity will be transferred to fund the extra cash payment. You will be responsible for all your legal fees and costs.

What about moving house?

• You will be free to transfer your home reversion plan to a new home of your choice, as long as it meets the criteria, and provides adequate security for the plan
• If when you move, the new property's value is lower than the original, Hodge Lifetime's percentage ownership would not change and you will receive your appropriate share of the surplus made on the sale
• If the new property's value is higher, you must be able to find an additional amount from your own funds – Hodge Lifetime's percentage ownership will be reduced as appropriate
• You will be responsible for any costs related to the transfer, including all Solicitors' fees for work, even if the move falls through

What would happen to the plan on marriage (or re-marriage) in the future?

If a single plan holder marries, it may be possible to revise the terms of the plan to give the new partner a right of occupation. The new occupant will need to meet the age requirement for the plan and, if younger than the plan holder, a re-calculation of the home reversion plan will be necessary which may result in a partial repayment being required. This will be calculated by taking into account the percentage of equity already released at any time.

If a right of occupation was not required, the new partner would have to sign an agreement to vacate should the plan holder die or move out permanently. The plan holder would be responsible for legal fees incurred in either of the above events.

What happens when the property is vacated, or I die?

You must advise us in writing if you anticipate leaving your property unattended for an extended period on any occasion. If you wish to go on a long-stay holiday, or need a term of hospital care, for example, we will need to be aware of the expected length of your absence. We will also ask for your assurance that the property will be adequately protected, insured and secured during that period.

When you vacate the property, for example to move out permanently with relatives, or into a residential care home, or you die, your house should be cleared so that it can be formally released to Hodge Lifetime. We will arrange marketing, and our Solicitors will handle the sale, by liaising with your, or your estate's Solicitors. The selling price will be mutually agreed and our Solicitors will make sure that the proceeds are correctly divided when received.

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