Shared Ownership

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What is Shared Ownership?

Shared Ownership is an affordable way of getting onto the property ladder. You buy a share (between 25% and 75%) usually with a mortgage and pay an affordable rent on the remaining bit.

What deposit do I need?

You only need a 5% deposit on the percentage share you own. So, if you were to buy a 25% share in a £300,000 property (£75,000), your 5% deposit would be just £3,750.

Am I buying Leasehold or Freehold?

Good shout. All homes bought through Shared Ownership are leasehold. In most cases, once you’ve purchased outright (a 100% share) we can make it freehold for you.

Can you make money?

Absolutely. If the value of the property goes up so does your share. But its important to remember that housing market trends can also mean the value could go down.

Do you have to buy the 40% share advertised?

No. You can buy between 25% and 75%, we advertise 40% because in our experience this is a good entry level for Shared Ownership. But the share is based on what you can afford.

Can you buy more shares?

Absolutely. It’s called staircasing. You can do this at any time, through to 100% outright ownership should you want to.

Who do I share with?

You don’t share with anyone. It’s your home. You’ve bought it. Shared Ownership is just a term to describe the relationship between you and Aster.

What happens when I want to sell?

When you want to sell, your property gets valued and placed on the market with Aster at a rate of 1.5% then after 8 weeks if it hasn’t sold you’re free to go to another agent of your choice and sell it through them.

Can I decorate how I want?

It’s your place, you’ve bought it. You can decorate how you want and live as you please.

Is it your home?

It is your home. You’ve bought a share in the property and you’re paying Aster an affordable rent on the remainder.

What are the criteria?

There’s a few bits and pieces you need to tick to be able to buy a Shared Ownership home, but not much. These are:

  • Your household is bringing in no more than £80,000 income a year
  • You don’t own a home already
  • You may be in the process of selling a home, however to be able to buy a Shared Ownership home from us, the property sale must have completed before you are able to buy from us
  • You’re employed or self-employed
  • You’re able to show you can afford to maintain the costs of owning your own home
  • You’re a British or EU/EEA citizen or have indefinite leave to remain

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