Shared ownership FAQ's

What is shared ownership?

Shared ownership is a way of getting onto the property ladder. You buy a share (between 10% and 75% depending on the lease and your affordability) usually with a mortgage and pay rent on the remaining bit. 

What deposit do I need?

You only need a 5% deposit of the share of the property you buy, a 25% share in a £300,000 property would be a deposit of just £3,750. Find out more today.

Are there any fees to pay?

Like any other form of home purchase there are a few costs involved, but nothing we can’t walk you through. Find out more about the associated costs of shared ownership here.

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. However, like on the open market, apartments will always remain leasehold.

Can you make money?

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

Do I need to buy the share advertised?

You can buy any value of share between 10% and 75% depending on the terms of your lease. We advertise 40% as this is a good entry level for Shared Ownership. The share that you purchase will be in inline with the outcome of your financial assessment and subject to our first come first served policy. Find out more from Aster today.

Buying more shares?

You can buy more shares in your shared ownership property. This is called staircasing. Find out how Aster can help you own more shares in your home.

Who do I share with?

You don’t share with anyone. 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?

If you’re thinking about selling your shared ownership home, we’re here to help you understand what to expect and what you need to do next.

The way shared ownership resales are handled has changed. Aster has waived nomination rights, which means you can now sell your home on the open market through an estate agent of your choice. As a result, Aster no longer markets resale shared ownership homes.

We’ll still be involved at key points to make sure the sale meets your lease requirements and, where a share is being sold, that buyers are eligible for shared ownership.

You can read more about our Resales Policy here.

What about pets?

Want to bring your pet to a shared ownership property? Pets are usually ok, it’s normally flats that are the exception but if you're not sure, read more here.

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 rent on the remainder.

Can I change the name on the title?

You can add or remove someone from your property legally, however you would require legal representation to carry this out. Please contact us regarding the fees payable to do this and for more information.

Can I remortgage?

You can switch mortgage providers for your shared ownership property or change to a new product with your current provider, get in contact with us today to find out more.

Can I extend the term of my lease?

All shared ownership homes are sold as leasehold, even houses, and you may find that you need to extend the term of your lease. 

Do I need to pay rent?

Yes, with a shared ownership home, you need to pay rent to Aster based on the part of the property you haven’t purchased. Rents will be reviewed each year in April so your rent may increase. The amount of rent you pay will be based on the share you purchase, if you buy more shares, you’ll pay less rent! If the terms of your lease allows you to go onto purchase 100% of your property, at this point rent would no longer be payable but service charges would remain.

What happens if a shared owner passes away?

If a shared owner passes away, their share of the home will usually pass to the beneficiary or beneficiaries named in their will. If there is no valid will, the property will be dealt with under the rules of intestacy.

Any beneficiary or beneficiaries who inherit the shared ownership home will be responsible for meeting the ongoing financial obligations associated with the property. This may include:

• Rent payable on the share owned by Aster
• Service charges (where applicable)
• Any other charges due under the lease
• Household costs and outgoings until the property is sold or transferred

Please notify Aster as soon as possible following a shared owner’s death and provide the relevant supporting documentation. We also recommend seeking independent legal advice to help manage the estate and understand the options available.

Our team is here to support you throughout the process and can provide guidance on the next steps. For more information, please get in touch with our team, who will be happy to help.