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.
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Ready to move onward, upward or buy another home from us? With shared ownership, you can. If you’re thinking about selling your shared ownership home, the first step is to get in touch with us so we can explain how the process works now nomination rights have been waived.
Please get in touch with the team if you have a lease term under 90 years as there is important information you will need before proceeding to place your property on the market with an estate agent.
If you feel now is the right time to sell your home, please contact our team before instructing an estate agent. We will pass your details over to Keaze who will contact you to:
You’ll need to sell your home through either Keaze or an estate agent of your choice. An Energy Performance Certificate (EPC) is required.
Timescales can vary and depend on a number of factors, including:
As sales are now managed through estate agents rather than a nomination period, we’re unable to confirm specific timescales.
On completion of the sale, Aster charges an administration fee of £240. This replaces the resale fee stated in your lease, as nomination rights have been waived.
Any estate agent fees, valuation fees or legal costs should be confirmed directly with your chosen providers.
Aster no longer markets resale shared ownership homes or finds buyers on your behalf. However, we’ll still:
Your chosen estate agent will manage marketing, buyer communication and sale progression.
This lets the buyer know how efficient your home is energy wise. It’s a legal requirement, but a good thing to note is that if your home is less than 10 years old, then you’ll definitely already have one. If not, just ask.
Depending on your lease, yes. Some leases include restrictions set by the local authority, which may limit the maximum share that can be sold (for example, a restriction to 80% ownership). But we’ll confirm what your lease allows before you proceed.
If you are able to market and sell 100% of your home through your estate agent. This type of sale is known as a back‑to‑back sale and staircasing, where you staircase to 100% using the buyer’s funds at the point of completion. Legal fees may be slightly higher due to the staircasing element. Your solicitor can advise you on costs.
That’s great! Before committing to a new purchase, it’s usually best to have your current home marketed and under offer, to help avoid disappointment. As sales are managed through estate agents, timescales can vary, so we’re unable to confirm how long it will take to find a buyer.
Only if a share is being sold. Buyers purchasing 100% do not require shared ownership eligibility checks.
Your estate agent will be responsible for coordinating the transaction and keeping all parties updated.
Before you market your home, you must tell us you’re planning to sell. We will pass your details over to Keaze who will contact you to:
Depending on your lease, you can:
Once your property is live on the market, you must provide us with:
Providing this information promptly helps us issue the correct landlord information and supporting documentation and avoids delays or complications later in the sale.
If the buyer is purchasing a share.
Your estate agent must guide the buyer through the Initial Application process as per the information they have been provided by Aster. The Initial Application process consists of:
Buyer eligibility is confirmed once all required documents are received and approved. At this point the Stage 2 sign off process is issued to the buyer, of which your Estate Agent is responsible for ensuring the documentation is provided and chases the buyer to get this completed.
If the buyer successfully completes the sign‑off process:
If the buyer is purchasing the 100% share
This type of transaction is known as a back‑to‑back sale and staircasing, where the seller staircases to 100% using the buyer’s funds at the point of completion. Your legal fees may be slightly higher in this scenario – but your solicitor will be able to advise you on costs.
On completion of the sale (share or 100% share):
Once the sale has been instructed:
On completion, you must:
Aster’s nomination rights have been waived, meaning sales are managed on the open market via an estate agent.
Both the share and the 100% may be advertised (subject to lease terms - we will be able confirm this for you). Please follow your client’s instruction on how they wish to market their shared ownership home. If you are advertising the 100%, whilst the sellers share price can be determined via you and the seller direct, Asters share price is determined via a RICS valuation of which your client will have already had carried out.
You’ll be provided with shared ownership documentation for buyers interested in purchasing a share, including:
The “How to Apply” initial application process
Rent and service charge details
Lease term information.
Key Information Documents (KID 1, 2 and 3)
Information on Aster’s resale policy can be found here.
Before the sale can be agreed or proceed, you must guide the buyer through the Initial Application process as per the information you will have been provided by Aster. The Initial Application process consists of:
If the buyer is using their own broker, you will have already been issued the relevant “Initial Affordability Check” for their broker to complete and return to Aster.
Please note:
Local connection and eligibility
Where applicable, local connection (Section 106) requirements must be met before progressing. Before requesting an application, you must:
The following policies also apply during the buyer’s financial assessment and will be detailed within the forms needing completion by the broker.
Only one applicant at a time can complete the Stage 2 sign‑off process, in line with Aster’s first come, first served policy.
As Aster are waiving their nomination period, if more than one applicant is deemed eligible and affordable after the initial application process has been completed, you will need to advise Aster of the applicant the seller wishes to proceed with.
If an allocated applicant does not complete the sign‑off process within a reasonable timeframe and this places the seller’s onward purchase at risk, the seller may choose to proceed with the next eligible applicant.
Additional interested buyers may be held as reserves but cannot progress simultaneously. As the estate agent, you are responsible for managing buyer expectations throughout.
Please note:
Once the Memorandum of Sale has been issued, Aster will assist with:
As the estate agent marketing the property, you’re responsible for managing the progression of the sale, including:
Aster will not chase applicants or manage sale progression once the Memorandum of Sale has been issued.
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