Do you have to buy the share advertised?

With a new build home, you can buy any value of share between 10% and 75% (depending on the property and terms of the lease). 

We usually advertise our developments at a 40% share as a starting point, but the share you buy is based on what you can afford following an affordability assessment. In time, you can always buy more shares if you wish to, through a process called Staircasing. In most instances (depending on the terms of the lease) you can staircase all the way up to 100% ownership of the property.

The Process of Buying Shares in a Shared Ownership Property

Buying shares in a shared ownership property involves several steps, from initial registration to completion, each requiring careful attention. The process begins with eligibility checks and financial assessments to ensure prospective buyers meet the necessary criteria.

If you’re buying a new build property with Aster, you may have the option to buy at a slightly lower share than advertised. However, if you are buying a resale property you must purchase your home at the share advertised or higher. 

The percentage of your property that you purchase will be in line with the outcome of your financial assessment and subject to our first come first served policy, this will allow you to purchase a share of a property that is affordable to your individual circumstance. 

Find out more about the shared ownership buying process in our guide.

Increasing Your Share: Staircasing Explained

Buying Additional Shares

Buying additional shares, or staircasing, typically requires a property valuation and may incur an administration fee. Shared owners can usually purchase additional shares in increments of 10% or more, depending on their lease agreement.

The process involves having the property valued to determine the current market value, which will influence the cost of the additional shares. Approval from the housing association is often required, ensuring that the transaction aligns with the terms of the shared ownership scheme.

This structured approach helps shared owners gradually increase their ownership as a shared owner without overwhelming their finances.

Summary

Shared ownership offers flexibility and affordability, making buying a home more accessible to many. The 40% we advertise at Aster provides a great entry level for shared ownership, whilst also allowing you to purchase above the minimum share, as you can afford to, to get you on the path to full ownership or additional shared ownership of your new shared ownership property. 

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 about shared ownership below   

With our additional shared ownership FAQs.