In this episode of "This Shared Ownership Thing" Podcast, Cheryl Gibbens (Marketing Officer) is joined by Aster Home Ownership Manager, Hannah and they discuss all things Shared Ownership.
The conversation surrounding shares being purchased between 25-75% is based on the current shared ownership model and our shared ownership homes under the existing scheme. You may have heard that there are some changes to the Shared Ownership model on the way. Whilst this doesn’t impact on our current shared ownership homes for sale we will be updating our website with more details around the new model soon. If you have any questions about this in the meantime please do get in touch with us or visit the Government’s website to find out more.
In this episode of "This Shared Ownership Thing" Podcast, Cheryl Gibbens (Marketing Officer) is joined by Aster Home Ownership Manager, Hannah and they discuss all things Shared Ownership.
The conversation surrounding shares being purchased between 25-75% is based on the current shared ownership model and our shared ownership homes under the existing scheme. You may have heard that there are some changes to the Shared Ownership model on the way. Whilst this doesn’t impact on our current shared ownership homes for sale we will be updating our website with more details around the new model soon. If you have any questions about this in the meantime please do get in touch with us or visit the Government’s website to find out more.
Hello. And welcome to episode six of the, this shared ownership thing podcast. We bring out a new episode every month with different guests to talk about all things, shared ownership, sharing our amazing customer stories and debunking in common misconceptions of shared ownership for the benefit of any new listeners, shared ownership is when you buy a share of a home and you pay rent on the share that you don't yet own, if you're able to do so, you can go on to purchase more shares of the home. This is referred to a stair casing until if able to you can purchase the whole hundred percent of the home with shared ownership. Deposits can be as low as 5% of the share that you purchase. And this makes it a more affordable option for many people. I'm Cheryl, I'm a marketing officer, Astor sales, and today I'm joined by Aster home ownership manager. Hannah, before we get started, though, let's get to know Hannah A. Little bit better. This is a quick fire question round where you have to answer the first thing that comes into your head. Are you ready?
Speaker 2:
Yes,
Speaker 1:
<laugh>. Do you prefer cats or dogs?
Speaker 2:
Definitely dogs. Um, and excuse me, if you hear mine in the background, her name's piglet and she's a hug.
Speaker 1:
Oh, piglet.<laugh> that's so cute. Do you prefer coffee or tea? What's your morning. Go-to cup.
Speaker 2:
Uh, that's easy and coffee. I can't even begin to function until I've had my first coffee of the morning.
Speaker 1:
Do you only have one coffee a day?
Speaker 2:
No. No. Okay.<laugh> I, I will drink coffee up until about two o'clock and then I stop. But between when I wake up in until that time, it is coffee constantly
Speaker 1:
Free refills of coffee.
Speaker 2:
Yeah.
Speaker 1:
What is your favorite food?
Speaker 2:
Okay. Uh, so that's a hard one. I love food. Um, however, those that know me will probably say anything involving peanut butter.
Speaker 1:
Uh, oh
Speaker 2:
Yes.
Speaker 1:
Do you like the Reeses C?
Speaker 2:
I do anything. And if I'm having a really bad day, I'm known to get the jar peanut butter at the cupboard with a spoon and just sit there and eat it out at the jar.
Speaker 1:
I love that. Are you a smooth or a crunchy peanut butter?
Speaker 2:
Crunchy
Speaker 1:
Girl. Love that.<laugh> and obviously apart from the job that you are in now, what is your absolute dream job?
Speaker 2:
Okay. So if I could do anything at all, it would be having my own kind of dog daycare center and kind of a rescue center for dogs attached to it. I'm just dog mad.
Speaker 1:
I love that. Like I always end up looking on right. Move at houses that have like land where I can have my own little dog farm, which obviously I've never been able to afford<laugh> no.
Speaker 2:
Well, I'm named, um, between my friends of being kind of the dog nanny. So if anyone's going away at the weekend, I have guest dogs come here and I never wanna give them back.
Speaker 1:
Oh, I love that. That's so cool. You should have your own little dog home boarding thing
Speaker 2:
One day, one day.
Speaker 1:
Okay, perfect. So let's get into the good stuff. I've got a few questions for Hannah that we are commonly asked by our followers on social media and on our website, live chat. Are you ready for these questions?
Speaker 2:
I am.
Speaker 1:
Number one. Can I have a lodge in my shared ownership home?
Speaker 2:
So a lodge is class as someone who lives, uh, with you in your home. So they will share your living space. So that's like the kitchen or the bathroom or the living area. They should not have exclusive use of your home. So whilst many allow you to have a lodger, we do need to check each individual lease. So we're not against it, but we do ask that you come to us for permission so we can check your lease.
Speaker 1:
Perfect. Can I rent my shared ownership home out if I temporarily relocate?
Speaker 2:
So this one's a bit different. Um, the shared ownership model, um, doesn't really allow for subletting. It's just not allowed under the terms of a shared ownership lease. However, we are aware that in some cases there will be except exceptional circumstances. So an example I can give you is that's perhaps someone is in the army and there being posted to an area that is just not a commutable distance for a temporary amount of time. In that instance, we may allow it. Um, and all I can really say is if you have a case like that, then please do contact us at the home ownership team. And we can investigate that further for you.
Speaker 1:
Oh, that makes sense. What sort of things do I need permission for in my shared ownership homes, such as decorating landscape and pets.
Speaker 2:
Yeah. So all of the, the above really that you've just mentioned, um, with a few others. So as a shared owner, um, you do need to get permission for certain types of alterations or improvements. And this can be things like change and external doors in windows, or if you live in a flat to change your front door, so extensions to your home, sometimes this can include loft conversions or conservat trees. However, not all leases allow for what leases or build types allow for that, but we will check your leases. Individually can be, are installing a new boiler or putting a new kitchen or bathroom in installing satellite dishes, um, pets, and some alterations to gardens. But if in doubt, just give us a call at the home home ownership team and we'll guide you through the process.
Speaker 1:
Okay, perfect. So obviously it's best to ask you guys, but things such as, I don't know, like changing carpet or just painting some walls. Is that also best to come to you guys first or
Speaker 2:
No, no. Obviously as a homeowner, we really want people to make their home a home. So if there are anything like me, they will just continuously decorate. And when they, when we move onto the next, so no, absolutely fine. People can decorate and lay need flooring.
Speaker 1:
Perfect. What is the role of a home ownership or housing officer?
Speaker 2:
Okay. So the role of a home ownership housing officer is to support the homeowner with any queries they may have or any lease queries they may have that could include things like lease extensions or service charge inquiries. There may also be neighborhood issues. Sometimes you may be in dispute with your next door neighbor. Um, there may be a grand maintenance issue. We really want to be there to offer support and guidance.
Speaker 1:
Fab will a home ownership or housing officer visit my shared ownership home. You know how, um, some people in a rental home, they may have like checks or anything. Does this happen on a shared ownership home?
Speaker 2:
So checks, no, they don't have, of course we will come in and visit you. Ly has to come in and, and visit you at your home and have a look around and see what you've done. We would love to, but we don't do tendency checks. If you like, it's your home, you are a homeowner. However, under the terms of the lease, if we needed to get in as an emergency, um, for example, if you were in a share ownership flat and you are on holiday day and you had an escape of water, so a water leak into the flat below, um, that could be class as an emergency. And we, we may be able to gain access then, but you are the homeowner and we wouldn't come in unless you wanted us to
Speaker 1:
Great. Do I need to let you know if my partner moves into my shared ownership home?
Speaker 2:
Yes you do. Um, and just a reminder, really that anyone that lives with you at your home, um, you are, you are responsible for, um, but you should let us know. And also if you are in receipt of housing and benefit or universal credit, then you should also make them aware as that could affect your claim.
Speaker 1:
Yeah, that makes sense. Does the building's insurance cover and who pays for this?
Speaker 2:
Okay. So as a shared owner, you pay through your service charges to Astor for building insurance. And the only time that you will stop paying Astor for building insurance through your service charges is when you become a freeholder. So this is when you own a house as a homeowner, as a shared owner. And you Sur out to a hundred percent as, as the free holder has an obligation to make sure that your home is insured for the whole time. You are a shared owner or a lease holder. And it covers for items such as escape of water and storm damage. We do have a summary of cover, and we're more than happy to send that out to our share owners. And if you would like to have a copy of that, please do contact us at the home ownership team. And, and we'll get a copy email across to you.
Speaker 1:
Amazing. And your last question, what are thinking funds?
Speaker 2:
Okay. So thinking funds<laugh> so thinking funds, if you like, um, is an amount of money, which is set aside by the homeowner to cover for any one off works or, or major works in the future, which is needed on the property. So sink and funds are very common in lease whole properties, especially those people that live in flats and the sink and fund will normally form part of the service charge that is payable by the shared owner. Um, it's really a savings account. So that five years time, if we have to do a one off piece of work, for example, we need to do some roof work on a block of shared ownership flats. Then we aren't asking the shared owner at the time to pay a huge bill because we've been saving it over an amount of time.
Speaker 1:
Perfect. That makes sense. That is all of your questions done. Thank you so much for being a guest on the podcast. Hannah, you've shared some invaluable information which will really help our listeners who are either starting their shared ownership journey or those who currently live in a shared ownership home. Now
Speaker 2:
Thank you.
Speaker 1:
If you are inspired after listening to this podcast, we have some customer stories available for our listeners to see on our website, just visit asta.co.uk/live stories to watch our customer testimonials. And if any of our listeners have any other questions that they would like answered in regards to shared ownership, you can contact us through live chat on our website, asta.uk/sales through our social media channels via email on home ownership at Ather co UK, or by phone on zero one three eight zero seven three five four eight zero. Thank you for listening and thank you for your support. This shared ownership thing podcast is brought to you by as sales visit as UK for more information.