Why buy through Peter Ball?

  • The largest selection of property available in Cheltenham & Tewkesbury
  • Register once to receive information from all our branches
  • Local specialist knowledge from our experienced team of sales personnel
  • Effective communication ensuring you are fully informed of all new property coming onto the market
  • Senior staff oversee all offer negotiations and take you through the entire purchasing process


Guide to Buying

First sell your own property

Buying a property can be a competitive business. To be seen in the best light as a potential buyer you need to be a “proceedable” buyer i.e. one that has agreed a sale on their own property, or one that can purchase independently of selling.

For our guide to selling click here

What can you afford?

Get expert advice at the outset as to how much you can afford. An independent mortgage broker will be able to give information and advice on mortgages available across the market, and what is suitable and affordable for you.

Remember to take into account the additional costs such as:-

  • Selling costs
    For our guide to selling click here
  • Mortgage Arrangement Fees
    Lenders differ but some will charge a fee to cover the cost of setting up your mortgage. Get advice from your mortgage adviser on likely costs.
  • Valuation Fees
    All lenders will need to make a basic assessment of the value of the property that you wish to buy. They will charge a fee to cover the cost of this assessment. This fee will depend on the value of the property being assessed, but is likely to start at around £150.00. Again consult your mortgage adviser.
  • Survey Fees
    Buying a home is likely to be the biggest financial transaction that you are likely to make. It makes sense to get as much information about the condition of the property as possible before committing to buying.
    There are three basic types of survey – Lenders Valuation, Homebuyers Report and Building  Survey.
    Lenders Valuation ‘survey’ is an inspection to determine the amount and terms of the loan to you. It should not be relied upon to give information about the condition of the property.
    A Homebuyers Report is probably the most appropriate survey for properties of standard construction. It is designed to identify any defects or problems that require rectification and that can have an impact on value. The cost of such a report is likely to be between £400 - £600.
    A Building Survey is a more detailed survey and as such is likely to be more expensive – £900 .
    This is an appropriate survey where the property is of unusual construction, old, in need of serious repair or where you intend to make major alterations.
  • Conveyancing Fees
    A conveyancing solicitor will lead you through the legal process of selling and buying. Fees for this service will differ with the value of the property but will normally start at £625
  • Stamp Duty
    This is a government tax on property purchases and is payable by the buyer.
    Tax rates are as follows (payable on the amounts over the thresholds)

    Up to £125,000

    Zero

    £125,001 to £250,000

    2%

    £250,001 to £925,000

    5%

    £925,001 to £1.5 million

    10%

    Over £1.5 million

    12%

  • Land Registry Fees
    A charge levied by the Government Land Registry for the transfer of registration to the new owner. This fee is dependent on the purchase price but usually  starts at £200.
  • Search Fees
    Primarily a search of Local Authority records is designed to highlight any potential problems with local planning developments, highways etc. This fee is dependent on which local authority area the property lies in but typically will start at £150
  • Other Search Fees and Disbursements
    A search of other authorities such as coal or clerical authorities and costs such as bank transfer fees. Allow approximately £70 for these fees

Get a Mortgage in Principle

When you find the house of your dreams you want to be able to act quickly to secure it. Having a mortgage agreement in principle will re-assure your vendor and their agents of your ability to buy, right at the outset.  Lenders will give you this agreement in principle in writing to show that you are a serious prospect.

View Property

When registering with an estate agent make sure that they fully understand your ‘must have’ requirements and what you would like to see in your ideal property.

Property details, either printed or online can be very informative, but they are no substitute for actually viewing.  Being open minded and looking at a number of properties will give you the best understanding of what is available in your price bracket and ultimately will help you recognise the right home for you when you see it

Make an offer

Your agent will take details of your offer and your ability to purchase. They will lead you through the process of negotiation with the seller in order to come to an agreement acceptable to all. Once the agreement has been confirmed in writing solicitors can be instructed and the legal process of buying can begin.

Exchange and Completion

When the sale has been agreed the seller's solicitor will prepare a contract of sale. You will need a solicitor to look over this contract and to raise any queries on this or any other property related matter on your behalf.

Your solicitor will also complete the appropriate searches and request a formal mortgage offer from your lender. 

Once your solicitor has had satisfactory answers to all his enquiries and has a mortgage offer they will move forward to arrange an exchange of contracts. They will ask you to sign your copies of the contract and provide a deposit. This deposit  normally amounts to between 5 and 10% of the purchase price.

At the point of Exchange of Contracts the completion date will be set and you will have entered into a formal contract with the seller. Completion dates can be set for any date in the future but usually will be within 28 days of Exchange. It is a this point that you should confirm all your arrangements for moving.

On the day of Completion the final transfer of moneys takes place and you will receive the keys to your new home.