A Step by Step Guide to Buying your new Home
Register with Nexus
By registering with Nexus we can help you to start searching for your ideal new home from our substantial database of properties from our Town Centre office.
The more detailed information you are able to provide in respect of your requirements will assist us in finding the right home for you.
You can register with Nexus by calling our office now on 01278 43 94 94 or register via our enquiry form!
Mortgage Enquiries
Reviewing your mortgage options, obtaining advice and a mortgage agreement in principal, before you even start looking at a property. This will give you a far better idea of your budget and how much you can afford to borrow (and repay!) It will also speed up your mortgage application later in the process.
You can use our "whole of market" mortgage brokers whether you buy or sell through Nexus - they are here to help...
This can save considerable time once you have found your ideal home and helps ensure that you are well positioned to purchase, by having a firm idea of how much you can borrow and are comfortably able to repay. We recommend that you talk to a whole of market mortgage broker or Independent Financial Adviser (such as Nexus) as they have access, and able to compare, not only the the major high street lenders but also exclusive money saving products.
We would advise that you consider mortgage protection plans, such as Life assurance, critical illness cover, accident sickness & unemployment cover together with buildings and contents insurance cover.
As part of our service to you, we can offer a no obligation appointment with one of our FSA registered Independent Financial Advisor's who will be able to guide you through this complex area.
Nexus has access to all of the mortgage products on the market. For more information use our enquiry form and one of our team will contact you shortly.
We do not charge for mortgage advice, although we may charge a fee for arranging your mortgage.
Please remember...."Your home may be repossessed if you do not keep up repayments on your mortgage".
Viewing a Property
We will endeavor to arrange appointments to view properties at times that are convenient to you. Where possible, we will accompany you to the property during weekdays and Saturdays.
Making an Offer
When you have found a suitable property and wish to make an offer, we will 
submit this to the vendor both verbally and in writing.
Throughout the transaction, you should appreciate that Nexus acts for the vendor. We will have advised them of the value of their property, based upon our knowledge of the area and current market conditions at the time of our inspection.
Any offer you make on a property will be subject to contract and is not legally binding on you or the vendor.
Costs to Consider
There are a number of costs to be taken into account when buying a property and it is advisable to assess the total likely budget relevant to your purchase. Typically these will include
- Solicitors / Conveyancing fees
- Mortgage arrangement fees (if applicable)
- Stamp duty
- Survey fees (if required)
- Local authority search fees
- Removal costs
Our staff will be happy to assist if you require any help or advise on any of these matters,
Sale Agreed
Once an offer has been accepted by the vendor, we will arrange for the agreed terms to be confirmed in writing to all parties. As part of this process it is advisable to agree target exchange and completion dates in advance.
At this stage you will also need to formally instruct your solicitors, arrange a survey, if required, and ask your financial consultant to proceed with your mortgage application.
You should be aware that although this stage is commonly referred to as sale agreed, the terms are not legally binding (England and Wales) until contracts have been signed and exchanged.
Appointing a solicitor
Before a sale can proceed, you will need to appoint a solicitor or licensed conveyancer to process the legal work. Whoever you instruct will normally be appointed by the mortgage lender (where relevant) to fulfill their legal requirements as well. We are able to offer to appoint solicitors / conveyancers that offer competitive fees together with a No sale -No Fee Guarantee for both purchase or sale...
Legal Process
Once the vendor's solicitor has obtained the property title deeds and other relevant documentation, they will prepare a draft contract of sale. Your solicitor will examine all the papers and raise enquiries and related matters about the property and also carry out a land registry search.
A local authority search will also be submitted to reveal details of planning consents and related matters concerning the property together with any other material local issues.
Once your solicitor is in receipt of all replies to enquiries, satisfactory local search, your mortgage offer, a signed contract and deposit, they will then be in a position to proceed to exchange of contracts.
Appointing a Surveyor
If your are obtaining a mortgage the lender will normally require a surveyor to carry out a mortgage valuation. This will check for any major structural problems and provide a valuation to the mortgage lender. This does not provide a detailed survey of the property and provides no obligations to you.
However, you may wish to instruct a surveyor to carry out a more detailed homebuyer survey and valuation report or building survey (sometimes called a Full Structural Survey), which provide for a more detailed inspection of the property and should highlight any potential problem areas.
Mortgage Offer
Once issued, your formal mortgage offer will be sent to your solicitor with a copy to you. This will confirm the terms of the mortgage and deposit that you will be required to pay.
Contracts Exchanged
Subject to all formalities being completed, the contract is signed by the purchaser and vendor. The deposit, which is normally 10% of the purchase price, is forwarded to the vendor's solicitors, whereupon contracts will be formally exchanged. At this stage, the transaction becomes binding on both the vendor and the purchaser.
The completion date will be agreed by both parties prior to exchange of contracts and will normally be approximately between one and four weeks after the date of exchange.
After Exchange
After contracts have been formally exchanged, you will need to make arrangements to ensure your move proceeds smoothly on the day of completion. If you are selling and buying a property, this will involve a considerable amount of arrangements and it is advisable not to leave them to the last moment. Typical area's you will need to attend to are
- Arrange removals
- Confirm change of address
- Arrange contents insurance
- Arrange for services to be transfered
- Arrange buildings insurance
- Arrange for redirection of mail
- Ensure that appropriate Mortgage protection plans are put in place
Our staff will be happy to provide further help and assistance in respect of your move, should you wish.
Completion
Shortly before, or on the day of completion, the balance of purchase monies will be transfered from your solicitors to the vendor's solicitors account. Once the property has been vacated the solicitors will confirm that completion has taken place.
You can now collect the keys to your new home - Congratulations!
Our Service
Nexus are able to offer a comprehensive service and our administration team are available to support you through all aspects of buying your new home.
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Need help?...For a FREE initial discussion Fill out our enquiry form and we will be happy to answer any questions!! Alternatively, call us now on 01278 439494
Nexus Property & Financial Services Ltd is a sister company to Nexus Financial Planning and is in no way associated with or regulated by The Whitechurch Network Ltd or the Financial Services Authority.