The process of buying

khanji17

Hi everyone,
Apologies if this has been asked before, but I would like to know what is involved and at what stage in the process of buying a house in a chain? 
I have heard about searches, valuation, completion, exchange but don't fully understand what they mean and what steps are involved.
Any explanation will be appreciated.

ss2020jd

Hi there are plenty of guides that can explain the process in detail. I’ve posted some helpful links below and a very rough, quick explanation here. 

Basically the valuation can be the valuation the estate agent values the seller’s property at for marketing.  It can also relate to the buyer’s mortgage valuation for lending purposes.

Searches are done by the buyer’s solicitor and they can cover a range of things such as planning, drainage, local authority searches. 

Exchange is when the solicitors exchange contracts between the buyer and seller and the deposit is paid to the seller. Then completion is when the sale completes and the balance is paid, the keys are handed over and the seller vacates the property and the buyer becomes the new owner. 

https://www.which.co.uk/money/mortgages-and-property/first-time-buyers/buying-a-home

Specifically in a chain:

https://www.which.co.uk/money/mortgages-and-property/home-movers/selling-a-house/how-to-manage-a-property-chain-almcm7g0uyt3

greatcrested

https://www.waterstones.com/book/buying-property-for-dummies/karin-derkley//9780730375562

https://www.waterstones.com/book/buying-and-selling-a-home-for-dummies/melanie-bien/9780470994481

ChloeManoey

It's pretty important you learn to do your own research rather than coming here to be spoonfed. You'll miss huge chunks if you base all your info on replies to this one solitary thread! Plenty of resources out there. Any actual specific questions, this is your place!