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Original poster

House sale and purchse - when to hand over keys?

83 replies

TulipsInBloom1 · 18/10/2018 22:03

Probably a daft question!

I know I need to leave the house once funds have cleared from our buyers. Do I take the keys then, or do I wait for confirmation that my purchase has also gone through?

Ive been warned that some solicitors put the money on the market for 24 hours and delay the next step in the chain - please tell me this is nonsense!

I absoloutley do not want to find myself homeless for the night!

OP posts:
MismatchedStripySocks · 18/10/2018 22:09

‘Money on the market’

What does that mean?

HunterHearstHelmsley · 18/10/2018 22:10

It's not relevant if your purchase has gone through.

Iscreamforbenandjerrys · 18/10/2018 22:11

Nonsense. You pack and hand keys to estate agents. When money is received the solicitor rings the agents and releases the keys.

Bluntness100 · 18/10/2018 22:12

I don't know what on the market means either,

Basically your completion agreement will state a time. It's normally about noon. Money has cleared and you need to be out and keys handed over by the time you've agreed. Ask your solicitor if you're not sure.

Iscreamforbenandjerrys · 18/10/2018 22:13

Delaying the chain would be breech of contract and just would not happen to invest the money. You could be struck off for less!

Iscreamforbenandjerrys · 18/10/2018 22:14

The time is usually irrelevant too. It's all down to the speed of each solicitors accounts department, the banking system and your place in the chain.

Original poster
TulipsInBloom1 · 18/10/2018 22:15

Ok thats a relief. Money on the market meaning floating on the stock market apparently. I never even knew it was a thing.

So I just pack, leave, hand keys in and hope EA doesnt hand them over before funds arrive?

OP posts:
Original poster
TulipsInBloom1 · 18/10/2018 22:16

We are selling to a ftb and buying from someone with nothing else to buy. So we are the middle of three.

OP posts:
Jessbow · 18/10/2018 22:16

Your sale and your purchase have no bearing on each other, although they need to dovetail if possible.

When your buyers funds have cleared the house it technically theirs, yours, if that is the plan, should complete at a similar time unless you know that everything is perhaps going into storage and you plan to rent or something similar.

Its often noon, but 2pm isn't unusual.

InfiniteSheldon · 18/10/2018 22:16

The buyer collects keys from EA I've always just left all my keys on the mantlepiece/kitchen worktop

Bluntness100 · 18/10/2018 22:18

The money goes into an escrow account. It's very tightly controlled. Someone is winding you up, it's not " a thing. "

Confused
overagain · 18/10/2018 22:18

You hand over the keys once your buyer has paid for the house. It is then there house.

If your purchase falls through at the 11th hour that is your (unlikely) problem.

If you do not hand over the keys once your buyers funds are cleared you will be in breech of contract and incur any costs you cause your buyer (e.g. a waiting fee charged by the removals company, storage of belongings until you do move out, hotel and meal costs).

If you have exchanged contracts and your seller does not hand over the keys, they will be liable for any charges you incur as a result of this (e.g. a hotel for the night).

Original poster
TulipsInBloom1 · 18/10/2018 22:18

Bluntness thank goodness.

OP posts:
Bluntness100 · 18/10/2018 22:20

The agent knows what they are doing, they won't release the keys until the funds are cleared and the solicitor confirms to them.

Iscreamforbenandjerrys · 18/10/2018 22:20

I've never known an estate agent to fuck that up. Too damaging for their reputation. Aim to be out by lunchtime. Go for lunch somewhere and wait for the phone call.

I've only had a handful of failed completions, one where someone died between exchange and completion and a few when one of the big banks' systems went down. Even then, if everyone is using local solicitors, deals can be done so it's not a total disaster. We have negotiated 'storing the furniture' in the new property and a night in a hotel for example.

CountFosco · 18/10/2018 22:21

We took the keys to the estate agent once we were out of the house (and after the money had all gone through). We had a good relationship with our sellers and they called me as soon as they heard we'd completed and I popped round for a chat and the keys.

Original poster
TulipsInBloom1 · 18/10/2018 22:22

Going for lunch sounds a great idea Grin. I will do that.

Do the van team just sit and wait outside the new property til I then arrive with the keys? Gosh they could be hanging around for hours!

OP posts:
Bluntness100 · 18/10/2018 22:22

It's very very rare for a sale not to compete after exchange. There is a huge financial penalty for the party who did not complete.

Original poster
TulipsInBloom1 · 18/10/2018 22:23

Im meant to be exchanging tomorrow

OP posts:
Bluntness100 · 18/10/2018 22:24

Op, no, you have a completion time in your exchange agreement. Noon, two pm whatever. On the house you're buying the sellers, like you, will have a time when they need to complete by. You then arrange for rhe removals van to turn up at that time, give or take how long it takes you to pick up the keys and get to the property.

overagain · 18/10/2018 22:25

TulipsInBloom1 check your removals people don't charge a waiting fee.

Original poster
TulipsInBloom1 · 18/10/2018 22:26

So if I need to be out by noon, do I get the van to come at say 10am? Load up, I drop keys while they drive to new place, then we all wait for the seller of that place to leave and take keys to EA?

OP posts:
Bluntness100 · 18/10/2018 22:29

TulipsInBloom1 check your removals people don't charge a waiting fee

On the house she is buying it will say they have to complete by noon on x date (or whatever) that's the time she can pick the keys up from the agent. If the sellers do not complete at that time and hand over the keys, and remain in what is then her new house, they are liable for costs she incurs.

The same with the one she is selling. It will say compete by x time on x day, this is the time the money has to be through and the keys with the agent, if she doesn't do it, then she is liable for costs her buyers incur.

Original poster
TulipsInBloom1 · 18/10/2018 22:31

Oh thats helpful! So if im meant to get keys for new house at 2pm, and my removals cant get in to unpack til 3pm can I claim back that extra hour?

OP posts:
Bluntness100 · 18/10/2018 22:34

Normally yes, you can charge the sellers if you can't get in and you incur costs. Speak to your solicitor. It could cost you more in solicitors fees than the removal men cost you to claim it though.