Completion day - no keys?

overandout_2

Hello,

The situation is as follows. I am completing on a property tomorrow. I have just rang the EA, who tells me they do not yet have the keys and that the seller will bring those in tomorrow (the property is vacant).

Throughout the process, the seller has been rather unreliable - the kind that says she will bring the keys in to the EA on first thing monday (I had booked a gas survey for the afternoon), only to have them in on thursday.

My question is as follows. What happens if, by COB (which my solicitor says is 5pm), the EA does not have the key (even though the money has been transferred to the seller etc...)? I understand the seller will be liable to pay 4% + BoE base rate pro rata for the period during which she withholds the keys. But is the property legally mine by that time? Can I bring in a locksmith and 'break' in?

Any advice would be much appreciated! Thanks.

Gwhiz

Once you complete then the property is yours. If the seller does not turn up with keys I'd get all locks changed asap.

However - if you are not concerned moving in straight away I would tell the EA and your solicitor that you will not allow completion until the keys are available due to unreliability of the seller.

overandout_2

I understand the property will be mine, but I am not sure from what time (I would have thought as soon as the funds reach the seller's bank account but I haven't been able to confirm that).
As for bringing a locksmith in, would it be considered breaking and entering?

carlsberggal

If you have completed then the property is yours so you can't be considered as breaking and entering! Completion is anytime during the day until the banks close, so it won't be as late as 5.00 pm

overandout_2

If I legally own the property upon completion (and therefore do not care as much whether I get the keys and can break in anyhow), I guess my question would be 'when is completion?'. It is scheduled for this friday, but at which point during the day can I safely call the house mine (and break in if I have to)?

Hopefully all we go according to plan, but I have various commitments scheduled on the following Monday that I cannot afford to break.

If I do find myself in the situation above, where I have to break in - can the seller be liable for all costs involved?

Gwhiz

Completion is when the monies have landed where they should and your solicitor tells you. It's not a time you can set in the future - it is when it is.

jamesperrett

Gwhiz wrote: »

Completion is when the monies have landed where they should and your solicitor tells you. It's not a time you can set in the future - it is when it is.

More often in my experience the vendor's solicitor will call up the vendor's estate agent when the money has arrived and tell them to release the keys. It was around 3:30pm for our last house move, despite us being the only middle link in the chain.

Cheers

James.

sprocker1

We compleated exactly two weeks ago on our house........

The completion was done by 1230 (ish) and my estate agent, rang to congratulate us. (followed swiftly by our solicitor!!)

To be honest as soon as you know FOR SURE from YOUR SOLICITOR. I would go in With or Without the keys and change ALL of the locks.

If they are still in the property then they risk breach of contract etc, i'm not an expert on here but, to breach will cost £000.0000'S

Is there any real reason that you feel they won't deposit the keys on time??

Good luck anyway
x

puddy

ours was dead on midday, when the EA rang to say the money had gone through (our solicitor didnt bother), and the removals people said it was the quickest they'd seen, they finished by 3ish and were really happy (as was i)

brightonman123

maybe too late to get cost of new locks taken off purchase price? i would insist on keys lodged with agent, or threaten to cancel deal..

or'arrange' for the (empty?) house to be, ahem, 'visisted' by someone with a swag bag during the night..

surely then the seller would want to secure his property, to prevent squatters from putting kybosh on the whole deal..

house dealing 1.0.1 by totally misinformed brightonman123!