FTB Getting Keys on Friday, Any Tips Or Advice?

londonlydia

Not to scare you *please!*, but last month my friend's house buy fell through at key exchange. Basically the exchange date got moved to the following week, and then when they rang up to confirm some details with the solicitor I think it was, they were told it had fallen through! The guy living there had lost his job, and said he was sorry but couldnt afford to move anymore.

Now I didn't even realise you could do this once contracts had been signed etc- but obviously you can, so until the keys are in your hand you're not 100% safe. My friend had arrangements to move in the next week, and all her stuff was already in boxes. Luckily she didnt lose too much money as the solicitors agreed to waive the fee if they used them for the next house, and as she works for another property solicitors she got most things very cheap and only lost the money for searches.

hazyjo

londonlydia wrote: »

Not to scare you *please!*, but last month my friend's house buy fell through at key exchange. Basically the exchange date got moved to the following week, and then when they rang up to confirm some details with the solicitor I think it was, they were told it had fallen through! The guy living there had lost his job, and said he was sorry but couldnt afford to move anymore.

Now I didn't even realise you could do this once contracts had been signed etc- but obviously you can, so until the keys are in your hand you're not 100% safe. My friend had arrangements to move in the next week, and all her stuff was already in boxes. Luckily she didnt lose too much money as the solicitors agreed to waive the fee if they used them for the next house, and as she works for another property solicitors she got most things very cheap and only lost the money for searches.

Contracts are signed before exchange so they're in place ready to exchange when all parties are ready.

Signing them signifies naff all, other than you're ready to exchange soon.

Keys are passed over on completion, not exchange. Sometimes this can be done on the same day, but usually there's a week or two inbetween dates.

Once you've actually exchanged, it's very unlikely that the sale will fall through. Most solicitors never experience it in their careers.

I would never pack a box (unless to declutter), or arrange removals, connection of services, etc before exchanging.

Jx