Key exchange - Completion

TCPPC

Hi

I'm finally exchanging tomorrow...slight problem.

My seller upward chain won't release their keys until 4.30pm

is this reasonable?

Plus the seller wants more time to move out?

I am willing to be flexible i.e give them another day they can leave some stuff behind and collect later but collecting keys at 4.30?

should i reason with them

Mrs_Soup

I would say no. If the money has gone through to their bank for purchase earlier than that then I think they don't have that right as the property is then yours. Normally people move about lunchtime otherwise your removal guys end up on overtime. My vendors decided to do their move themselves and were still in the house when we had paid and collected the keys. We unpacked around them as they finished packing.

ethank

Speak to your solicitor - if you are getting any lending - they will insist on vacant possession - you cannot complete if they are still in the property - so no money can be sent.

Banking for same day payments generally closes between 3pm - so if you are in a chain you need to work back so that the last buyer gets money by 3pm.

G_M

If they do not grant you access on 'Completion', you can in theory claim for your expenses eg extra time your removal company are employed hanging about waiting.

Check your contract - it probobly specifies 12.00 for Completion. But certainly Completion takes place when you transfer the money.

eddddy

To be clear:

- are they asking for a 4.30 completion time to be written into the contract?

Or - will the contract say 12 noon, but they are informally asking to not move out until 4.30pm?

I would say both are unacceptable, but if it's the former you need to get it resolved before exchange. If it's the latter, you can resolve it after exchange.