Stupid question - completion day - how does it work?

Levs01

Hi,

This may seem a stupid question but I am worried about something my buyer said.

On the day we complete obviously the completion moves up the chain as exchange did. So does that mean the keys get released that way too or do they all get released when the last person in the chain completes?

Thanks

G_M

Are you using a conveyancer?

If so, when he receives the money on your sale (if you are selling) he will send the money to your seller (or seller's conveyancer).

When your seller's conveyancer receives the money he will advise whoever holds the keys (estate agent? seller? next door neighbour?) that Completion has taken place and the keys can be released.

It could be 11 in the morning, or 5 in the afternoon......

Levs01

Thanks GM. I get how the money moves up the chain but what I'm wondering is, if when our buyers money goes to my solicitors, his purchase is then complete so does he get the keys then or does he have to wait until my solicitor forwards our money onto our vendors solicitor and the whole chain is complete? (Our vendors are top of the chain)

I'm trying to work out if I'm going be be homeless for an hour, two, several between my buyers purchase completing and my purchase completing.

G_M

Your solicitor will release your keys once you've been paid as your sale will be Complete.

The practicality is that everyone packs in the morning ready, and then either waits, or transports stuff and then waits.

Sometimes there is overlap where someone is disorganised or leaves packig to last minute, and a buyer turns up with a removal van to find the seller still packing, even though Completion has happened.

Levs01

Ok, thanks. So potentially yes, could be waiting and hour or two (or several) after we give up the keys to our current house. Well, that's a bit scary. Only ever been the bottom of the chain before so not had this before.

AnotherJoe

To answer your question, the keys effectively move up the chain. The first house in the chain will have their keys released first, as the money reaches them first, and so on upwards. Otherwise they'd keep the first people waiting until the last one completed and impose unnecessary delay on people lower down in the chain.

So yes you will be homeless for an hour or two. Classically waiting in a van or car to be phoned and told you can now collect the keys.
And as G_M says this doesn't necessarily affect sellers, friends of mine last year ended up helping their vendors move out as they were doing it themselves, incompetently, in order they could start moving in and that didn't happen until well after 5pm, and they had to pay their removal people more..

Bonfire_Bride

I can imagine Levs! We are going to be waiting around 6 weeks! Haha!


We are moving out next Thursday and will return on Friday morning to check we have taken everything and the place is clean. Completion takes place on Friday.


It sounds so confusing... i would hate to be at the top of the chain.

Levs01

Thanks all. We are moving ourselves but we will be ready to be out when told to go. I just wasn't sure how it worked. Thanks again.

G_M

Levs01 wrote: »

Thanks all. We are moving ourselves but we will be ready to be out when told to go. .

I wouldn't wait. Just pack and go.

It's waiting to move in that you have to do!

jackomdj

AnotherJoe wrote: »

friends of mine last year ended up helping their vendors move out as they were doing it themselves, incompetently, in order they could start moving in and that didn't happen until well after 5pm, and they had to pay their removal people more..

The same happened to us. The people we were buying from hadn't packed and had a small van that would have taken about 5 trips, having to use a ferry which got progressively busy at rush hour. We put all our stuff in one room and loaded up our van with their stuff which my Dad then drove to their new house (with one if them in the van).

With this house we got the keys (one front door key) the night before when we dropped our tv off! The next day once the house was ours (easy transaction as they were emigrating and we were keeping our old house, plus using different conveyancer sat the same firm) she called us to let us know she was out and I went over to collect the keys which were on the kitchen side.

PasturesNew

AnotherJoe wrote: »

...ended up helping their vendors move out as they were doing it themselves, incompetently, in order they could start moving in and that didn't happen until well after 5pm..

Mine were incompetent movers too... finally finishing well after 5pm even though I'd had the "you can get the keys" phone call at 10am that morning. In fact, I had the keys in my hand from about 10:10....

I was in rented and had booked a man/van for the day following completion, so I wasn't inconvenienced.... but there was the potential for that to have occurred.

I kept driving past the road until I saw all the windows were closed and their moving van had gone, then I let myself in.