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What happens on completion day?

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Help1234
Help1234 Posts: 464 Forumite
Sixth Anniversary 100 Posts Name Dropper
edited 4 January 2022 at 6:09PM in House buying, renting & selling
Hi,

I have exchanged and wondering what happens on completion day? I cannot really remember from when I bought. Will we be notified by our solicitors we have completed and wait for this before handing over keys? Our buyer is trying to arrange what time to collect the keys but can we arrange a time or do we have to wait?

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  • Flugelhorn
    Flugelhorn Posts: 7,330 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    The people who know that completion has taken place are usually the vendor's solicitors as they receive the money. I recently completed on the purchase of a property and my solicitor e-mailed / phoned me to let me know, I was then called by the estate agent to let me know I could collect the keys, I presume they had been phoned by the vendor's solicitor. 

    The answer is that you have to wait until the money is in the vendor's solicitor's account before the keys can be handed over 
  • canaldumidi
    canaldumidi Posts: 3,511 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Completion happens when the money arrives, not at some pre-arranged time. The contract usually stipulates a time (12 noon? 2.00pm?) but in practice the money might arrive sooner, or later.
    When it arrives, the buyer's solicitor will confirm receipt and the seller can then release the keys from wherever they are - often the EA has them, but it could be a neighbour, the seller themselves, or under that stone dwarf in the front garden.
    So the buyer'ssolicitor will inform his client (buyer) that they can now collect, and the seller will be told to release.
    Until then, the buyer, and their removal van, might have to just sit outside the house waiting......
  • Help1234
    Help1234 Posts: 464 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    OK I’m the vendor so that’s good to know! 
  • canaldumidi
    canaldumidi Posts: 3,511 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Help1234 said:
    OK I’m the vendor so that’s good to know! 
    Then you need to decide what to do with the keys eg leave with EA, neighbour, under the dwarf.... and then wait till told your money has been received. Once your solicitor has received the £, you can tell the EA, neighbour, dwarf etc to release the keys, or pop over to the house and hand the keys over yourself (but don't leave the buyer waiting.......!)
  • Flugelhorn
    Flugelhorn Posts: 7,330 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    House purchased during lockdown had keys in one flowerpot under another flowerpot ... much antics finding exactly which flowerpot they were referring to  :/
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