Who gets keys first on completion day?

RyanAnon

Hi everyone,

We’re completing tomorrow and, not that it’s really that important (but I’m in a hole trying to understand it all!), I was just wondering how the money transferring works on completion day and who gets keys first. 

We have 4 properties in our chain. We’re FTB. 

Am I right in thinking on completion day it starts with our solicitors transferring money to our seller’s solicitors and then the last one to receive the money is the person who is only selling?

So would that mean as FTB we get our keys first? 

Sorry - made the mistake of asking Grok and it’s confused me so much!!

housebuyer143

Yes, you will get yours first 👍 
Enjoy your new home 

Bigphil1474

Chain always starts at the bottom, and you're at the bottom. You literally wait for the call to say the money has been sorted, the house is yours, and either collect keys from the EA or the house itself, whatever you arranged. Hopefully, the sellers will have moved out by then. Good luck.

Herzlos

You buy house #1, they use the money to buy house #2, who use the money to buy house #3, who use the money to buy house #4, who keep the money. 

So whilst everything needs to be lined up your transaction should be done pretty quickly and you'll be able to pick up keys as soon as your money is recieved.  

bobster2

Worth adding - once your purchase (the first in the chain) completes what happens further up the chain is not your problem.

Once your sellers have your money - they need to vacate and you should get the keys. Even if there's some delay with their onward purchase.

RyanAnon

Thanks all! Had a call at 11am to say it's all complete and we can collect the keys whenever!  

Tabieth

RyanAnon said:

Thanks all! Had a call at 11am to say it's all complete and we can collect the keys whenever!  

Congratulations. 

saajan_12

Congratulations!
For any future reader, the keys handover isn't necessarily sequenced from the bottom of the chain though. The money IS usually in order from the bottom of the chain, since your seller likely needs it to buy the next property etc. However the keys are going to be ready whenever your seller has moved out and handed over the keys. They likely won't have anywhere to move into immediately, so would usually move out and have all their possessions in a van outside their new property. 

In the extreme if they wanted to move in before they give you their keys, then the sequence could be in reverse, eg in a chain of 4, the FTB A transfers money to B, B transfers to C, C transfers to D, D hands over keys to C, C hands over keys to B, B hands over keys to A.