When can we get keys...

M

Moneymoo

Registered User
Messages
13
hi all,

We hope to sign the contract for our new home in 2 weeks. I'm just wondering when we get the keys - is it once the contract is signed or does the money have to clear the estate agents bank a/c before they hand over the keys???
Thanks
 
Money has to clear usually.

Once the auctioneer gets notification from seller's solicitor that they have the money the keys are released.

Auctioneer won't hand over keys until instructed to do so. Vendor may even have said it specifically to solicitor and auctioneer that keys aren't to be handed over until money is confirmed in the account.
 
Closing is usually a couple of weeks after signing contracts, or at least it used to be. It should be stipulated in the contract. Your solicitor will release the money to their solicitor when everything is ready, and then you'll get a phone call to go get the keys.
 
Moneymoo said:
hi all,

We hope to sign the contract for our new home in 2 weeks. I'm just wondering when we get the keys - is it once the contract is signed or does the money have to clear the estate agents bank a/c before they hand over the keys???
Thanks
Click to expand...

Be clear. Are you just signing contracts? Which is the start of the legal process? And completion will be soon after- depending on whether there are any complications. Or do you hope to have a closing/completion date then, when you hand over closing funds ( usually by way of Bank Draft) in which case you will get the keys on that date. Have you your purchase /loan funds now?

And of course you should just ask your own solicitor who will know what is going on in your specific circumstances and can give you a very clear answer.

mf
 
we have all the small bits done, house insurance, life ins etc. Our solicitor is on holidays next week and we had hoped to move in on Oct 1st :-(
so it gives us a week to sign and get keys - not likely I guess
 
Moneymoo said:
we have all the small bits done, house insurance, life ins etc. Our solicitor is on holidays next week and we had hoped to move in on Oct 1st :-(
so it gives us a week to sign and get keys - not likely I guess
Click to expand...

Did you sign initial contracts?
 
no, some work needed to be done and we couldn't sign until it was completed - all work is now finished
 
From signing contracts and handing over deposit. It normally about 8/10 wks depending on solicitors. U have to keep on ur solicitors back. The date will be in contract and when all is done estate agent will hand out keys when both solicitors are happy.
 
Normally the keys are released on a legal undertaking that the funds are to be transferred. However in these uncertain times anything can happen. You should ask your solicitor tomorrow that if you pay an additional amount on exchange would the vendor be willing to release the keys.
 
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