mutant

What exactly does this mean?

I had a phonecall from my solicitor tonight informing me that we have exchanged contracts today with a completion date at the end of March.

Our buyers are now asking if they can have a key to move in futrniture and decorate ahead of the completion date! I always thought that a buyer (or seller) could pull out of the deal at anytime before completion without penalty and walk away but my solicitor informs me that this is not the case.

Should we give them a key?

Elaine M

Hi,

The house isn't legally theirs until completion date so you shouldn't really give them a key beforehand; your solicitor would confirm this.

Think about it in insurance terms - in the UK you are responsible for insuring the property right up to completion date so would you take a risk on giving your buyers access while you're still liable?

Having said that many people do - I got the keys weeks before completion on the last house I bought in the UK and had building/electrical work done!

Your call in the end.

Elaine M

Wave the Sails

Sounds terrible but be cynical. Don't let them have access until after completion. OK it's unlikely anything will go wrong (and not without penalty on their part) but personally I would never risk it.

Give them the keys when the house is legally theirs. If you were still there they wouldn't be asking to move furniture in would they?

Good luck

spottydog

On Exchange they are legally bound to buy the property or forfeit, normally, 10% of the purchase prices as detailed in the contract that has been exchanged.

Personally I wouldn't give them they keys until completion as this is usually what happens and I wouldn't like to be sure of the legal position if anything happens to the house of them if you give them the keys earlier.

biggy

you dont give them your keys until the money is in your account.....at least we didnt anyways...........tell them if they want keys early then the dosh goes in ur account early....simple as that

mutant

That is what we are going to do. I will give the solicitor a bell tonight and let them know that they get the keys when we get the cash.

alrobson

Yep, all of the above are right. The house is still legally yours until completion and therefore you are responsible for it. As with 99.99% of these cases, everything is fine and normally it shouldn't be a problem, but I'd air on the side of caution and not let them in. They may find this petty but you have to think about the consequences!

Anyway, they are only trying to take advantage of the fact that you don't live in the house; if you were still there then you wouldn't be letting them in to decorate until you completed!!!

Nice to read a thread where someone has sold their house and actually exchanging contracts.

Adrian

mutant

Cheers mate. Just thought I should let you know though that this has dragged on since last June. We have "sold" the house three times and have now been paying a mortgage for a house we don't live in for the last five Months. The bugger better sell this time.

artep

Just out of interest....why the long gap between exchange & completion??

mutant

This is due to the fact that we had a renovation grant and on the 24th March 2000 so we would be liable to repay £27K to the local authority if we sell before this date. We are completing on the 25th.

artep

nice one!