If you’re buying a house in the UK and wondering when you’ll get the keys, it all comes down to what’s called ‘completion day’. This is the final step in buying your house, where everything is officially done and the house becomes yours.
Completion: The Big Day
Think of completion day as the grand finale of your house-buying journey. It’s the day when the house officially becomes yours. Typically, this happens about 7 to 28 days after you and the seller officially agree to the sale (this agreement is called an ‘exchange of contracts’). On completion day, the money you’re paying for the house gets transferred to the seller. Once this is done, the seller’s solicitor confirms the payment, and voila, you get the keys to your new home.
You will normally arrange to collect the keys from the estate agent or, in some cases, the seller themselves.
Exchange of Contracts: Sealing the Deal
Before completion day, there’s a crucial step called ‘exchange of contracts’. This is when you and the seller make a formal agreement to go ahead with the sale. It’s a big commitment because, at this point, you pay a deposit, and if you decide not to buy the house after this, you could lose this money and face legal trouble. So, this is when things get really serious.
Key Undertaking: A Consideration for Early Access
In the UK house-buying process, you normally get the keys on completion day. However, in some cases, you might hear about a ‘key undertaking’. This is a less common approach where the buyer might get access to the house after the exchange of contracts but before completion. It’s important to know that, generally, sellers shouldn’t hand over the keys until completion. You can, of course, allow access for surveys or similar activities, but this should always be supervised.
Having an experienced solicitor is crucial. They will guide you on whether to grant access to the property. If access is needed before completion, this can
be arranged through a key undertaking. This is a special agreement prepared by a conveyancing solicitor. It allows the seller to give the buyer keys, and hence access, before the final completion. This early access is usually granted so buyers can start necessary works on the property.
With a key undertaking, the buyer agrees not to take possession or move into the property. They can start work, but can’t move their personal belongings in. This method comes with risks. The most significant is that the seller can still back out of the sale. If this happens and you, as the buyer, have already spent money on renovations or improvements, you can’t hold the seller responsible for these costs.
Key undertaking offers a solution for early access, but it’s not straightforward. It involves additional legal work and carries significant risks for both buyer and seller. Due to its complexities and potential financial risks, it’s not a widely used practice. Always consult with your solicitor to understand the best course of action for your specific situation.
Getting Ready for the Big Move
It’s important to plan your move well. Once you know the completion day, you can book a moving company and start packing. Good communication with your conveyancing solicitor (the legal expert helping you purchase the house) is key. They should keep you updated, and you should be easily reachable in case any issues come up.
In short, in the UK, you usually get the keys to your new house on completion day, which is the final step in the buying process. While there’s an alternative method called ‘key undertaking’, it’s complex and not often used. The key to a smooth house purchase is good planning and staying in touch with your conveyancing solicitor.
