Completion Day No Keys: Can You Change The Locks?

Completion day is the final stage of the home buying process, the day when funds are transferred from the buyer to the seller, keys are exchanged, and moving begins. However, sometimes things don't go as planned, and buyers may find themselves in a situation where they don't have the keys to their new home on completion day.

In this insight, we'll explore the reasons for this predicament, what to do if it happens to you, and how to avoid this scenario. We'll also answer important questions such as "Is the property legally yours after completion day even with no keys?" and "Can you change the locks on completion day?".

Key Takeaways

• Completion day is the final stage of the home buying process, involving the transfer of funds, key exchange, and property ownership registration.
• Issues may arise, leading to a completion day no keys situation, caused by problems such as fund transfers, miscommunication, or disputes over fixtures.
• The property legally becomes yours on completion day, even without the keys, but it's important to work with your solicitor to resolve the issue promptly.
• Changing locks on completion day is generally not recommended without the keys, but consult your solicitor for guidance if necessary. To avoid such situations, set a realistic completion date, maintain open communication, and have backup plans in place.

Understanding a Completion Day No Keys Situation

Before diving into the specifics of a completion day no keys situation, it's essential to understand what completion day entails for both buyers and sellers. The date for completion is decided beforehand by the buyer and the seller, and it typically takes place 1 to 4 weeks after the exchange of contracts. 

For Buyers

On completion day, the following events usually occur:

• Funds are transferred from the buyer's solicitor to the seller's solicitor.
• The estate agent is then asked to release the keys to the house.
• The agent calls the buyer's solicitor, who then informs the buyer that the keys are ready.
• The buyer is registered with the Land Registry as the owner of the property.
• The buyer's solicitor pays the Stamp Duty.

For Sellers

On completion day, sellers are typically responsible for the following:

• Fully vacating the property at the agreed-upon time.
• Confirm their move-out status with their solicitor.
• Assisting their solicitor in contacting the estate agent to release the keys.
• Completing any pending transactions and settling outstanding fees.
• Initiating the process of changing the owner's name with the Land Registry.

It's normal practice for the seller of your new property to leave their keys with their estate agent. You should enquire if that is the plan and agree to either collect the keys at their office, or at the property. 

Remember, just because completion day has arrived, you are not the legal owner until you have managed to complete. Drastic measures like changing locks too early could result in legal issues.

Do You Have to Pick Up the Keys on Completion Day?

When it comes to picking up the keys on completion date, it is typically the preferred arrangement as it allows for a smooth transition into your new property. However, it is important to understand that there are no rigid rules dictating the timing of completion or key collection. In some cases, delays or logistical considerations may make it more practical to arrange to pick up the keys a day or so after completion.

If you find yourself in a situation where picking up the keys on completion day is not feasible, you can discuss alternative arrangements with your solicitor and estate agent. They can help facilitate a delayed key collection that aligns with your circumstances. It could be a matter of coordinating schedules, ensuring all necessary paperwork is in order, and agreeing on a convenient time for both parties.

The key priority is to maintain open communication and work together to find a suitable solution. Ultimately, the goal is to ensure a smooth handover of the keys that accommodates your needs while adhering to the legal and administrative requirements of the property transaction.

Reasons for a Completion Day issues

In most cases, completion day proceeds smoothly, with buyers receiving the keys to their new home without any issues. However, in some instances, delays can occur, resulting in a completion day no keys scenario. Some common reasons for this include:

• Delays in fund transfers between banks in the property chain.
• Miscommunication between the buyer, seller, solicitors, or estate agents.
• Seller's failure to vacate the property on time or hand over the keys as agreed.
• Disputes over fixtures and fittings included in the sale.

What To Do If You Don't Have The Keys On Completion Day?

On completion day, if you find yourself without the keys to your new property, the first course of action is to attempt to contact the relevant parties involved in the transaction. Here is a priority list of individuals to reach out to:

Your Solicitors

Get in touch with your solicitor immediately to inform them about the situation and seek their guidance on the next steps.

The Seller's Agent

Contact the estate agent representing the seller to ask about the status of the keys and any potential reasons for the delay.

Your Agent

Reach out to your own estate agent, who can assist in coordinating communication between all parties involved and help expedite the resolution.

The Sellers' Solicitors

Get in touch with the seller's solicitor and enquire whether they have heard of any issues that have arisen. Normally, your own soliictor will be in contact with them anyway.

The Seller (if possible)

If you have the contact information for the seller, try to reach out to them directly to discuss the issue and explore possible solutions.

It's important not to panic. While it may initially seem may disorganised, it's worth remembering that completion day can often run until the close of business. In most cases, despite the initial delay, things tend to work out as they should. As many of the parties involved will be working hard to resolve any delays, try not to get in the way of this by panicking. That said, your solicitor should be keeping you updated at all stages. Do not hesitate to ask for updates. 

If you have completed on the new property but still do not have keys, contact your solicitor for advice on appropriate next actions. 

Is the Property Legally Yours After Completion Day Even with No Keys?

The short answer is yes - once the funds have been transferred and the necessary paperwork completed, the property is legally yours, even if you don't have the keys. However, this doesn't mean you can immediately take possession of the property without the keys. Work with your solicitor and estate agent to resolve the issue and obtain the keys as soon as possible.

Can You Change the Locks on Completion Day?

While it's generally not recommended to change the locks on completion day without first obtaining the keys, there may be circumstances where this is necessary. If you find yourself in this situation, consult with your solicitor to determine the best course of action. They may advise you to hire a locksmith and change the locks, but be prepared to cover the cost and ensure you have the legal right to do so.

Tips to Avoid Completion Day Issues

To minimise the risk of any completion day issues, consider the following tips:

• Do not rush into exchanging contracts and set a realistic completion date.
• Ensure that a deposit is paid upon the exchange of contracts to secure the sale.
• Communicate with your solicitor and bank to ensure prompt payment processing.
• Transfer funds to your solicitor's account at least one day before completion day if you're buying with cash.
• If possible, arrange to move some belongings to a storage unit or the new property's garage ahead of time.
• Research and hire a trustworthy moving company with flexible storage options.
• Clearly discuss with the seller what fixtures and fittings are included in the sale.
• Maintain open communication with your solicitor and take their advice.
• Be prepared for potential delays and have a backup plan in place for temporary accommodation if necessary.

In 99% of cases, completion day goes smoothly, and buyers can take possession of their new home without any issues. However, it's essential to be prepared for the possibility of a completion day no keys situation. By understanding the reasons for this scenario, knowing your legal rights, and following the tips provided in this insight, you can minimise the risk of delays and ensure a seamless move into your new home.