The Solicitor
Once the buyer’s solicitor has received the mortgage advance and purchase monies this can be sent to the seller’s solicitor through the CHAPS system (a means of transferring monies between banks). The seller’s solicitor should notify the buyer’s solicitor to confirm monies have been received and the keys can then be collected. The seller’s solicitor will contact the estate agent, if they are holding the keys, to confirm they can be released.
The Estate Agent
If the estate agent is holding the keys they will be notified by the seller’s solicitor to release them, but only when the purchase monies have been received and cleared.
The Seller
The seller should notify the estate agent prior to completion as to whether the keys will be delivered to the agents’ office for collection by the buyer or if they are to be handed over directly, at the house.