diff --git a/electrum/gui/qml/components/WalletDetails.qml b/electrum/gui/qml/components/WalletDetails.qml
index ea1052063..85da196f5 100644
--- a/electrum/gui/qml/components/WalletDetails.qml
+++ b/electrum/gui/qml/components/WalletDetails.qml
@@ -528,6 +528,9 @@ Pane {
             })
             dialog.accepted.connect(function() {
                 var success = Daemon.currentWallet.setPassword(dialog.password)
+                if (success && Config.walletShouldUseSinglePassword) {
+                    Daemon.singlePassword = dialog.password
+                }
                 var done_dialog = app.messageDialog.createObject(app, {
                     title: success ? qsTr('Success') : qsTr('Error'),
                     iconSource: success
diff --git a/electrum/gui/qml/components/Wallets.qml b/electrum/gui/qml/components/Wallets.qml
index 52dc31720..f9c9f84e3 100644
--- a/electrum/gui/qml/components/Wallets.qml
+++ b/electrum/gui/qml/components/Wallets.qml
@@ -121,7 +121,21 @@ Pane {
             Layout.fillWidth: true
             text: qsTr('Create Wallet')
             icon.source: '../../icons/add.png'
-            onClicked: rootItem.createWallet()
+            onClicked: {
+                if (Daemon.availableWallets.rowCount() > 0 && Config.walletShouldUseSinglePassword
+                    && (!Daemon.singlePassword || Daemon.numWalletsWithPassword(Daemon.singlePassword) < 1)) {
+                    // if the user has wallets but hasn't unlocked any wallet yet force them to do so.
+                    // this ensures they know at least one wallets password and can complete the wizard
+                    // where they will need to enter the password of an existing wallet.
+                    var dialog = app.messageDialog.createObject(app, {
+                        title: qsTr('Wallet unlock required'),
+                        text: qsTr("You have to unlock any existing wallet first before creating a new wallet."),
+                    })
+                    dialog.open()
+                } else {
+                    rootItem.createWallet()
+                }
+            }
         }
     }
 
diff --git a/electrum/gui/qml/qedaemon.py b/electrum/gui/qml/qedaemon.py
index c31937d51..72e618b0c 100644
--- a/electrum/gui/qml/qedaemon.py
+++ b/electrum/gui/qml/qedaemon.py
@@ -356,8 +356,21 @@ class QEDaemon(AuthMixin, QObject):
 
     @pyqtProperty(str, notify=singlePasswordChanged)
     def singlePassword(self):
+        """
+        self._password is also set to the last loaded wallet password if we WANT a single password,
+        but don't actually have a single password yet. So singlePassword being set doesn't strictly
+        mean all wallets use the same password.
+        """
         return self._password
 
+    @singlePassword.setter
+    def singlePassword(self, password: str):
+        assert password
+        assert self.daemon.config.WALLET_SHOULD_USE_SINGLE_PASSWORD
+        if self._password != password:
+            self._password = password
+            self.singlePasswordChanged.emit()
+
     @pyqtSlot(result=str)
     def suggestWalletName(self):
         # FIXME why not use util.get_new_wallet_name ?