As Chris says, the key must rotate about 300deg before it will latch.
The latching mechanism is right next to the key, the pin that has a semi circular collar controls the latch, and is used to releases the key when the lens mounted to the body. Probably it is sticky with grease, and is not latching the key. This fix is pretty easy and cheap.
However, if the grease is thick and sticky there, it's usually a sign that there are similar issues with the shutter and aperture. Then it gets more expensive.