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How long until Memorandum of Sale?
catflapuk
Posts: 60 Forumite
Hello,
I paid a reservation fee for a shared ownership property on Saturday and was told as the next step the memorandum of sale will be issued. I have passed on my solicitor's details and am waiting...
How loong does this usually take ? You'd think it is a matter of minutes but apparently it can take quite long?
I paid a reservation fee for a shared ownership property on Saturday and was told as the next step the memorandum of sale will be issued. I have passed on my solicitor's details and am waiting...
How loong does this usually take ? You'd think it is a matter of minutes but apparently it can take quite long?
0
Comments
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Depends, firstly how organized the estate agents are and secondly if the seller has instructed solicitors also. Memos won't get issued until the agents have been advised of both sets of solicitors acting.0
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Presumably, the HA is selling the property on a newbuild basis if you've made a reservation.
They have to confirm the rent, service charges and ground rent in the MOS so it's not the same as the EA version which simply carries four parties' names and addresses and the mortgage details for the prchaser.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Well, it is a new build from a housing association. So they have all info they needed (just from me).0
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kingstreet wrote: »Presumably, the HA is selling the property on a newbuild basis if you've made a reservation.
They have to confirm the rent, service charges and ground rent in the MOS so it's not the same as the EA version which simply carries four parties' names and addresses and the mortgage details for the prchaser.
So a week is totally normal ?0 -
Possibly. It would depend on where in the development they are. If you are buying one of the first plots, they may not have all the legal stuff in place yet.
As there are other things which can be going on, it shouldn't be too much of an issue, although Leeds BS for example puts a signed copy of the MOS in its initial requirements for a SO purchase.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for your reply. Sales launched some time ago and people have already moved in, so they should be sorted. To their credit... the lady who took my reservation and had my application form was out Monday and Tuesday, so they processed it on Wednesday, asked for my solicitors' details (which I sent straight away) and told me I'd have it by Friday. Well, I don't and I am sick with worry. Anyways, they were probably just busy. I hope.0
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Hi,
it actually came in very late on Friday. So it took exactly a week to get it ready and inform all parties about the offer.0
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