Memorandum of sale - what is it, when is it issued, etc

Bossypants

This is a term I've been googling a lot for the past couple of hours, and to be honest I'm just more confused than ever now, and stressed, because I'm not sure if I should be worried.


My situation, for context, is that I've had an offer accepted this past Tuesday. So far, the EA have seemed very correct: The offer was accepted within the timeframe expected (open day Saturday, best and final offers on Monday, acceptance on Tuesday), and the property was marked SSTC on Rightmove and their own website on the same day. I've also been proactive on my side, instructing solicitors on the same day and getting a survey booked in for tomorrow. So far, the communication from the EA has been good, but I'm still edgy over one thing, the memorandum of sale.


Basically, on the Tuesday, I asked for the EA to send a written confirmation that the offer had been accepted and at what price. They said they would be sending out a memorandum of sale as soon as they had both parties' solicitors details. On the Wednesday they called me up and said they were just waiting on the name of the individual solicitor who would be handling the file at the firm chosen by the seller, at which point they would issue it. On Thursday they sent me an email confirming that my offer of [PRICE] had been accepted by [NAME OF VENDOR], and that 'they should hopefully receive solicitors from the vendor within the next day, at which point they would draw up and send the memorandum of sale'. On Saturday I still hadn't had anything, so I mentioned it when I rang the EA to confirm the surveyor coming round on Monday. The guy I spoke to said he thought my main contact was just waiting on the 'pack' before sending the memorandum out, but that the solicitors were [LOCAL FIRM] and he would check whether they could send the memorandum out already.


So, my question is, how important is the memorandum, and should I be worried? The bidding finished well above the guide price, and I'm a cash buyer and trying to show myself as proactive as possible, but I'm buying (or trying to!) an unusual flat in the gazumping capital of Britain, so I can't help but be a little on edge.

G_M

It is a (legally meaningless) document stating

* property address
*who the buyer is
* who the seller is
* price agreed
* who the buyer's solicitor is
* who the seller's solicitor is

If not all the info is available (often one side has not yet appointed solicitor, or advised the EA) it will be delayed

Bossypants

Wow, that was quick, thank you!


Is it normal that they would need the specific person dealing with the case, and/or the 'pack' before sending it out? Sorry about the silly questions, I'm just wondering if they delay should be taken as a sign that the seller is not committed.

G_M

No the firm instructed is enough.

Delay might be postal. Or internal ineficiency at EAs. Or seller has not told EA. Or you have not told EA. Or ....

Chill.

The buying process is full of stress. It always takes longer, at every stage, than you expect. Or want. If you stress at this early stage you'll have a heart attach before you get to Exchange of contracts.

Bossypants

Thanks and duly noted.

Hoploz

I think they like to put an individual's name on the memorandum, so that they have the exact contact details, i.e. Correct person's email address and direct number, for circulation.