Memo of sale

claz83

Advice needed please to stop me being a crazy person.

We accepted an offer on our property two weeks ago but are still waiting for the memo of sale. Estate agents tell me it doesn't get issued in branch and they're waiting for one more piece of paperwork from our buyers before passing to their 'progressions team' who issue the memo. Our buyers came round for a second viewing on Monday and seemed super keen to move in but our solicitor can't do anything without the memo and I'm getting nervous.

What gives? How long does the memo usually take?

eddddy

What is the info that the EA is waiting for?

The memorandum of sale isn't really important in itself. You can write down all the info for your solicitor - or your solicitor may even have a form that you can fill in.

But, for example, if it's being delayed because the buyer hasn't found a solicitor yet, you might start wondering if the buyers are serious.

Or... if both sides have instructed solicitors and given them all the info, and things are moving along - you don't really need the memorandum of sale.

claz83

The EA haven't said what it is they still need - apparently our buyers are using their solicitor though (and have already parted with £300 or so for initial work).

My solicitor has asked for the memo before she can issue the papers...

eddddy

claz83 wrote: »

My solicitor has asked for the memo before she can issue the papers...

Here's a couple of random examples of a 'memorandums of sale'.
http://www.househop.co.uk/docs/memorandumOfSale.pdf
http://caldes.co.uk/images/cms_web_files/example_memo_of_sale.pdf


Just write down those few bits of info, and send/email it to your solicitor.


Edit to add...
Based on your post, your solicitor is sounding a little unhelpful. It would have been easy to just ask you for the relevant info (or sent you a form).

Surrey_EA

The mention of 'progressions team' suggests you are using one of the larger corporate EAs.

My guess would be they have set procedures when a sale is arranged, and they tend to be rather inflexible. I would also guess that they are performing anti-money laundering checks on your buyers before a memo is issued.

Get on to your EA and hassle them.

claz83

Surrey_EA wrote: »

The mention of 'progressions team' suggests you are using one of the larger corporate EAs.

My guess would be they have set procedures when a sale is arranged, and they tend to be rather inflexible. I would also guess that they are performing anti-money laundering checks on your buyers before a memo is issued.

Get on to your EA and hassle them.

Yes it's a large EA and I think you could be right - he mentioned last week that they were doing some sort of check which guarded against things going wrong at a later stage. I've already asked him to chase the paperwork, guess he'll need another reminder tomorrow then! I'd better get used to this nagging lark...

G_M

Are you in touch with the buyers?

Ask them for the info and then pass it to your solicitor with an instruction to commence work, and a request that they let you know if they need anything else:

* property address
* sale price
* buyers nanme(s) & address(s) & contact details
* buyers solicitor name/address & contact details