When should we get a Memorandum of Sale?

GSDPenny

I'm very new to all this. Currently selling a house we've been in for 27 years and it was my first house!

3/5 - Accepted an offer and agreed to take off the market once confirmation of funds was received by EA
8/5 - Mortgage offer in principal confirmed by EA so off the market.
10/5 - Buyer's mortgage survey completed
11/5 - Rightmove ad now SSTC and SOLD board outside our house
Should we have at least received a memorandum of sale? I only ask as we made an offer on the property we're buying on 14 May - submitted ID and proof of funds to the vendor's EA, and we received a Memorandum of Sale on 16 May.

I know it's not a legally binding document, but it would be reassuring. I'm happy to chase the EA - but don't want to hassle for the sake of it if it often takes a while to be produced. I want to save my hassling for when it really matters!

dunroving

GSDPenny wrote: »

I'm very new to all this. Currently selling a house we've been in for 27 years and it was my first house!

3/5 - Accepted an offer and agreed to take off the market once confirmation of funds was received by EA
8/5 - Mortgage offer in principal confirmed by EA so off the market.
10/5 - Buyer's mortgage survey completed
11/5 - Rightmove ad now SSTC and SOLD board outside our house
Should we have at least received a memorandum of sale? I only ask as we made an offer on the property we're buying on 14 May - submitted ID and proof of funds to the vendor's EA, and we received a Memorandum of Sale on 16 May.

I know it's not a legally binding document, but it would be reassuring. I'm happy to chase the EA - but don't want to hassle for the sake of it if it often takes a while to be produced. I want to save my hassling for when it really matters!

I received a Memo of Sale from Yopa within 24 hrs of offer agreed.

It did require both sides completing a brief questionnaire so maybe you or the other side need to provide confirmation of certain information and that's what is holding of the MOS?

GSDPenny

Thank you - I now realise that the one we received did briefly detail what the sale includes (carpets, curtains, kitchen appliances etc), but we've never been asked that by our EA

I think I'll call them. I doubt I'll be their only needy client...

eddddy

Have you instructed a solicitor?

The memo of sale is really just a few details for you to pass to your solicitor to get things started.

If your solicitor has already started work, I'd guess they have all the info they need - so the memo of sale won't add anything. (I'd guess you'll tell the solicitor what you have agreed is in the sale - so you dont need the memo for that.)

What are you hoping the benefit of the memo of sale will be?

the_quick

Memo of sale is basically listing both names of buyers and seller and their solicitors - so it gives your solicitors other side legal contact details.
Solicitors can start work without it, but only the beginning - check with you solicitors if they have received anything. I would say it shouldn't be longer than a week, EA need to check you buyer, so ID and source of funds (AIP for mortgage buyers)
Our vendors EA sat on memo for 3 weeks, despite us showing required docs day after offer was accepted. Chase you EA if your solicitor did not receive anything, remember they work for you !

GSDPenny

Yeah - we've instructed our solicitor - and the Estate Agent has put the buyers solicitor in touch with ours.

I don't know that I am expecting the MOS to actually achieve anything - just querying it as it seems to be a commonly referred to document that's part of the process - so didn't know if it was a sign of a delay right at this early stage if we hadn't received it. And mainly prompted by the fact that we received one very quickly from the place we are buying.

However, I have also realised that our vendors have had a sale fall through just before exchange previously, so I imagine all their 'before exchange' paperwork is probably all done - just needed to change the name of their buyer...

GSDPenny

Ahem. Pink-cheeked here. We DO already have the MOS - issued the day we accepted the offer. It was a posted hard copy, so no wonder I couldn't find an email (and was obviously a bit excited to concentrate at the time)!

Slinky

We never got one on the house we purchased last year. In retrospect I wonder if the agent deliberately didn't send one as we were aiming for a speedy purchase (June) and the vendor (probate already obtained but house needed clearing) admitted late in the process he'd be 'thinking about September'.