How long should a memorandum of sales take?

keiran

I've spent a disheartening 10 months trying to sell my buy-to-let property. Finally, a sale was agreed on 5 Dec

The estate agents have not yet sent a memo of sale, and of course nothing can happen until this first step. I have an eager cash buyer, and my solicitor and all parties are ready to act....I'm keen for at least some things to get done before everyone shuts down for Xmas.

The EA told me that my buyer's ID was checked on 6 Dec, then they said on 10 Dec and now they say it was done today.

The EA are Bairstow Eves (Countrywide). Apparently everything has to go through their central admin offices, which no doubt will take more days.

My suspicion is that this tardiness is caused by the agent's, and Countrywide's, paranoid obsession with ID. Whilst they can do whatever checks they like, I would not expect this to hold up the speed of the transaction.

The memo of sale is merely a list of the names and contact details of the parties involved.... Can housing experts throw any light on this debacle and do I have any recourse in the case of continuing tardiness?

anselld

If you have contact with the Buyer there is no reason why you cannot jointly assemble and agree the necessary contact details and instruct your respective Solicitors to proceed.

B*start Thieves can catch up later.

Owain_Moneysaver

About 10 minutes to type one up.

Slithery

You can make up a memorandum of sale without the estate agents input. Just let your solicitor know the price and the purchasers solicitors details and you're good to go.

Mutton_Geoff

Countrywide have a specific department that monitors all land registry transactions and then cross checks it's own database to see whether any of their agents ever had dealings with that property so they can claim their fee. Many of their agents contracts contain a clause that says their fee is due "if you ever sell".


I have no doubt the particulars are being processed by rule based automatons rather than human beings interested in progressing your own sale.


Did I mention I can't stand the business practises of Countrywide PLC and would never do business with them again?

AdrianC

It's not a "paranoid obsession" with ID, it's basics.

It should take the buyer about thirty seconds to let the agent take a copy of their photocard licence or whatever, but - yes - it might take their back end a little while to do their bit.

And, no, you cannot get "compo", fertheloveofgawd. A few days in the memorandum is nothing in the whole sale process. CHILL! You'll do yourself a mischief if you get this excited over trivia...

keiran

Thanks all.

I have no contact with the buyer , and B Eves of course ,won't tell me his contact details.

I've had the house with a few estate agents, and it was B Eves that did find a a buyer.

Mutton_Geoff

keiran wrote: »

I have no contact with the buyer , and B Eves of course ,won't tell me his contact details

No "of course" about it. Estate Agents are contracted to introduce you to a buyer, they've done that, so now they should provide you the information on who your buyer is. You're going to find out pretty soon during the process anyway.

keiran wrote: »

I've had the house with a few estate agents, and it was B Eves that did find a buyer.

Time to examine your contract. I reckon they are deliberately stalling because there is something in your agreement with them or the other agents that disadvantages them and they are withholding the buyers details until they sort it out.


I'd ask them tomorrow for the information without delay otherwise you will sell to another prospect introduced to you by one of the other agents.

keiran

Just to say finally got the memo at 03.12 today!