Memorandum of Sales

GlasgowExpat2

i made an offer on a property (England) on Tuesday which was accepted, and have emailed the IDs checks (don’t live local to the property) but I haven’t received a Memorandum of Sale - should i?  I presume my vendor’s solicitor can’t do anything until he receives it?

AdrianC

Is the chain complete?
Have both sides provided solicitor details?
Have you proved finances?

GlasgowExpat2

AdrianC said:

Is the chain complete?
Have both sides provided solicitor details?
Have you proved finances?

The property is vacant and I have a buyer for mine (Scotland)
i have don’t know about the vendor
Sale of my property will fund the purchase, no mortgage

Blue_bell_20

For us we had to provide id checks, proof of deposit and AIP to remove it from the market. For the memorandum we also had to provide our solicitors details. Have you done that yet?

 I don’t know if they all have the same process but the EA asked for it first before sending the memorandum. I would give a time frame but we offered just before Xmas so we had a wait while everyone went on leave before finding a solicitor.

GDB2222

My experience is that, very occasionally, holdups are due to someone falling down on the job. It’s worth checking with the agent, just in case. More usually the delay is because the buyer or seller is simply not ready to proceed. 

Most likely is that the sellers have not appointed a solicitor because they have not yet found a property to move to. Welcome to England!

 The sellers now have to keep you interested while they scurry around looking at properties to buy. Hopefully they will find something, but otherwise they will simply pull out of the sale to you.

Do you have a backup plan?

GlasgowExpat2

Blue_bell_20 said:

For us we had to provide id checks, proof of deposit and AIP to remove it from the market. For the memorandum we also had to provide our solicitors details. Have you done that yet?

 I don’t know if they all have the same process but the EA asked for it first before sending the memorandum. I would give a time frame but we offered just before Xmas so we had a wait while everyone went on leave before finding a solicitor.

ID checks have been provided.  An AIP isn’t required as the sale of my property will fund the purchase. Solicitor details have been provided although they kept trying to get me to use their’s. 

GlasgowExpat2

GDB2222 said:

My experience is that, very occasionally, holdups are due to someone falling down on the job. It’s worth checking with the agent, just in case. More usually the delay is because the buyer or seller is simply not ready to proceed. 

Yes I think it’s probably the estate agent’s fault.  From my dealings so far they’re not great. 

GDB2222

Read the rest of my post.

[Deleted User]

99 times out of a hundred it's due to 1 party not instructing a solicitor yet.  MoS cant go out without both solicitors details.
The other 1 time is ea error but usually they are pretty hot on this as otherwise the journey to be getting paid doesn't even start

Blue_bell_20

As @GDB2222 and @Deleted_User both said, maybe the sellers havent provided their solicitors details yet.

eddddy

Taking a step back, you probably need to find out the seller's position and plans. Stuff like:

• Have they found a place to move to?
• Is there a complete chain above them?
• If the chain above them isn't complete, do they want their solicitor to establish contact with your solicitor and start the conveyancing process?
• Or do they want to wait until the chain above is complete before instructing their solicitor?
• Do they have any timescale in mind? Is it simply ASAP, or are they working to some other timeline (e.g. moving job in 4 months, waiting for a newbuild to be ready)?

If you and the seller both want to get stuff done ASAP, then maybe chase the EA. If the seller (or you) doesn't want to start conveyancing until the chain is complete, chasing the EA is less important.