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The memorandum of sale has arrived, and you might wonder about the next steps. The closing process in the UK typically takes 8 to 12 weeks from the time your offer gets accepted until completion.
The memorandum of sale gets issued after both parties’ solicitors confirm the agreement. This document indicates that your property sale has been agreed—subject to contract. Understanding a memorandum of purchase agreement is a vital part as you progress through the next stages. The closing process marks the final phase of your property sale. The buyer receives official ownership at this stage, and all legal and financial matters reach settlement.
The risks increase when people rush through this process. Data shows that 14% of all home sales in 2023 ended up as distressed sales or situations where sellers needed quick completion. The risk of fraud or legal problems increases by about 20% when sellers speed through property deals.
This piece guides you through each step after solicitors receive the memorandum of sale. You’ll learn everything from working with your solicitor to the final handover of keys on completion day.
The memorandum of sale is the lifeblood document in property transactions. This document marks the start of your experience from accepted offer to completed sale. Your estate agent will create this vital document right after confirming your offer’s acceptance. This sets up everything needed to transfer the property.
A memorandum of sale documents everything about your property transaction once you and the seller agree on terms. You can think of it as written proof that captures your agreement details. This document plays several vital roles in your property purchase experience.
The document creates perfect clarity by putting all details in one place. This ensures everyone works with the same information. On top of that, it connects all parties—you, the seller, both solicitors, and any mortgage lenders. This makes communication smooth throughout the process.
Your purchase moves to the next phase when this document signals solicitors to draft contracts and prepare for exchange. The estate agent then marks the property as “under offer” or “sold subject to contract” (STC). This helps prevent competing offers in busy markets.
The memorandum typically contains:
The memorandum of sale sounds official, but it isn’t legally binding. You or the seller can step away from the deal before contract exchange without legal issues. All the same, this document carries real weight in practice.
The memorandum creates a formal commitment between parties, even though courts won’t enforce it. It builds trust and mutual understanding that keeps the transaction moving forward. The property will show up as “under offer” or “sold subject to contract” on listings.
You’ll hear different names for this document. “Memorandum of purchase agreement” means the same thing as “memorandum of sale”—a summary of your deal with the seller. Some estate agents call it a “sales memo” or link it to the “exchange of contracts” process.
Whatever name people use, the document does one main thing: it records what you and the seller agreed on before the legal parts begin. This helps everyone work with the same information and prevents misunderstandings during completion.
Sellers get peace of mind that their sale moves forward. Buyers like you can relax knowing the property won’t be shown to other potential buyers.
The legal process starts right after the memorandum of sale is issued. This vital document sets off a chain of events that will lead to transferring the property ownership. Let’s look at what happens during this significant phase of your property experience.
Both solicitors will get in touch to start the conveyancing process. The memorandum tells them to begin the legal work, and the estate agent can mark the property as “Under Offer” or “Sold – Subject to Contract (STC)”.
Your solicitor checks your identity (if they haven’t already) and might ask for funds to start their work. The seller’s solicitor prepares the contract pack to send to your legal representative. This starts the six-month average timeline from the first marketing to final completion.
The conveyancing moves ahead as both legal teams stay in regular contact. Your mortgage arrangements can now start, which will give a guarantee that funds are ready when contracts are exchanged. Quick responses to your solicitor’s requests help avoid delays in the process.
Your solicitor sends you several important forms to fill out after you hire them. These usually include:
Your solicitor also needs certified ID documents and information about your mortgage arrangements. They run searches for detailed property checks and might need details about any special conditions you agreed to during the sale.
The conveyancer makes sure everything meets legal requirements. They get all the needed certificates like building regulations, planning permissions, and energy performance certificates. This full picture protects your interests throughout the transaction.
The right legal representative makes a huge difference in your property purchase. It’s best to look into potential solicitors when you start your property search or right after your offer gets accepted.
Make sure solicitors are approved by your mortgage lender and have experience with your type of property. Check if they belong to professional bodies like the Conveyancing Quality Scheme, which shows they follow high standards.
Different firms communicate differently – some pick up the phone, while others stick to email or online platforms. Choose a solicitor whose style matches your priorities.
Legal costs come to about £2,000, including VAT. Many solicitors work on a “no sale, no fee” basis, so you don’t pay legal fees if the deal falls through. All the same, get clear about what and when you’ll pay before you hire anyone.
You can check a firm’s credentials with regulatory bodies like the Conveyancing Quality Scheme, the Solicitors Regulation Authority, or the Legal 500. These credentials show you’re working with qualified professionals who will protect your interests throughout the property transaction.
The buyer will arrange a professional survey of your property after your solicitor starts the legal work. This significant step helps identify potential problems that might affect the final sale price or stop the purchase completely.
Buyers usually choose from three main surveys. Each survey provides different levels of detail based on the property’s age and condition:
The RICS General Condition Report is the simplest option that works best for newer or well-kept properties. A qualified surveyor spends about an hour at the property, and the survey costs between £300-£900. The surveyor uses a traffic light rating system to highlight notable issues without going into much detail.
The RICS Homebuyers Survey (also called the Level 2 survey) gives you more detailed information at a cost of £400-£1,000. This mid-range option takes a good look at the property’s condition and finds problems like damp, subsidence, or other structural issues. The survey has a valuation that could lead to price negotiations if there are major problems.
Buyers often pick the RICS Building Survey (Level 3) for older, unusual, or potentially problematic properties. This detailed examination costs £630-£1,500 and provides a full report of work to be done. The survey can take up to a day.
Professional surveyors spend at least two hours on detailed inspections, while potential buyers typically look at a property for just 35 minutes. Surveyors check both external and internal elements carefully.
Surveyors look at roof coverings, chimney stacks, rainwater pipes, gutters, walls, windows, and doors from the outside. They check the grounds and permanent outbuildings like garages and sheds, too.
The surveyor’s indoor inspection covers the roof space (if they can access it), looks for damp or rot, and checks the condition of electricity, plumbing, and heating. They inspect walls, floors, and ceilings. Safety issues get special attention, such as unsafe glazing, inadequate banisters, and materials that might contain asbestos.
Survey results can change your property transaction significantly. The buyer might want to negotiate a lower price if the Homebuyers Survey shows major issues. They could use the survey results to ask for a discount that matches repair costs.
Some buyers might ask you to fix certain problems before completion instead of reducing the price. Major issues like subsidence or extensive damp problems might make buyers think twice about the purchase.
You don’t need to change the memorandum of sale after agreeing to price adjustments based on survey findings. Just let the solicitors know. These changes become part of the ongoing conveyancing process as you move toward exchanging contracts.
The draught contract phase marks a vital moment in the property transaction process. Your seller’s solicitor prepares the draft contract pack after accepting your offer and issuing the memorandum of sale. This pack serves as the foundation for all next steps.
The draught contract pack has several key components. The contract of sale stands out as the most important document that legally binds the seller and buyer to transfer ownership. The pack also shows the property’s title register and title plan with exact boundaries and restrictions.
The pack has completed Property Information Forms (TA6) that cover boundaries, disputes, planning permissions, and utilities. A Fittings and Contents Form (TA10) lists all items staying in the property after sale. Leasehold properties need a Leasehold Information Form (TA7) too.
Most packs also come with warranties, guarantees, planning permissions, and building regulation certificates for any completed property work.
The buyer’s solicitor will review all documents carefully and ask about anything that seems unclear or concerning after receiving the draft contract pack. These questions usually focus on:
The buyer’s solicitor wants to ensure the property can get a mortgage and sell on the open market. This protects their client from future problems.
Honesty works best when answering boundary or planning questions. False information could lead to misrepresentation claims, especially if the buyer loses money.
Yes, it is best to check your title deeds for boundary disputes as they show legal boundaries. A professional surveyor can help if physical markers don’t line up with documents. Quick and detailed responses prevent the process from getting pricey.
To answer planning questions, collect all relevant permissions and building regulation certificates. Your solicitor should update responses if anything changes before completion. To cite an instance, a neighbour’s new planning application might affect your property.
Good handling of these questions helps move smoothly toward exchanging contracts—the next big step in your property sale experience.
The final milestone in your property experience comes with exchange and completion. These significant steps turn your property agreement from a plan into a binding reality.
Your property exchange happens after completing all legal checks, surveys, and resolving questions. You also need to secure mortgage offers first. Most people reach this stage 8 to 12 weeks after their offer gets accepted. Your conveyancer calls the buyer’s solicitor to read contracts over a recorded line. This ensures both parties have similar information. The sale becomes legally binding after exchange. Neither party can back out without paying penalties.
The completion date usually falls 7-28 days after exchange. Many buyers and sellers prefer Fridays to settle in over the weekend. The buyer’s solicitor sends the remaining balance to your solicitor through the CHAPS banking system. Legal completion happens once your solicitor confirms receiving the funds, which usually happens between 12pm-2pm.
Property chains follow a specific order on completion day. The process starts with the first buyer, often a first-time buyer, around 11am. Other transactions in the chain happen throughout the day. Your solicitor lets you and the estate agent know after completion.
You should hold onto the keys until your solicitor confirms receiving the funds. Most sellers give their keys to the estate agent after moving out. The agent hands them to the buyer only after getting your solicitor’s approval. Contracts state that sellers have until 1pm to move out (or 2pm in long chains). However, most sellers hand over their keys right after receiving the funds.
The path from memorandum of sale to completion involves many legal and practical steps. Good communication with your solicitor, estate agent, and the other party helps create a smooth transaction. Most property purchases take 8-12 weeks from offer acceptance to completion. This timeline might change based on chain complexity and unexpected problems.
The memorandum itself isn’t legally binding, but it marks the official start of your property purchase. Quick responses to legal questions, proper survey preparation, and careful contract review will reduce delays by a lot. Understanding each stage helps you manage expectations and get ready – from gathering documents to planning your move.
Note that both parties can legally withdraw from the transaction before contracts are exchanged. Once exchanged, the agreement becomes legally binding with financial penalties for withdrawal. Completion day is the final step of your property purchase. This is when funds transfer, keys change hands, and you become the official owner of your new home.
The process might look overwhelming at first glance. Breaking it into smaller steps makes it easier to handle. This knowledge gives you confidence to handle your property transaction. You’ll understand what happens after a memorandum of sale and how to direct each stage properly. First-time buyers and experienced property owners can use this guide to keep their property purchase on track until they get their new home’s keys.
Understanding what happens after your memorandum of sale helps you navigate the 8-12 week journey from offer acceptance to completion with confidence and avoid common pitfalls.
• Instruct your solicitor immediately – The memorandum triggers legal work, requiring prompt document submission and identity verification to prevent delays
• Prepare for buyer surveys and valuations – Professional inspections may lead to price renegotiations or repair requests based on discovered issues
• Respond honestly to legal enquiries – Boundary disputes, planning permissions, and property concerns must be addressed truthfully to avoid misrepresentation claims
• Exchange makes it legally binding – Until contracts are exchanged, either party can withdraw; afterwards, financial penalties apply for withdrawal
• Keys transfer only after funds clear – Completion occurs when your solicitor confirms receipt of buyer’s funds, typically between 12pm-2pm on completion day
The memorandum of sale isn’t legally binding itself, but it formally begins your property transaction journey. Success depends on prompt communication with your solicitor, thorough preparation for surveys, and honest responses to all enquiries throughout the process.
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