When a property offer is accepted, many buyers and sellers assume the major hurdles are over. However, the acceptance of an offer is just the beginning of the conveyancing journey. One of the earliest and most important steps in this process is the creation of the Memorandum of Sale. Although it isn’t a legal contract, it plays a crucial role in moving the transaction forward and ensuring all parties are aligned from the start.
Whether you’re preparing to buy or sell—or simply trying to understand the mechanics of the UK property market—this guide explains what a Memorandum of Sale is, what information it contains, and why it matters. We’ll also explore how professionals, such as estate agents in Plymouth, support this stage to help ensure a smooth transaction.
What Exactly Is a Memorandum of Sale?
A Memorandum of Sale is a document produced after a seller accepts an offer on their property. It confirms the basic details of the agreed sale and serves as the official notification that the property is now “sold subject to contract” (SSTC).
While it is not legally binding, it acts as a reference point for conveyancers, mortgage lenders, and surveyors. Essentially, it kicks off the legal process by capturing all the key information required to start the conveyancing work.
The Memorandum of Sale is usually issued by the selling agent—often within a few hours to a few days of the offer being accepted.
What Information Does a Memorandum of Sale Include?
The document typically contains all core details relevant to the transaction. These may include:
1. Property Details
- Full address
- Description of the property (e.g., freehold/leasehold)
- Selling price
2. Buyer and Seller Information
- Names of both parties
- Contact details
- Confirmation of whether the buyer is a cash purchaser or reliant on a mortgage
3. Solicitor and Conveyancer Information
- Details for both the buyer’s and seller’s solicitors
- Contact information for follow-up
4. Agreed Terms and Conditions
- Any special conditions attached to the sale
- Fixtures and fittings agreed to remain
- Target completion dates (if discussed)
5. Proof of Funds Status
- Evidence that the buyer can proceed (e.g., mortgage in principle, cash verification)
With this document in place, conveyancers can begin requesting searches, initiating contracts, and progressing with legal checks.
When Is a Memorandum of Sale Issued?
The Memorandum of Sale is only issued after the seller formally accepts an offer. Timelines may differ based on various factors:
- Buyer providing required documentation (ID verification, proof of funds)
- Seller confirming solicitor details
- The estate agent collecting all information necessary to complete the document
In most cases, proactive agents aim to issue the Memorandum of Sale promptly, helping both parties move quickly into the conveyancing phase. This is particularly important in busy markets, where delays can cause uncertainty.
Who Issues a Memorandum of Sale?
Typically, the responsibility lies with the estate agent managing the sale. For example, if you’re working with estate agents in Plymouth, they will be the ones to prepare the document and distribute it.
In transactions where there is no estate agent (e.g., private sale), the seller usually prepares it themselves or through their solicitor.
Why Is the Memorandum of Sale Important?
Although the Memorandum of Sale is not legally binding, its role is more significant than many realise. Here are the key reasons it matters:
1. It Formally Starts the Conveyancing Process
Conveyancers will not proceed without receiving the Memorandum of Sale. It is the trigger that moves the sale from “agreed in principle” to active legal work.
2. It Reduces Miscommunication
The document ensures:
- Everyone is working with the same information
- The agreed price is recorded
- Any terms discussed during negotiation are captured
This helps avoid confusion or disputes later on.
3. It Provides Clarity to Mortgage Lenders and Surveyors
Lenders and surveyors use the Memorandum of Sale as confirmation that a sale is progressing. It also informs them whom to liaise with and what valuation or mortgage checks to carry out.
4. It Helps Maintain Momentum
Property transactions can be slowed by unnecessary delays. A timely Memorandum of Sale helps maintain positive momentum, reducing the risk of fall-throughs.
How Long After a Memorandum of Sale Until Exchange?
Once issued, the timeline to exchange varies depending on:
- Complexity of the transaction
- Speed of searches and enquiries
- Mortgage approval timelines
- Efficiency of solicitors and responsiveness of both parties
On average, the process from Memorandum of Sale to exchange of contracts takes 8–12 weeks, though it can be quicker or slower.
Do You Need to Sign the Memorandum of Sale?
No. Because it is not legally binding, neither party needs to sign it. However, you should check that all details are correct, as inaccurate information could cause avoidable delays later on.
Can a Sale Fall Through After the Memorandum of Sale?
Yes, a sale can still fall through at any point until contracts are exchanged. Common reasons include:
- Unfavourable survey results
- Mortgage complications
- Chain issues
- Buyer or seller withdrawal
- Delays in conveyancing
This is why professional support—such as organised estate agents in Plymouth and efficient legal teams—can be invaluable in keeping the process on track.
Tips for Buyers and Sellers When a Memorandum of Sale Is Issued
Whether you’re buying or selling, the following steps can help reduce stress and speed up the process:
For Buyers
- Provide proof of funds promptly
- Finalise your mortgage application without delay
- Instruct your solicitor as early as possible
- Respond quickly to requests for information
For Sellers
- Have key documents ready (e.g., warranties, leasehold info)
- Confirm your solicitor early
- Maintain clear communication with your agent
- Be prepared for questions raised through searches or surveys
Taking initiative early can greatly minimize the chances of delays or issues.
Conclusion: A Small but Crucial Step in a Successful Home Move
The Memorandum of Sale may seem like a minor administrative step, but it plays a vital role in the property-buying process. By documenting the agreement and ensuring all details are correct, it sets the stage for efficient, transparent, and well-managed conveyancing.
Whether you’re a first-time buyer, experienced seller, or navigating a complex chain, understanding documents like the Memorandum of Sale can make the entire experience feel far more manageable. And with the support of knowledgeable professionals—such as experienced estate agents in Plymouth—you can move through the process with clarity and confidence.
