Once terms have been agreed, the selling agent will issue ‘Heads of Terms’, ‘Memorandum of Sale’ or ‘Sale Memorandum’. This will be sent to Middleton, you as the buyer, the seller, and both parties’ lawyers.
We teamed up with Mishcon de Reya to write the definitive guide to the UK conveyancing process, addressing everything from what a memorandum of sale is and when it is issued.
All the details are in our free 2024 guide. Please complete the form below:
Once terms have been agreed, the selling agent will issue ‘Heads of Terms’, ‘Memorandum of Sale’ or ‘Sale Memorandum’. This will be sent to Middleton, you as the buyer, the seller, and both parties’ lawyers. It will set out the proposed terms of the sale/purchase, details of each party’s lawyers, and usually a target timeframe. At this point, if they have not already done so, your lawyers will provide you with their scope of work and a fee estimate. With the Memorandum of Sale issued and their retainer in place, your lawyer will then contact the seller’s lawyer to confirm their instructions and request papers. Due diligence can then begin on:
• The bricks and mortar, which are looked at by your surveyor.
• Legal due diligence, which broadly breaks down into private and public matters. On the private side, your lawyer needs to check the title and private rights and issues, such as covenants on the title or disputes with neighbours. On the public side, your lawyer needs to check the property has all the consents it needs from the Local Authority and any other statutory bodies for its current use, clarifying points with the seller where required.
Middleton’s due diligence, which covers matters that might affect your enjoyment of the property, such as flight paths and nearby planning applications.
As professional property advisors, we are acutely aware that many people – even experienced buyers – find the conveyancing process drawn-out and frustrating. Advance understanding of the conveyancing process – and your own obligations within it – is always very much to your advantage. Forewarned is forearmed, as they say. And so, it really is worth taking the time to familiarise yourself with the steps by which property changes ownership in England and Wales. Doing so will improve your chances of a faster, frictionless completion of your purchase.
Much of the actual work will, of course, be carried out by your lawyer, and so you shouldn’t feel daunted by the length of this guide. Plus of course, when you are a Middleton client, your team is always on hand with practical support and advice.
If you are interested in purchasing property in London or the South of England or have any questions about the Memorandum of Sale, you can contact the team here.