What Is a Memorandum of Sale?
If you're buying or selling a home, you'll come across the conveyancing term memorandum of sale soon after an offer has been accepted. But what exactly is it, and why does it matter?
The property process involves a lot of moving parts. The memorandum of sale brings all that information together. It's not a contract, and it's not legally binding – but it is an important document that sets the wheels of conveyancing in motion.
In this guide, we break down what a memorandum of sale includes, who issues it, what happens next, and why it matters for both buyers and sellers.
What Exactly Is a Memorandum of Sale?
A memorandum of sale is a document confirming the key details of a property transaction after an offer has been accepted. It summarises what's been agreed between the buyer and the seller, including the price, parties involved, and any key terms.
It isn’t a legal contract, but it acts as the starting point for the conveyancing process. Solicitors and conveyancers use it to begin their work.
Who Issues the Memorandum of Sale?
In most cases, the estate agent managing the sale prepares and issues the memorandum. Once the seller accepts an offer, the agent gathers the necessary information and sends the document to:
The buyer and seller (for reference)
The buyer's and seller's solicitors
It’s usually sent out within a few days, although delays can occur if either party hasn't appointed a solicitor or if any key information is missing.
What Does a Memorandum of Sale Include?
The document outlines:
The full address of the property
The agreed sale price
Buyer and seller names and contact details
Solicitor or conveyancer details for both parties
Estate agent contact information
Whether the property is freehold or leasehold
Any fixtures and fittings included in the sale
Funding method (e.g. mortgage or cash)
Land Registry number (if available)
Proposed timeline for exchange and completion
Why Is a Memorandum of Sale Important?
While a memorandum of sale isn’t legally binding, it plays a vital role in moving the transaction forward. It provides clarity by confirming what’s been agreed between the buyer and seller, giving all parties a shared reference point.
Once issued, it allows conveyancers to begin the legal process and helps reduce the risk of miscommunication. With the key details clearly laid out, it sets the tone for a smoother, more efficient sale.
What Happens After the Memorandum of Sale?
Once the memorandum of sale is issued, the legal process officially begins. The buyer’s solicitor starts the conveyancing process, surveys may be arranged, and property searches are ordered. If the buyer is using a mortgage, they’ll work with their lender to finalise the offer. At the same time, contracts are drafted and reviewed by both parties. If everything stays on track, contracts are exchanged — making the sale legally binding — and completion usually follows shortly after.
Wondering how long this part of the process takes? Find out in our full guide on how long it takes to sell a house.
Is the Memorandum of Sale Legally Binding?
No. The memorandum of sale is a confirmation of intent, not a contract. Either party can still withdraw from the sale without legal consequences until contracts are exchanged.
Only once contracts are exchanged does the sale become legally binding.
How Long From Memorandum of Sale to Completion?
This can vary, depending on the chain, survey findings, mortgage approval and solicitor timelines. On average, it takes 8-12 weeks from memorandum of sale to completion – though it may be quicker or longer.
To help avoid delays:
Instruct your solicitor early
Respond quickly to requests for paperwork
Keep communication flowing between all parties
Partner with a trusted estate agent who can keep things moving and help resolve any issues quickly.
Final Thoughts
The memorandum of sale may be simple, but it plays a key role in keeping property sales moving. It’s the bridge between offer and legal process, giving everyone involved the clarity needed to move ahead.
If you’re buying or selling and want guidance at every stage, contact Purplebricks or book your free house valuation today.