The Memorandum of Sale has been issued following a successful auction. It looks similar to the standard version, but it's prepared by the auctioneer rather than an agent, and the dates on it run to a genuinely tighter clock.
What's actually different here?
In a Modern Method of Auction sale, the Memorandum of Sale is prepared by the auctioneer and issued once the winning bidder has paid the reservation fee. It records the agreed purchase price, the identity of buyer and seller, the property details, and the contact details of both solicitors. It also typically confirms the key dates: the deadline for exchange, 28 days from when the buyer's solicitor receives the draft contract, and the target completion date, 28 days after exchange.
Why does this document matter so much?
It formally notifies both conveyancers that the auction concluded successfully and the transaction is now progressing. Conveyancers use it to open or update their files and start the legal work that needs to happen within the 28-day exchange window. The tighter timescales here mean there's genuinely less room for the kind of delays that characterise a standard private treaty transaction, prompt action from everyone from this point is essential, not just good practice.
What happens behind the scenes?
The auctioneer sends the Memorandum to both conveyancers by email, usually very shortly after the reservation fee is paid. Both solicitors use it as their starting point. As the seller, your conveyancer needs to issue the draft contract to the buyer's solicitor promptly, since the exchange deadline starts running from the date it's received, not from any earlier point.
What should you actually do when it lands?
Check every detail carefully and notify the auctioneer immediately if anything's wrong. Confirm to your conveyancer that the Memorandum has arrived and ask them to issue the draft contract to the buyer's solicitor as soon as possible. Make yourself genuinely available to respond quickly to any requests during the 28-day window, this isn't the stage to be slow to reply. As a buyer, instruct your solicitor immediately to start reviewing the legal pack and prepare for a swift exchange.
| When it arrives | Why it matters |
|---|---|
| Check every detail | Both conveyancers work from exactly what's written here |
| Confirm receipt and chase the draft contract | The exchange clock starts once it's sent |
| Stay reachable through the 28-day window | The timeline has little slack for slow responses |
| Buyers instruct solicitors immediately | Legal pack review needs to start straight away |
Frequently asked questions
- Who prepares the Memorandum of Sale in an auction transaction?
- The auctioneer, issued once the reservation fee is paid.
- What key dates does an auction Memorandum of Sale confirm?
- The 28-day exchange deadline and the target completion date, 28 days after exchange.
- Why is there less room for delay than in a standard sale?
- The process runs to a fixed 28-day window rather than the more open timeline of a private treaty sale.
- What should I do as soon as I receive it?
- Check the details, confirm receipt, and get the draft contract issued as quickly as possible.
This guide is general information for home sellers in England and Wales. Auction timelines and processes vary by auctioneer.