Memorandum of Sale Checklist

The UK Government has set out its plans for reform, with changes aimed at making transactions faster, clearer, and more reliable. The roadmap points towards a more structured, more digital, and more accountable system which aims to reduce delays and fall-throughs. It will also place greater expectations on agents to gather, explain, share, and manage information from the start of the process.

Property auctions can offer speed, certainty and access to properties that may not be available through the traditional sales market. However, analysis of complaint data from The Property Ombudsman (TPO) shows that consumer understanding cannot be left to chance. The findings suggest that consumers are entering the process without appreciating the risks, timescales, fees, or the point at which they become legally or financially committed.

Transactions are taking longer than at any point in recent years, creating uncertainty for consumers and placing additional pressure on property agents working to keep chains together. Although market activity is showing some resilience, movers are facing waits of up to 17 weeks to exchange, exposing ongoing inefficiencies in the system.