Hi, I have a 56 plate 3L Diesel Vogue SE with a steering wheel fault, when i key off the rake motor runs on for a while after and when I insert the key and switch on the ignition, rather than adjusting to the pre-set position, the steering column drops to the lowest setting and has to be set back in position using the lever.

I've heard this is a common fault, any ideas at what I should be looking at replacing?
Memory module? ECU? Complete column?

Any help appreciated guys, this car has cost me a gearbox and a front suspension arm this month already.....Money pit it seems

I guess you could say that at a certain point they can be a money pit but only because of age or lack of upkeep by previous owners. You have to remember that, unlike a lot of vehs, upkeep does not drop in price just because the cost of buying them has. This is one of the things that seems to be catching out some people.
All of that said, once you pay for the parts that are needed, you find you have a beautiful ( working for now) RR, for a cost of a used Ford. I know which I'd rather have.
There are a couple of things I can think of offhand, one being seat ECU which includes your telescopic steering adjustment, the other one being the, fairly common,little clip on the steering column having failed. I can't remember how much I paid for my seat ECU but I do know in comparison to my gearbox, it was pin money
There are those more techie and diagram minded than myself who have written about both somewhere on here, a quick search will find lots of posts on both.

Oh don't get me wrong I absolutely love the car but I've only done a few hundr d miles since I bought it and I've had to rebuild the gearbox, my front left suspension airbag now has a hole in it, the CD player has packed up and it needs four bushes underneath.... I would have expected a few thousand miles out of it first. It was perfect on the test drive every little thing functioned as it should and I double checked the entire car including all the electrics and plugged a scanner in.
Just unlucky I guess.

I have heard it's the the memory module, I guess il have to whip it out for a model number, thanks

That's so annoying when that happens. I've had it happen to me on many occasions & couldn't be bothered to fix it. The coloums mechanism is failing.

As it only happens on entry, & once you raise it with the lever, it won't happen again until the following morning, it seem's.