Once your property sale or purchase is nearing the finish line, you’ll receive a key document called a completion statement. It’s one of the final pieces of paperwork in the conveyancing process and plays an important role in keeping everything on track for moving day.
But what exactly is a completion statement, and why is it so important? This guide breaks it down for both buyers and sellers, so you know what to expect and how to avoid surprises later.
Related: What is a memorandum of sale? A clear guide for buyers and sellers
What is a completion statement?
A completion statement is a detailed financial summary prepared by your solicitor or conveyancer. It outlines all the costs, payments, and adjustments related to the sale or purchase of a property.
Think of it as a breakdown of what’s owed and what’s been paid, showing the final balance that needs to be settled on completion day. It’s typically issued shortly before completion and helps both parties understand exactly where they stand financially.
Why is a completion statement important?
The completion statement ensures full transparency during one of the most significant financial transactions you’ll ever make. It confirms that:
- All legal fees and disbursements have been accounted for
- Stamp Duty and Land Registry charges are correctly calculated
- Deposit amounts are clearly listed
- The total payable or receivable balance is accurate
For buyers, it’s a final heads-up on how much needs to be transferred before completion. For sellers, it confirms how much they’ll receive after any outstanding mortgage and fees have been deducted. Without this document, errors can go unnoticed, potentially delaying the entire transaction.
When do you receive a completion statement?
You’ll usually receive your completion statement a few days before the agreed completion date. This gives you time to review the figures, ask questions, and transfer funds if you’re a buyer.
In some cases, a draft version may be sent earlier in the process, especially if completion is scheduled quickly after exchange.
Related: Exchanging contracts: guide to completion
What does a completion statement include?
Completion statements can vary slightly depending on the property and circumstances, but they typically include the following details:
- Purchase or sale price of the property
- Deposit paid (for buyers)
- Outstanding mortgage balance (for sellers)
- Solicitor fees and VAT
- Search and disbursement fees
- Stamp Duty Land Tax (SDLT) (for buyers)
- Land Registry fees
- Balance due or proceeds payable
It’s not just a list of totals – it gives a complete snapshot of the financial side of your move.
Related: Understanding solicitor’s fees: A complete guide for first time buyers
Completion statement for buyers vs sellers
The completion statement for buyers focuses on what needs to be paid before completion. It will include the purchase price, minus any deposit already paid, plus all associated legal and government fees.
The completion statement for sellers shows how much money they’ll receive from the sale after repaying any existing mortgage, estate agent fees, and legal costs.
While the structure is similar, the purpose is different – one ensures all funds are ready to complete the purchase, while the other confirms what’s being paid out and what’s left over.
Related: What is conveyancing?
How to read and understand your completion statement
Your conveyancer should walk you through the figures, but here are a few things to look out for:
- Check the purchase or sale price matches your agreement
- Make sure all fees and charges are explained clearly
- Confirm Stamp Duty calculations are correct based on your property type and price
- If you’re the seller, ensure the mortgage redemption amount matches your lender’s final settlement figure
If you’re unsure about anything, don’t hesitate to ask. This isn’t a document to skim – accuracy is essential.
For help with finding a conveyancer to progress your home move, contact your local Martin & Co branch.
Common issues or mistakes in completion statements
Mistakes can happen, even in legal paperwork. The most common ones include:
- Incorrect stamp duty calculations
- Missing or duplicated legal fees
- Wrong mortgage settlement amount
- Deposit not shown or incorrectly deducted
- Typographical errors in names, figures, or dates
These issues may seem small, but they can cause delays or financial confusion if not caught early.
What to do if you spot an error
If you notice something doesn’t add up, get in touch with your solicitor straight away. They can issue an updated version and explain any changes.
Don’t wait until the day of completion, even minor errors can hold things up if they affect payment instructions or balance transfers.
Related: 9 Mistakes to avoid when selling your home
Frequently asked questions about completion statements
Do I receive a completion statement before exchange?
Usually not. The completion statement is typically prepared after exchange but before the actual completion date. However, your solicitor may provide a draft version beforehand.
What does a completion statement look like?
It’s usually a simple, itemised document, often on headed paper showing all debits and credits related to the property sale or purchase.
Can I request a breakdown of costs?
You’re entitled to a clear explanation of every figure listed, so don’t hesitate to ask if anything seems unclear.
Stay in control on completion day
A well-prepared completion statement ensures everything runs smoothly on the day your property transaction completes. It gives buyers clarity on what’s owed and helps sellers understand exactly what they’ll walk away with.
The key is to review it carefully, ask questions if needed, and ensure all payments are ready on time. That way, you can look forward to handing over the keys or moving into your new home without any surprises.
Need help navigating the final steps of your sale or purchase? Speak to your local Martin & Co team for expert guidance on moving home.
