What is a completion statement and when do I need to send funds?
As your auction purchase approaches the completion date, we will prepare a completion statement. This is a final financial summary that tells you exactly how much to pay, where to send the unds, and when the money must arrive.
However, we can only issue this once all legal and regulatory checks have been completed, including ID verification, source of funds approval, and in some cases, receiving final figures from our lender.
WHAT IS A COMPLETION STATEMENT?
The completion statement is a detailed breakdown setting out:
- The purchase price, minus your deposit
- Any auction fees or seller’s costs (if applicable)
- Our legal fees and disbursements
- Stamp Duty Land Tax (SDLT)
- The total amount due from you to complete the transaction
It helps ensure there are no surprises and gives you clear payment instructions.
WHEN WILL I RECEIVE THE COMPLETION STATEMENT?
We aim to issue your completion statement as early as possible — but this depends on:
- Completion of all identity and anti-money laundering checks
- Confirmation of your funding arrangements
- Final figures being received from the seller’s solicitor
- If you are using a mortgage or bridging lender, we may also need to wait for their own completion statement or redemption calculations
In auction transactions, lenders (especially bridging companies) sometimes issue their statements late in the process. This may delay when we can give you the full final figure.
WHEN DO I NEED TO SEND FUNDS?
Once you receive our completion statement, we will give you a clear payment deadline.
- You must send cleared funds (from your bank account) ideally one working day before completion.
- If you are using a mortgage or bridge, your lender will usually send their portion directly to us.
- You will need to send your own contribution — including legal costs, SDLT, and any deposit shortfall.
Funds must be sent to the correct client account, which we will confirm in writing.
WHY THIS CAN’T BE RUSHED
We are not allowed to receive funds until:
- You have passed ID and source of funds checks
- We have full and correct completion figures
- We are satisfied the transaction is legally and ethically compliant
Sending money before these checks are completed can result in it being held — or even returned.
SUMMARY
Your completion statement confirms what is due and when — but it can only be provided once all legal, compliance, and lender requirements are satisfied. At Versus Law, we monitor all aspects closely and will issue your statement in good time, helping you complete without delay or risk.