What Is a Completion Statement?
Buying or selling a property comes with plenty of paperwork, legal jargon and detailed financial calculations. One of the most important documents you’ll receive during a property transaction is the completion statement.
If you’re researching conveyancing terms, preparing for a property purchase or sale, or simply want to understand what your solicitor is talking about, this guide will explain everything you need to know — in clear, simple English.
Whether you’re dealing with a residential, commercial or auction property, the completion statement plays a crucial role in confirming exactly how much money must be paid (or will be received) on the day of completion.
What Is a Completion Statement?
A completion statement is a financial breakdown prepared by your conveyancing solicitor that outlines all the costs, fees, and payments involved in your property transaction. It shows the exact figure you need to send to your solicitor before completion takes place — or the amount you will receive if you’re selling.
Think of it as the final invoice or financial summary for your move.
A completion statement is always issued before completion day, giving you enough time to check the figures and transfer the required funds.
Why Is a Completion Statement Important?
The completion statement ensures that:
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You know the exact amount of money needed to complete your purchase
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All legal fees, search fees, Land Registry fees, and Stamp Duty are correctly listed
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Mortgage lender funds are correctly accounted for
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You have a transparent financial record of the transaction
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Any adjustments (apportionments) for rent or service charges are settled
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Both buyer and seller understand the final balance due
Without a completion statement, you wouldn’t know the exact amount required for completion — leading to delays, last-minute confusion, or even failed completions.
Who Prepares the Completion Statement?
Your conveyancing solicitor prepares the completion statement.
For buyers, this includes a full list of:
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Purchase price
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Solicitors’ fees
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Disbursements (e.g., searches, ID checks)
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Stamp Duty Land Tax
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Land Registry fees
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Mortgage funds received
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Deposit already paid
For sellers, the statement will show:
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Sale price
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Estate agent fees
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Redemption figure for the mortgage
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Solicitors’ fees
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Any apportionments or service charge adjustments
What Does a Buyer’s Completion Statement Include?
A buyer’s completion statement contains everything paid and owed, including:
1. The Purchase Price
This is the agreed amount you are paying for the property.
2. Deposit Already Paid
If you paid a deposit (for example, 10% on exchange), this is deducted.
3. Mortgage Advance
Funds sent by your mortgage lender will appear as a deduction from the total amount you need to pay.
4. Solicitors’ Fees
Legal fees for handling the conveyancing process.
5. Disbursements
These may include:
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Local authority searches
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Drainage & water searches
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Environmental searches
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Bank transfer fees
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Anti-money laundering checks
6. Stamp Duty Land Tax (SDLT)
Your solicitor will calculate this based on current HMRC rules.
7. Land Registry Fees
The cost to register you as the new legal owner.
8. Apportionments
If the seller has paid service charges, rent or ground rent in advance, the buyer repays their share.
9. Final Balance Required
This is the exact amount you must transfer before completion.
What Does a Seller’s Completion Statement Include?
If you’re selling, your completion statement will show:
1. The Sale Price
This is the amount your buyer is paying.
2. Redemption of Mortgage
If you have a mortgage, the lender provides a redemption figure. This is deducted from the sale proceeds.
3. Estate Agent Fees
(If applicable) Your solicitor pays the estate agent directly from the sale funds.
4. Solicitors’ Fees
Your legal fees for handling the sale.
5. Apportionments
If you owe rent, service charges or ground rent, these may be deducted.
6. Final Balance Due to You
The amount you will receive after all deductions.
When Will I Receive the Completion Statement?
Most solicitors send the completion statement:
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Shortly after exchange of contracts, or
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A few days before completion day
This ensures there is enough time to transfer the final funds.
If you’re obtaining a mortgage, your solicitor must receive all funds one working day before completion — so reviewing your completion statement quickly is important.
Is the Completion Statement Final?
Yes — but small adjustments might still occur.
Common reasons include:
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Updated mortgage redemption figures
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Final service charge balances from the seller’s managing agent
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Last-minute changes to completion dates
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Updated lender fees or transfer charges
If amendments occur, your solicitor will send you a revised completion statement.
How Does the Completion Statement Affect Completion Day?
Completion can only take place when:
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Your solicitor has received all required funds
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The lender has released the mortgage advance
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Bank transfer checks are complete
If the balance is short — even by a small amount — completion may be delayed.
This is why the completion statement is essential: it ensures you send the correct amount in plenty of time.
What Happens After Completion?
Once completion has taken place:
For Buyers
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The solicitor sends off your Stamp Duty submission
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Your details are registered at the Land Registry
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You receive a final confirmation of ownership
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Any remaining credits or adjustments are refunded
For Sellers
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Your mortgage is repaid
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The solicitor pays your estate agent
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Your net proceeds are transferred to your bank account the same day
Completion Statement Example Breakdown
Below is a simplified example for illustration:
Purchase price: £250,000
Less: Deposit paid at exchange: £25,000
Less: Mortgage funds: £175,000
Plus: Solicitor fees: £1,200
Plus: Searches: £300
Plus: SDLT: £2,500
Plus: Land Registry fee: £150
Amount due from buyer before completion: £53,150
This is the kind of final figure your solicitor will calculate for you.
Do Auction Buyers Receive a Completion Statement?
Yes — and it’s even more important.
Auction purchases often have:
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Faster deadlines (typically 28 days)
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Non-refundable deposits
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Additional auction fees
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Special conditions in the legal pack
Your completion statement will highlight these extras and confirm your final payable amount.
If you’re researching auction conveyancing, see our dedicated page:
Auction Conveyancing Experts — https://www.versuslaw.co.uk/services/conveyancing/auction-house-lawyer/
If you’re thinking about buying or selling, you can get an instant quote using our calculator:
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