Understanding Completion Statements in Conveyancing

The final milestone in your property purchase or sale journey is completion. After exchanging contracts and committing to the deal, you’ll agree on a completion date, also known as the moving date. Shortly before this date, you’ll receive an updated completion statement—a detailed breakdown of all the final costs associated with the transaction.

What is Included in a Completion Statement?

The completion statement itemises all incoming and outgoing financial transactions related to the property transaction. It shows whether additional funds are required from you to complete the purchase or if there will be a balance returned to you after completion.

For example, if you’re buying a property, the statement will include costs such as:

• Purchase Price

• Conveyancing Fees

• Stamp Duty Land Tax

• Disbursements

It will also list funds you have already paid or will receive, such as:

• Mortgage Advance (the amount borrowed from your mortgage lender)

• Deposit Already Paid

This list is not exhaustive. The specific items on your completion statement can vary depending on whether the property is freehold, leasehold, or a new-build. If you’re selling a property, the completion statement will also include costs like estate agent fees.

Some fees associated with your purchase or sale, such as search fees, are paid upfront. The remainder must be settled in full before either exchange or completion.

When Do You Receive the Completion Statement?

Typically, you will receive a completion statement between the exchange of contracts and the completion date. This timeframe allows you to thoroughly review all expenses and ensure they match your expectations.

It’s crucial to address any discrepancies with your conveyancing solicitor promptly. For instance, if a transaction is missing from the bill, notify your solicitor as soon as possible.

Can the Completion Statement Change?

Yes, the completion statement can change, even after the exchange of contracts. Unexpected changes in costs can occur, as seen with the recent Stamp Duty Land Tax (SDLT) holiday. Such changes can lead to significant savings for buyers already in the process.

Need an Experienced Conveyancer?

If you're considering buying, get your free conveyancing quote today. Alternatively, get in touch with our team, who can help you with all your conveyancing needs.

For more information, please give us a call at 020 3923 9188 or email info@alsternsolicitors.co.uk