A completion statement is a detailed financial breakdown prepared by your conveyancer ahead of completion day. It lists all the funds involved in the transaction, including the purchase price, mortgage advance, your deposit, and all fees and disbursements that need to be paid.
The statement shows you exactly how much money you need to transfer to your conveyancer before completion. This figure includes your deposit contribution, Stamp Duty Land Tax, conveyancer's fees, Land Registry fees and any other costs. The mortgage lender's contribution is shown separately.
You should receive the completion statement a few days before the completion date. Check it carefully to ensure all the figures are correct and match what you are expecting. If anything looks wrong, raise it with your conveyancer immediately.
Three days before completion, your conveyancer sends you a completion statement. It shows the £250,000 purchase price, minus the £225,000 mortgage advance, leaving £25,000 from you. Adding Stamp Duty of £2,500, legal fees of £1,100 and search costs of £300, you need to transfer a total of £28,900.
Key Points
- Prepared by your conveyancer before completion day
- Shows all money in and out, including mortgage advance, deposit and fees
- Tells you exactly how much you need to transfer to your conveyancer
- Check it carefully and raise any discrepancies immediately
- Different from a redemption statement, which is for paying off a mortgage