Key Takeaways: 

• A completion statement is a document that confirms the final balance, provides the official accounting record, summarises all financial details and provides transparency and clarity to a property transaction. 

• Conveyancers and solicitors create the completion statement and submit the document to the buyer and seller on the agreed-upon completion date. 

• A buyer’s completion statement shows the purchase price, professional fees (conveyancer and estate agent), disbursement fees (e.g. Land Registry, SDLT, property searches, etc.) and mortgage lender fees. 

• A seller’s completion statement shows the sale price, professional fees (conveyancer and estate agent) and mortgage-related fees (mortgage redemption, mortgage discharge, etc.) 

• Leasehold property transactions include extra fees that should be reflected in the final completion statement, such as ground rent and service charges, notice of transfer, leasehold sales pack, etc. 

What Is a Completion Statement? 

A completion statement is a key document prepared by conveyancing solicitors which summarises the financial details of a property transaction. 

Both buyers and sellers will receive a completion statement from their conveyancing solicitor. The document will enumerate all the financial data involved in the transaction to ensure transparency. 

Whether it’s for a first-time purchase or another property investment, understanding a completion statement ensures a transparent and smooth transaction. The details will make it easier to confirm if everything is legally and financially in order when the completion day arrives. 

Find more details in our step-by-step guide to the stages of conveyancing and discover how Muve is able to complete an exchange 4x faster than the industry average. 

Understanding Completion Statements 

The ultimate goal of a property transaction is to transfer ownership of a property and the exchange of money. At Muve, our conveyancers ensure that completion statements reconcile all the financial details to ensure all parties are clear on the amount. 

Definition and Purpose 

A completion statement is a document prepared by your conveyancing solicitor to summarise all financial transactions related to the property sale or purchase. 

It has 4 purposes: 

• Confirms the final balance that’s due or owed on the completion day. 

• Records the official accounting of all payments, fees and adjustments (if any). 

• Provides transparency and clarity so both buyer and seller are clear on the payment details. 

• Summarises all financial details to ensure no cost of payment is overlooked before the property is officially exchanged during completion day. 

Our conveyancing solicitors ensure that buyers and sellers have an accurate completion statement because it expedites the conveyancing and property transaction. 

When Completion Statements Are Used 

Completion statements are usually prepared right before the completion day. It reveals the final figures from the buyer or seller, HM Land Registry, mortgage lender and all the other parties involved. This gives both parties enough time to consolidate, review all financial details and raise questions when necessary. 

What happens on completion day 

On completion day, a couple of things will take place: 

• The buyer’s solicitor will transfer the payment to the seller’s solicitor. 

• The seller’s solicitor will confirm receipt and authorise the release of the keys. 

• Legal ownership will officially change hands. 

• The transaction will be registered with HM Land Registry. 

The completion statement is given to the buyer and seller on this day so they can review and raise concerns if necessary. If everything is accepted, only then can the official transfer or key turnover happen. 

To get a more comprehensive idea of the process, read our guide to completion day. 

Who Prepares the Completion Statement? 

A conveyancing solicitor or licensed conveyancer acting on behalf of the buyer or seller is responsible for preparing the completion statement. They will get the information from: 

• Mortgage lenders: for the exact loan amount and repayment fees. 

• Estate agents: for their commission fees. 

• Third-party service providers: for local authority searches, surveyors, etc.) 

Buyers will get a completion statement that details the purchase price, Stamp Duty Land Tax (SDLT), legal fees, estate agent fees and other disbursements (local search fees, Land Registry fees, etc.). 

Seller will get a completion statement that details the sale price, mortgage redemption costs (if any), estate agent fees and legal fees. 

Both statements will be reconciled to check accuracy before the transaction reaches completion. 

Why Is the Completion Statement Important? 

A completion statement safeguards the interests of buyers and sellers. Unlike traditional conveyancers, Muve’s conveyancing solicitors won’t just give you a list of figures. You’ll get a completion statement that ensures the property transaction is legally and financially accurate. The document you’ll receive will have 3 purposes. 

Financial Transparency and Buyer Protection 

The completion statement shows every cost spent upfront. It reduces the risk of hidden fees or overpayment. 

This protects buyers from paying for disbursements or services they didn’t get. It gives them assurance and a real view of how much the property purchase costs beyond the sale price.  

Both buyers and sellers can check if the fees are aligned with the agreed-upon costs throughout the property transaction. 

Confirming Final Amount Due Before Completion 

The statement will also confirm the final payments on the completion day. Buyers can check that the right amount is available for transfers. Sellers will confirm the net amount they will receive after the sale (once all the deductions are removed, like mortgage redemption, estate agent fees, legal fees, etc.) 

This is how Muve conveyancers ensure that no errors will compromise the transaction on the completion day. 

Understand the difference between completion and the exchange of contracts to navigate the timeline of your property transaction. 

Special Considerations for Leasehold Properties 

Leasehold property transactions will include extra fees and adjustments compared to freehold properties. This means you should look for the following in the completion statement: 

• Ground rent and service charge apportionments and arrears (if the seller has outstanding payments, how the fees will be divided between the buyer and seller) 

• Landlord’s administration fees (paid to the landlord or managing agent for providing the LPE1 form, transfer of lease and other information in the LPE1 form, etc.) 

• Notice of transfer and registration fees (costs associated with changing records to reflect the new ownership and registering the buyer as the new leaseholder) 

The leasehold property completion statement should also take into consideration the Leasehold Reform Act to ensure all payments are compliant with UK laws. 

What Does a Completion Statement Include? 

While the details should be the same, there’s no one format for completion statements. It would vary from one solicitor to another. It also differs depending on the type of property transaction (e.g. new build, leasehold). With Muve, our conveyancing solicitors will include the following in your completion statement. 

Breakdown of Costs 

The buyer and seller’s completion statements would have differing breakdowns of costs. 

The buyer’s completion statement will include: 

• Purchase price: The final agreed price for the property bought 

• Land Registry fees: The fees paid to the Land Registry to register the transfer of ownership. For the current data, check the HM Land Registry: Registration Services fees page. 

• Stamp Duty Land Tax (SDLT): The tax paid on property purchases that go beyond the current SDLT threshold. The rate would depend on the property price and the buyer’s circumstances. Check out the latest SDLT rates through the SDLT Residential property rates page.  

• Legal fees: This covers the professional service fee of the conveyancing solicitor. 

• Disbursement fees: If the solicitor or conveyancer paid fees on your behalf, this will be categorised under the disbursement fees (bank transfer fees, etc.) 

• Mortgage lender fees: This involve fees charged by the mortgage lender to process property payments. 

• Pre-paid rent or service charge: This is for leasehold properties. If the seller paid these charges in advance, it will be added to the payables of the buyer (at least, for the period after the completion date). 

The seller’s completion statement will include: 

• Sale price: The final price accepted by the buyer for the property purchase. 

• Estate agent fees: This is the commission paid to the agent for selling the property. It’s usually the percentage of the sale price plus VAT. 

• Mortgage redemption: This reflects the outstanding balance in the existing mortgage of the seller. This will be settled once the buyer sends the payment. 

• Legal fees and disbursements: This covers the professional service fee of the conveyancer and any disbursements paid on behalf of the seller. 

• Ground rent or service charge arrears or apportionments: This refers to adjustments (outstanding payments or prepaid fees) for leasehold property transactions. 

Example Completion Statement Format 

Here’s a completion statement example for both buyers and sellers: 

First-time buyer’s completion statement (for a London property worth £450,000): 

EXPENSES	AMOUNT:	RECEIPTS	AMOUNT:
Purchase Price	£450,000.00	Mortgage Advance	£350,000.00
Stamp Duty Land Tax	£7,500.00	Buyer funds	£25,000.00
Legal Fees	£1,250.00
Local Authority Search	£250.00
Bank Transfer fee	£30.00
HM Land Registry fee	£150.00
Total Expenses	£459,180.00	Total Receipts	£375,000.00
		Balance Required (completion)	£84,180.00

Note: Figures may vary depending on the property value, location and specific property transaction circumstances. 

Leasehold properties would include additional entries such as leasehold sale pack, leasehold enquiries, landlord notice fee, deed of covenant, notice of transfer fee, etc. 

Seller’s completion statement (for a London property worth £450,000): 

Sale Price	£450,000
Expenses
Legal Fees (conveyancing)	£1,000.00
Estate Agent fees	£4,500.00
Mortgage Redemption	£200,000.00
Total Expenses	£205,500.00
Completion Balance	£244,500.00

Note: Figures may vary depending on the property value, location and specific property transaction circumstances. 

If the seller has completely paid the mortgage, the completion statement may include a Mortgage Discharge fee and Early Redemption Charge. 

Completion Statement FAQs 

Here are questions that Muve’s conveyancing solicitors usually get from buyers and sellers. 

Is it legally binding? 

A completion statement isn’t a legal contract. However, it reflects the legally binding financial obligations that buyers and sellers should meet according to the contract of sale. 

Once the figures are accepted, payments must be made to finalise the property transaction. 

What if the statement amount changes? 

At Muve, our conveyancing solicitors inform the buyer or seller in case there are changes to any amount in the completion statement. We explain the reason for the discrepancies and create an updated document if the changes are accepted. Once the final version of the completion statement is approved, only then can the completion take place. 

What happens if I disagree with the figures? 

If there are questionable figures in the completion statement, you need to inform the conveyancing solicitor immediately. They will explain the costs and can also liaise with any third party involved to resolve the disputed amount.  

Do not proceed with the completion until you’re satisfied with the details in the completion statement. 

How Muve Helps With Your Completion Statement 

At Muve, we understand the complexity of the financial aspects of a property transaction. This is why we offer speed and local conveyancing expertise to keep clients from feeling overwhelmed while ensuring the accuracy of the costs exchanged. 

Our digital-first approach in our conveyancing process plays a huge role in our ability to provide exceptional service, including the preparation of accurate completion statements. We provide clients access to our 24/7 Client Portal, where they can review statements and case progressions even before the completion day. 

Enjoy fast, transparent and reliable conveyancing service in England and Wales. Our Muve Lightspeed service makes an exchange possible in 5 weeks (freehold properties) to 8 weeks (leasehold properties). To date, we have a 70% success rate in reaching the target deadline, allowing us to continue enjoying a high trust rating of 4.6 in Trustpilot with more than 7,500 5-star reviews. 

Get a free quote today and let us handle the details so you can focus on your move.