What Is a Completion Statement?

A completion statement is the final financial summary your solicitor prepares before completion day. It lists every cost, payment, and balance due so that when ownership changes hands, there are no surprises. In England and Wales, this document confirms exactly where your money goes — and ensures your sale completes smoothly.

Understanding the Completion Statement

When you buy or sell a property, your solicitor handles large sums of money on your behalf. The completion statement is their formal record of how those funds are used. It details what has been paid, what is still owed, and the final amount to transfer on completion day. Think of it as the financial blueprint of your move.

The document normally arrives a few days before completion. Buyers see what they must pay to finalise the purchase; sellers see how much they’ll receive after deductions. It’s the last opportunity to check that figures add up before any money leaves the solicitor’s client account.

Why It Matters

Property transactions involve multiple professionals, bank accounts, and taxes. Without a clear breakdown, it’s easy to lose track of costs. The completion statement ensures transparency for both sides. It confirms your solicitor has calculated everything accurately and followed the Solicitors Regulation Authority rules for client money.

For sellers, it shows exactly how much equity they’ll receive once the mortgage, fees, and taxes are settled. For buyers, it verifies the total funds needed to complete. In both cases, the statement gives peace of mind before the keys change hands.

Who Prepares It?

Your conveyancing solicitor or licensed conveyancer prepares the completion statement. They bring together the contract price, mortgage details, fees, and disbursements into one summary. These professionals follow guidelines from the Law Society of England and Wales to ensure accuracy and transparency.

What the Completion Statement Includes

Although the layout varies between firms, the key sections are usually:

• Property price – the agreed sale or purchase price.
• Deposit – normally 10 per cent of the purchase price, already paid on exchange.
• Mortgage funds or redemption – for buyers, the advance from the lender; for sellers, the amount required to repay an existing mortgage.
• Solicitor’s fees and disbursements – professional fees plus costs such as searches, ID checks, and Land Registry charges.
• Stamp Duty Land Tax (SD LT) or Land Transaction Tax (LTT) – paid via your solicitor to HMRC or the Welsh Revenue Authority.
• Estate agent fees – deducted from sale proceeds, where applicable.
• Final balance – the total you must pay (as buyer) or will receive (as seller) on completion.

If you’re completing two linked transactions — for instance, selling and buying on the same day — your solicitor can issue a combined completion statement showing how your sale proceeds contribute to your purchase.

When You Receive It

Most people receive their completion statement one to three days before completion. This allows time to review and transfer funds. If you’re selling, it confirms what you’ll receive once everything completes; if you’re buying, it sets out the total amount you need to send to your solicitor’s client account in time for completion day.

How to Check Your Statement

Before approving the document, read every line. Confirm that:

• The property price matches your contract.
• Deposits already paid are credited.
• Mortgage and fee figures are correct.
• No costs appear twice or without explanation.

If something doesn’t make sense, ask your solicitor to clarify it. Small errors can usually be fixed quickly — and it’s best to resolve them before funds are transferred.

Example: Seller’s Completion Statement

Sale price: £300,000  
Mortgage redemption: £180,000  
Solicitor’s fees (incl. VAT): £1,200  
Estate agent fee: £3,600  
Net proceeds due to client: £115,200

Example: Buyer’s Completion Statement

Purchase price: £300,000  
Deposit paid: £30,000  
Mortgage advance: £240,000  
Stamp Duty Land Tax: £2,500  
Solicitor’s fees (incl. VAT): £1,200  
Balance to send to solicitor: £31,700

These examples show how the statement balances every figure to ensure transparency for both sides.

What Happens on Completion Day

On the day of completion, the buyer’s solicitor transfers the purchase money to the seller’s solicitor. Once funds clear, the seller authorises the estate agent to release the keys, and ownership officially changes. The completion statement then becomes the final record of all funds received and paid.

Can the Figures Change?

Occasionally. If your lender updates the mortgage redemption amount or a last-minute disbursement appears, your solicitor will issue an updated statement. Always rely on the latest version, dated closest to completion day.

Typical Costs

Although fees vary by region and complexity, typical costs shown on a completion statement in England and Wales include:

• Solicitor’s professional fee: £850 – £1,500 + VAT
• Search fees: £200 – £300
• Land Registry fee: £45 – £135
• Bank transfer fee: £30 – £50
• Stamp Duty Land Tax or LTT: depends on property value

What If There’s a Mistake?

Contact your solicitor immediately if you think something is wrong. They can cross-check their client ledger and correct any issue before completion. Never transfer or accept funds until every figure has been verified in writing.

Completion Statements in Cash Sales

When you sell to a direct cash buyer like SmoothSale, the completion statement is shorter and simpler. With no mortgage lender or chain, it often lists just the agreed price, solicitor’s fee, and your net payment. Cash transactions can complete in as little as seven days, giving you certainty and speed.

Why Choose SmoothSale for a Fast Completion

If you need to sell quickly — perhaps after a chain collapse or divorce settlement — SmoothSale’s Sell House Fast service gives you a guaranteed cash offer and a fixed completion date. We buy properties in any condition across England and Wales, covering all legal fees so your completion statement stays simple and stress-free.

Benefits of Selling with SmoothSale

• Guaranteed cash offer: no chains or buyer delays.
• No fees: we cover all legal and valuation costs.
• Speed: complete in as little as seven days.
• Clarity: every cost appears clearly in your completion statement.
• Trusted nationwide service: helping sellers move on quickly and confidently.

Start your sale today with a free cash offer from SmoothSale and enjoy a fast, transparent process from valuation to completion.

Frequently Asked Questions

Who prepares the completion statement?

Your conveyancing solicitor prepares it and must provide a complete breakdown of all funds before completion.

Do buyers and sellers get different statements?

Yes. Buyers see the total cost they must pay, while sellers see the net amount they’ll receive after deductions.

When should I receive my statement?

Usually one to three days before completion so you have time to review it. In very fast transactions, it may arrive on the day itself.

Is a completion statement legally required?

Yes. It’s part of every conveyancing transaction and ensures compliance with Solicitors Regulation Authority client-money rules.

Can SmoothSale handle completion paperwork?

Yes. SmoothSale works with expert solicitors who manage the legal process from offer to completion, including preparing and explaining your completion statement in clear terms.

Final Thoughts

A completion statement is the last check in your property journey. It confirms that every payment, fee, and tax is correct before the transaction closes. Always review it carefully and ask questions if anything looks unclear. When you choose SmoothSale, you get a transparent, fully managed process — and with our Sell House Fast or We Buy Any House services, completion can happen in days, not months.