What Is a Completion Statement in Conveyancing, and Why Does It Matter?

When you’re buying or selling property, there’s a lot of paperwork involved, and the completion statement is one of the most critical documents you’ll encounter. It might not grab your attention at first, but understanding it is vital for a smooth property transaction. It’s more than just numbers—it’s your roadmap to knowing exactly where your money is going.

What is a completion statement?

“A completion statement is essentially a detailed breakdown of all the financial transactions involved in your property deal,” says conveyancing experts SAM Conveyancing. If you’re the buyer, it shows how much you owe to complete the purchase, including the property price, legal fees, and taxes such as stamp duty. Sellers, on the other hand, will see how much they’ll receive after deductions like estate agent fees, outstanding mortgage repayments, or other costs tied to the sale.

Think of it as a final receipt for your transaction, but far more comprehensive. While receipts from day-to-day purchases might seem straightforward, a property deal involves far more complexity. The completion statement pulls all these elements together, giving you clarity and transparency before the deal is finalised.

Why is it important?

The completion statement matters because it ensures financial transparency for both parties. Without it, you might be left questioning why you’re paying certain amounts or whether you’ve overpaid. In property transactions, this clarity isn’t just a courtesy—it’s a fundamental safeguard to ensure fairness and trust.

For buyers, it confirms exactly how much money is required to complete the transaction, detailing every penny of costs beyond the property price. Sellers also benefit, as they can clearly see how much they’ll receive after all expenses.

Your solicitor or conveyancer prepares the statement to ensure everything is accurate and up to date. Having this information before completion day avoids any last-minute surprises or hiccups that could derail the process. 

What should you check in your completion statement?

Even though your solicitor handles the preparation, it’s still important to review the completion statement carefully. Accuracy is key, so take the time to ensure the details align with what you expect. Here’s what to focus on:

• Accuracy of amounts: Double-check that all the figures match the agreed amounts in your contract, including deposit payments and additional fees.
• Fee breakdowns: Ensure all legal fees, taxes, and any other charges, such as stamp duty or search fees, are clearly listed.
• Completion date alignment: Confirm the completion date matches the schedule in your agreement to avoid potential delays or misunderstandings.

Mistakes or omissions, while rare, can cause unnecessary stress, so addressing any discrepancies early is always wise.

The bottom line

The completion statement might seem like just another piece of paperwork, but it’s actually a cornerstone of the conveyancing process. By ensuring financial transparency and eliminating misunderstandings, it helps facilitate a seamless property transaction.

Taking the time to review the document carefully, understanding what each line item represents, and leaning on the guidance of experienced professionals will leave you confident and prepared as you finalise one of life’s most significant transactions.