Just before the big day when you get the keys to your new home, your solicitor will send you a completion statement. It’s a straightforward document that breaks down all the final costs – like what you’ve already paid, what’s still due, and how everything adds up.
Understanding your completion statement can help avoid last-minute surprises and keep everything running smoothly. Here’s what you need to know.
Related: First home buyer: what to do before completion?
What is a completion statement?
A completion statement is a financial summary provided by your solicitor that outlines all the costs and payments associated with your property purchase. Think of it as your final bill before the keys are handed over. It will typically arrive shortly before the transaction is completed and must be paid in full by the agreed deadline.
This document gives a full breakdown of:
- The property purchase price
- Any deposit already paid
- Stamp Duty Land Tax (if applicable)
- Solicitor’s fees and disbursements
- Land Registry fees
- Bank transfer or telegraphic transfer fees
- Search fees
- Any adjustments for service charges or ground rent (if leasehold)
The completion statement ensures everyone is clear on what’s owed and that all costs have been accounted for before ownership transfers. It’s one of the last steps before the official completion date.
Related: What are the typical solicitor fees when purchasing a house?
Completion statement vs completion date: know the difference
It’s easy to confuse the completion statement with the completion date, but they’re very different parts of the process.
- The completion statement is a financial document from your solicitor detailing how much money needs to be paid to complete the purchase.
- The completion date is the actual day when the property legally changes hands, and you can collect the keys.
In most cases, you’ll receive your completion statement a few days before the completion date. This gives you time to transfer the required funds and ensure everything is settled in time.
If you’re purchasing with a mortgage, your solicitor will usually request the mortgage funds in advance, so that the full amount can be transferred on the completion day without delay.
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When do you get a completion statement?
Typically, your solicitor will issue the completion statement before exchange or shortly after exchange of contracts. It’s often part of a pack of documents confirming your responsibilities as the buyer and detailing what will happen next.
While every transaction is slightly different, you’ll usually get the statement a few days before completion. This allows time for your solicitor to finalise the figures based on things like final lender instructions or pre-agreed apportionments of ground rent or council tax.
If you’re also selling a property as part of a chain, you may receive a second completion statement for that sale to help coordinate funds between transactions. But as a buyer, your focus will be on the costs for your new home.
What should you do with the completion statement?
Once you receive your completion statement, it’s important to:
- Check it carefully – Make sure all the figures are correct. Review the charges and compare them against any quotes you received earlier in the process.
- Ask questions – If anything is unclear, your solicitor is there to explain. Don’t be afraid to ask about unfamiliar terms or line items.
- Transfer funds promptly – You’ll usually need to transfer your remaining balance (including deposit, fees, and taxes) to your solicitor’s account before the completion date.
This is your final opportunity to clarify costs and avoid delays, so be proactive and thorough.
Related: What happens on completion day? A buyer’s guide
Can you get a completion statement before exchange?
While it’s more common to receive your completion statement after contracts have been exchanged, some solicitors may offer an indicative or a draft completion statement before exchange.
A completion statement before exchange can be useful if you’re trying to budget ahead of time, especially when coordinating a sale and purchase. Just remember that this is a rough idea of costs and the final figures may shift slightly depending on search results, lender fees, or timing-related adjustments.
Related:Your guide to exchange and completion
Why does the completion statement matter?
Your completion statement ensures there are no financial surprises at the eleventh hour. It also helps to:
- Ensure all parties are paid correctly and on time
- Prevent last-minute issues that could delay the handover
- Show proof of payments for your records or tax purposes
From the buyer’s side, it’s peace of mind. From the solicitor’s side, it’s an audit trail that confirms due diligence.
How Ellis & Co can support you
There’s a lot to think about when you’re buying a home, and the completion statement is one of those key bits that brings everything together. Having a team you can turn to for clear advice can make all the difference.
Whether you’ve got a quick question or want tailored guidance, just reach out to your local Ellis & Co team, we’re always happy to help.
