A Completion Statement is the final financial reconciliation in a property transaction in England, detailing the demands and credits that balance the funds sent to complete on the contract for sale or purchase. A solicitor drafting or reviewing it confirms the final purchase price, adjusts for outgoings, deposits, and encumbrances, accounts for SDLT, registration fees, and any mortgage discharge or rent apportionments, and ensures money flows to the correct parties. It underpins the precise settlement required for transfer of title and possession.
What a solicitor handles in these matters
The statement lists debits and credits, calculates SDLT or Land Transaction Tax where applicable, discharges existing mortgages, and records adjustments for issues such as adjustments for occupier costs, service charges, or dilapidations. The solicitor ensures the funds are correctly allocated to vendors, lenders, and other parties, and that the conveyancing file reflects accurate post-completion accounting.
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