“Where’s all my money gone?”
This is what many homebuyers ask when they see their final bill.
I’ve guided hundreds of confused buyers through this final step. One wrong number can delay your entire house purchase.
The completion statement shows who gets what money.
It lists your house price, taxes, fees, and what you’ll pay. Your solicitor prepares this crucial document just before you get keys.
In this guide, I’ll explain what to check on your statement. You’ll learn how to spot costly mistakes.
- Understanding Completion Statements in Property Transactions
- Key Components of a Property Completion Statement
- The Exchange of Contracts Process and Its Relationship to Completion
- Reviewing Your Completion Statement: What to Check
- Potential Changes Between Draft and Final Completion Statements
- Impact of Property Chains on Completion Statements
- Why Choose Property Buyers Today: Simplified Completion Process
Understanding Completion Statements in Property Transactions
Completion statements show exactly who gets what money.
I’ve helped many clients understand these important documents during house sales. A completion statement is a final bill that shows all the money going in and out when you buy or sell a house. Your solicitor prepares this document a few days before you get your keys.
It comes after you’ve signed your contracts.
This document must be accurate.
The statement shows the agreed house price plus all the extra costs. It will include things like stamp duty, solicitor fees, estate agent costs, and any money still owed on mortgages.
Your solicitor creates this document after checking all the figures. The other side’s solicitor also checks it to make sure both parties agree on the final amounts. Everything must match before money can change hands.
Important parts of a completion statement:
- The exact completion date
- The final sale price
- All fees being paid
- Money owed to mortgage lenders
- Any last-minute adjustments
If you need a quicker, simpler process, cash house buyers often have streamlined completion statements.
Any mistakes on this statement can cause serious delays. Always check it carefully before your completion day.
Key Components of a Property Completion Statement
A completion statement shows all money paid and received when buying a home. This document helps you understand the final costs of your purchase.
Purchase Price Breakdown
The agreed house price sits at the top of your statement.
This figure forms the base for all other calculations. Sometimes adjustments happen if issues were found during surveys or final inspections.
The statement shows if any price changes were agreed after the initial offer.
Deposit Calculations
Your deposit amount appears clearly on the statement.
The document shows how much you’ve already paid and what’s still due. Most buyers pay 10% when contracts are exchanged and the rest on completion day.
Your statement confirms all deposit payments were received correctly.
Mortgage Details
Loan information is listed in detail.
The statement shows the exact amount your lender is providing. This figure might differ slightly from your mortgage offer due to interest adjustments.
Lender fees also appear in this section.
The document confirms the mortgage funds have been received and applied to your purchase. This gives you proof that your home loan was processed correctly.
Legal Fee Itemisation
Solicitor charges are broken down clearly.
You’ll see costs for searches, land registry fees, and legal work. The statement separates basic conveyancing from additional legal services.
These fees should match your initial quote.Good solicitors explain any differences between estimated and actual costs. Before hiring a solicitor, you can check the Legal Ombudsman guidance for what to expect.
Tax Considerations
Stamp Duty figures are shown separately.
The statement calculates your exact tax liability based on purchase price and circumstances. First-time buyers often qualify for reduced rates.
Tax is usually the biggest extra cost.Your solicitor collects and pays this tax on your behalf. If selling a property, check if Capital Gains Tax applies to your transaction.
Additional Charges
Various smaller fees appear at the end.
These include transfer fees, management company charges, and service charges. New build homes often have extra fees for things like road maintenance.
Insurance costs might also appear here.Your final balance due is calculated after all these items. Before selling any property, research the typical cost to sell a house to budget properly for your next move.
The Exchange of Contracts Process and Its Relationship to Completion
Getting to the final stages of selling your home feels exciting.
I’ve helped many families through this important step. Exchange of contracts is when both sides make a legal promise. It’s different from completion when you actually hand over the keys.
Once contracts are exchanged, the sale becomes legally binding. Breaking the agreement now could cost you money.
The time between exchange and completion varies.
Usually, it takes about one to four weeks. During this time, you’ll need to have your moving plans ready.
When exchanging contracts, the buyer pays a deposit. This is often 10% of the house price. I always remind sellers that this money protects both sides if something goes wrong.
Key points to remember:
- Exchange makes the sale official and legally binding
- The buyer must pay a deposit at exchange
- You can’t back out without penalties after exchange
- Completion is when money and keys change hands
The completion statement shows all the money details. Your solicitor will explain what you’ll receive after fees are paid.
Being prepared helps everyone stay calm. I suggest packing early and keeping important documents handy.
Learn more about the exchange and completion process
Reviewing Your Completion Statement: What to Check
Your completion statement shows all money moving in and out during your property purchase. Checking it carefully helps avoid costly mistakes.
- Deposit Calculations
- Outstanding Mortgage Figures
- Stamp Duty Calculations
- Legal Fee Accuracy
- Additional Costs
- Balance Payable/Receivable
Your deposit amount should match what you agreed to pay.
Check that any money already paid is correctly listed. The statement should clearly show initial deposits and exchange deposits separately.
Make sure the total matches the percentage agreed in your contract.
Check the mortgage amount matches your official offer.
The figure should be exactly what your lender approved. Any differences should be explained by your solicitor.
This amount is what your lender sends directly to your solicitor.
Watch for any unexpected mortgage fees or charges. Your lender should have told you about these in advance.
Tax calculations need special attention.
The amount should be based on the correct purchase price and your buyer status. First-time buyers and those buying additional properties have different rates.
Even small calculation errors can cost thousands.
Check that you’re receiving all eligible tax relief. For detailed guidance on current rates, visit the stamp duty land tax information page.
Compare actual fees against your initial quote.
Your solicitor should explain any differences between estimated and final costs. The statement should break down search fees, Land Registry fees and basic legal work.
Watch for unexpected extra charges.
Good solicitors don’t add surprise fees at the last minute. Question any costs that weren’t mentioned earlier.
Look for smaller fees that add up quickly.
These might include transfer fees, indemnity insurance, or management charges. New builds often include extra fees for services.
Some costs are split between the buyer and the seller.
Check that items like service charges or ground rent have been correctly apportioned by date.
The final figure shows what you must pay or will receive.
This number should match what your solicitor has previously told you. It represents the final amount needed to complete your purchase.
Double-check the bank details for payment.
Ensure you have funds ready in time for completion day. This amount must be transferred to your solicitor before the agreed completion date.
Potential Changes Between Draft and Final Completion Statements
Your completion statement might change before the final version.
When selling a house, the final costs might be different from what you first saw. This happens because some costs are only worked out on the day you hand over the keys. Your lawyer will tell you about any changes.
You only get a day or two to ask questions.
If something looks wrong, speak up right away. Your lawyer should explain everything in simple words.
Changes might mean you get more or less money than you thought. It’s smart to have some extra money just in case.
Watch out for these things that might change:
- How much you still owe on your house loan
- Bills for looking after shared areas
- Council tax money
- Lawyer costs
Understanding your final statement helps avoid surprises on moving day.
Learn more about the house selling paperwork here.
Impact of Property Chains on Completion Statements
Property chains affect how money moves on completion day. When multiple sales depend on each other, your completion statement becomes more complex.
Longer chains create more financial complications.
Each link in the chain adds potential problems to your transaction. Money must flow correctly from the last buyer to the first seller.
Your statement shows how your sale connects to others.
Complex chains require careful timing of all payments. Your solicitor coordinates with multiple other legal teams to ensure smooth money transfers.
Most chains complete on the same day.
Your statement shows timing requirements for sending and receiving funds. Money typically moves up the chain, with each buyer paying before their seller can buy their next home.
This creates a financial domino effect.
The statement shows deadlines for when money must arrive. Delays at any point can affect everyone in the chain.
Your deposit might depend on money from your sale.
The completion statement shows if you’re using sale proceeds as your purchase deposit. This creates a timing challenge since you need to receive money before you can send it.
This is where “deposit release” comes in.
Your statement might show deposit money being released early in special cases. This helps bridge timing gaps in the chain.
Financial penalties appear if completion dates slip.
Your statement shows any interest charges for the delayed completion. Standard contracts charge interest if money arrives late.
Chains increase delay risks dramatically.
If you’re worried about potential chain problems, learn about solutions for a broken property chain before you commit to a purchase.
Why Choose Property Buyers Today: Simplified Completion Process
Here are some of the reasons why so many people choose to sell their property to us…
Speed
Most house sales take months, but we can buy your property in as little as 7 days.
This quick process is perfect if you need to move soon or want to avoid being stuck in a long chain of buyers and sellers. We have the cash on hand so don’t need to wait for mortgages or a chain to collapse.
Guaranteed Sale
Did you know 1 in 3 sales fall through on the open market?
We know how frustrating it is to get 6 months into a process and have a buyer pull out.
When we give you the final price for your house, that’s the amount you’ll get. Guaranteed!
No Costs
You won’t face any costs with us.
We handle all the expenses involved in buying your property, including legal fees and surveys. You get cash in your bank when the sale is complete, and there are no surprise estate agent commissions to worry about.
No Stress Or Hassle
Our team supports you through the whole selling process.
We keep you updated about what’s happening and answer any questions quickly. You’ll always understand what’s going on with your sale and what happens next.
Free Property Valuation
Our property experts will value your house at no cost to you.
They look carefully at your property and check local market prices to give you an accurate figure. This professional service comes with no obligations.
No Viewings Required
Forget about cleaning and tidying for viewings.
We don’t need multiple visits or open houses to make our offer. This means no strangers walking through your home, and no disruption to your daily life.
All Properties Welcome
Whether your house needs work or is in perfect condition, we’ll buy it.
We have experience with all types of properties and conditions. This means you can sell your house to us no matter what state it’s in.
Professional Legal Service
Our expert team manages all the legal requirements for you.
We work with experienced property lawyers who make sure everything runs smoothly, and put your property at the top of their list. This gives you peace of mind that your sale is being handled properly from start to finish.
