Buying property can be a stressful affair.

Breaking the process down into smaller steps can make the whole thing seem less monumental. Individual milestones are passed, bringing the end goal ever closer. One such milestone is receiving your completion statement, and that’s what we’re going to cover here today.

So, if you’re wondering what on earth a completion statement is and what you should do with it when it arrives, this is the post for you.

What is a completion statement?

In effect, your completion statement is a bill.

However, it’s an important one, as it lists all of the financials associated with your property purchase. Think of it more as an itemised breakdown of everything that needs to be paid in order for you to get your keys and move in. While there will be common elements in a completion statement, no two property purchases are the same, so each will be slightly different.

The one thing all completion statements have in common is that they need to be settled before the transaction can be finalised. 

What does a completion statement include?

As we’ve already seen, completion statements vary from purchase to purchase.

Common inclusions are:

  • Purchase price
  • Conveyancing fees
  • Stamp Duty Land Tax
  • Unpaid disbursements due


As well as what is left to be paid, there will also be a list of credits included in your completion statement too:

  • Mortgage advance
  • Conveyancing searches
  • Deposit paid on exchange of contracts


When it comes to variables that can be included in a completion statement, the list is long. A lot will depend upon whether the purchase is freehold or leasehold, and even payments from schemes such as Help to Buy will be included if you are using them to buy your home. There really are a lot of different ways in which a completion statement can be compiled.

However, here are some variables that are frequently used and may appear on yours if relevant to your transaction:

  • Trusts
  • Retentions
  • Gifted deposit
  • Reservation fee
  • Power of attorney
  • Indemnity insurance
  • Involvement of guarantor
  • Cashback mortgage payments
  • Shared ownership administration


The above is not an exhaustive list, but it will give you a better idea of what sort of charges you might see when your completion statement hits your mat.

When will you receive the completion statement?

You will usually receive your completion statement just after you exchange contracts

What should you do when you receive your completion statement?

As soon as you receive your copy of the completion statement, you should take some time out to check through it thoroughly.

Any missed transactions or queries you may have about charges should be brought to your conveyancing solicitor at the earliest opportunity. Check your fees to see if they tie in with your original quote. Make sure everything is in order so your completion day goes without a hitch.

If things get overlooked, it could prove to be problematic, so be proactive and double-check everything. 

Can anything change on the completion statement after exchanging contracts?

In short, yes.

Obviously, in an ideal world nothing would change, but we’re dealing with reality here. Things happen, and the amount you end up owing (or being owed) can change as a result. A prime example is the recent Stamp Duty Land Tax (SDLT) holiday. 

The chancellor announced its introduction with immediate effect, so completion statements were changed up and down the country to reflect this. 

That’s it for another week. If you found this article useful and would like more of the same every Monday, you can subscribe to our blog here. We’ll email you each week with our latest property post, along with a few featured properties to check out as well.

If you’re thinking of getting into the property market in or around East London and West Essex, whether you’re a buyer, seller, landlord, or tenant, Petty’s should be at the top of your reputable estate agents list. Give our friendly team a call today to find out why we’ve been E11’s number-one choice for over a hundred years.

Article By: Kinga Masianis

Kinga has been in sales since she was 17 and she already has both Negotiator and Sales Progression qualifications under her belt. She is bilingual, has a weakness for chocolate, and cites Robins Pie & Mash and The Cuckfield as her favourite Wanstead haunts.

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