Completion statement

by Practical Law Property

This document serves as a practical guide for drafting a completion statement in the context of the sale and purchase of freehold or leasehold property. It is tailored for transactions where the property is not subject to a lease or underlease, and the sale does not constitute a taxable supply for VAT purposes. The document outlines the necessary steps for preparing a completion statement post-exchange of contracts, detailing the amounts due on completion, including apportionments, which must be agreed upon by the buyer. It emphasises the importance of providing this statement well in advance to ensure timely fund transfers. Additionally, it addresses the implications of delayed completion, including adjustments to payable amounts and potential compensation under the Standard Conditions of Sale (Fifth Edition - 2018 Revision). The document also covers the calculation of apportionments, completion monies, and payment details, highlighting the importance of secure communication of conveyancer account details. This document is particularly beneficial for residential property transactions but can be adapted for straightforward commercial property dealings.