What is a completion statement when selling a house?
Published 14 September 2026 · 7 min read · By Evren Ergin
A completion statement is the document your solicitor sends before completion showing exactly where the sale money goes: the sale price, less your mortgage redemption figure, the estate agent's fee, legal costs and any other deductions, with the balance that will be paid to you. Check every line against your paperwork before you approve it, because it is the last chance to catch a mistake before the money moves.
TL;DR
- •A completion statement is the final money breakdown for your sale, listing the price, every deduction and the balance your solicitor will send you.
- •The largest deductions are usually your mortgage redemption figure, which can include an early repayment charge of 1% to 5%, and the estate agent's fee plus VAT.
- •The HomeOwners Alliance puts average sole agency fees at 1.42% including VAT and conveyancing for a sale at £610 to £950.
- •Check each figure against your agent's contract, your lender's redemption statement and your solicitor's quote, and confirm bank details by phone.
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A completion statement is a summary of the money in your sale. Your solicitor or conveyancer prepares it once the final figures are known, and it shows the sale price, each amount that will be paid out of it, and the balance that will reach your bank account on completion day.
It is a reassuring document once you know how to read it. Nothing on it should be a surprise, because every line comes from something you have already agreed or been sent.
What is on a seller's completion statement?
The usual lines on a seller's completion statement in England and Wales
| Line | What it means | Where the figure comes from |
|---|---|---|
| Sale price | The price agreed in the contract | The exchanged contract |
| Deposit received | Money the buyer paid at exchange, already held and counted towards the price | Your solicitor's account records |
| Mortgage redemption | Your outstanding loan, interest to completion day, any early repayment charge and exit fee | Your lender's redemption statement |
| Estate agent fee plus VAT | Your agreed commission with VAT added at 20% | Your agency agreement and the agent's invoice |
| Legal fees and disbursements | Your solicitor's fee plus costs paid to third parties on your behalf | Your solicitor's client care letter and quote |
| Apportionments | Adjustments for service charge or ground rent already paid, mainly on leasehold homes | The management information and your solicitor's calculation |
| Balance due to you | What is left after every deduction | The total of the lines above |
When will I receive my completion statement?
Usually in the days before completion, once your lender has issued a redemption figure for the completion date and your agent has sent their invoice. Your solicitor will normally ask you to confirm it and to confirm the account the balance should go to.
If completion is still some way off, a draft may arrive earlier. Treat a draft as a guide, because the mortgage figure changes with the completion date.
What does a completion statement look like with real numbers?
The example below is illustrative. It uses a £300,000 sale, a mortgage balance of £150,000, a sole agency fee of 1.2% plus VAT and a legal fee in the middle of the HomeOwners Alliance range for a sale.
Illustrative seller's completion statement on a £300,000 sale. ValuQ worked example using HomeOwners Alliance (June 2026) and Moneyfacts figures.
| Line | No early repayment charge | With a 2% early repayment charge |
|---|---|---|
| Sale price | £300,000 | £300,000 |
| Less mortgage balance | £150,000 | £150,000 |
| Less early repayment charge | £0 | £3,000 |
| Less estate agent fee (1.2% plus VAT) | £4,320 | £4,320 |
| Less legal fees and disbursements | £780 | £780 |
| Balance paid to you | £144,900 | £141,900 |
A real statement will also include daily interest on the mortgage up to completion day, your lender's exit fee and any leasehold adjustments, so your figures will differ. The sale proceeds calculator lets you run your own version before you accept an offer.
What is a mortgage redemption statement?
A mortgage redemption statement is the letter from your lender showing exactly how much is needed to clear your mortgage on a given date. It includes the balance, interest due, any early repayment charge and any exit fee.
Moneyfacts explains that early repayment charges are typically between 1% and 5% of the amount owed, and that a redemption statement is usually valid for around four weeks. If completion moves, your solicitor will ask for an updated figure.
What should I check before I approve it?
- Confirm the sale price matches the contract, including any reduction agreed after the survey.
- Check the estate agent's fee against your agency agreement, and that VAT is added only once.
- Check the redemption figure is for the correct completion date and matches your lender's statement.
- Compare the legal fees with the quote in your solicitor's client care letter and ask about anything new.
- Look for a second loan or equity loan that also needs repaying, such as a Help to Buy equity loan.
- Confirm the bank account for your balance by phone with your solicitor, using a number you already hold.
Why is my balance lower than I expected?
The usual reasons are an early repayment charge because your fixed rate has not ended, VAT on the agent's fee that was quoted without it, interest on the mortgage running to completion day, and leasehold costs such as a management pack. The HomeOwners Alliance puts leasehold management packs at £300 to £800.
None of those should be new to you if you have seen your redemption statement and agency agreement. If a line is unfamiliar, ask your solicitor to explain it before you approve anything.
How do I keep the money safe on completion day?
Completion is when the largest sums move, so it is when fraudsters try to get involved, usually by sending an email that appears to change bank details. Property Industry Eye reported on 14 September 2026 that cyber incidents reported to the Information Commissioner's Office by UK property businesses rose 17% to 208 in 2025.
Give your bank details to your solicitor early, in a way you trust, and treat any message that changes them as suspect until you have phoned to check.
The biggest line on a completion statement you can shape in advance is the agent's fee. It is set the day you choose your agent, not the day you complete.
ValuQ gives UK homeowners free, side-by-side property valuations from competing local estate agents, with each agent's fee shown next to their valuation, so you compare that line before you commit.
Common questions about completion statements
Is a completion statement the same as a redemption statement?
No. A redemption statement comes from your mortgage lender and shows only what is needed to clear your mortgage on a given date. A completion statement comes from your solicitor and covers the whole sale, including the redemption figure as one of its lines.
Who pays the estate agent when I sell?
On a standard sole agency agreement the agent is paid on completion, and your solicitor usually pays the invoice directly from the sale money. That is why the agent's fee appears as a deduction on your completion statement rather than as a separate bill.
When will the balance reach my bank account?
Usually on completion day, once the buyer's money has arrived with your solicitor and your mortgage has been repaid. If it has not arrived by the end of the day, speak to your solicitor, who can trace the payment and explain any delay.
Can I question a figure on my completion statement?
Yes, and you should. Ask your solicitor to explain any line you do not recognise before you confirm the statement. Fees that differ from your quote or agency agreement should be explained or corrected before completion.
What happens if I owe more than the sale price covers?
The statement would show a shortfall rather than a balance. Your solicitor cannot complete until the lender agrees how the gap will be covered, so speak to your lender early if you think your sale price may not clear what you owe.
Sources
- [1]HomeOwners Alliance, Cost of selling a house in 2026 · 2026-06-01 · https://hoa.org.uk/advice/guides-for-homeowners/i-am-selling/cost-selling-home/
- [2]Moneyfacts, Early repayment charges explained · 2025-08-22 · https://moneyfactscompare.co.uk/mortgages/guides/early-repayment-charges-explained/
- [3]GOV.UK, VAT rates · Accessed 14 September 2026 · https://www.gov.uk/vat-rates
- [4]Property Industry Eye, Estate agents under attack as cyber incidents jump 17% (ICO data analysed by Karis Insurance) · 2026-09-14 · https://propertyindustryeye.com/estate-agents-under-attack-as-cyber-incidents-jump-17/
- [5]HomeOwners Alliance, Estate agent fees guide · 2026-01-01 · https://hoa.org.uk/advice/guides-for-homeowners/i-am-selling/how-much-should-i-pay-the-estate-agent/
Terms in this article
Plain-English definitions from the ValuQ property glossary.
Completion statement
A completion statement is the solicitor's final account of the money: price, deposit, fees, redemption, apportionments, and the net sum due to or from you.
Redemption statement
A redemption statement is the lender's formal breakdown of the redemption figure: balance, interest, early repayment charges and admin fees.
Client care letter
A client care letter is the document setting out what your conveyancer will do, what it costs, and how to complain, sent at the start of the work.
Redemption figure
The redemption figure is the exact amount required to pay off your mortgage completely on a stated day, including interest to that day and any charges.
Completion date
The completion date is the contractual day the sale must complete, fixed at exchange and binding on both sides.
LPE1 management pack
The LPE1 is the standard information pack about a leasehold property's charges, works, disputes and insurance, completed by the freeholder or managing agent for a sale.
Apportionments
Apportionments are the completion-day adjustments splitting ongoing costs fairly between seller and buyer, such as ground rent or service charges paid in advance.
Service charge
A service charge is the leaseholder's share of the building's running costs: maintenance, insurance, cleaning, lifts and management.
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