What does the completion statement show?

What does the completion statement show?

• A. The rent due
• B. The amount payable on completion, purchase price minus deposit
• C. The stamp duty payable
• D. The mortgage redemption date

Answer: (B)

The funds settled at completion are shown on the completion statement, with the key figure being the amount payable on completion by the buyer to the seller—the balance of the purchase price after the deposit already paid is deducted. In practice this statement sets out what the buyer must transfer to complete the purchase, and it may include small adjustments for items like rent or other prepayments, but the essential figure is the remaining price due. Stamp duty payable is a tax paid to HMRC and is typically dealt with separately, not as the main completion payment, and a mortgage redemption date pertains to clearing any existing mortgage and is shown on the lender’s documents rather than on the completion statement.

The funds settled at completion are shown on the completion statement, with the key figure being the amount payable on completion by the buyer to the seller—the balance of the purchase price after the deposit already paid is deducted. In practice this statement sets out what the buyer must transfer to complete the purchase, and it may include small adjustments for items like rent or other prepayments, but the essential figure is the remaining price due. Stamp duty payable is a tax paid to HMRC and is typically dealt with separately, not as the main completion payment, and a mortgage redemption date pertains to clearing any existing mortgage and is shown on the lender’s documents rather than on the completion statement.