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Completion statement—sale

This Precedent is a template to assist in preparation of a completion statement for the sale or either freehold or leasehold property either with vacant possession or subject to leases and will need to be tailored for the specific transaction. It is not intended for use on the grant of a lease.

Read the contract

Before preparing a completion statement, read the contract carefully to ascertain:

1. •

   what amounts need to be paid on completion in addition to the purchase price eg sums to be paid for chattels, fixtures etc

2. •

   what additional amounts need to be paid including how they are to be apportioned eg rent, service charge payments, sinking funds, rent deposits etc.

Gather information

In more complex transactions it will be necessary to liaise with the seller’s managing agents to get up to date schedules of arrears, rent payments, voids, service charge payments and expenses and sinking funds held. The buyer should likewise have its surveyor or agent check the completion schedules provided and completion statement.

Apportionment

When a property is being sold the parties will agree in the contract how income and outgoings are to be dealt with at completion. The contract will deal with the apportionment of occupational lease yearly rents and (if the property is leasehold) the headlease rents. If