Which document details funds payable on completion?

• A. DS1
• B. Completion statement
• C. TR1 Form
• D. SDLT return

Answer: (B)

A completion statement is the document that details funds payable on completion. It brings together every financial element needed to settle the transaction on the day of completion, so both sides know exactly how much must be paid and to whom.

It starts with the purchase price and then adds or subtracts adjustments that arise up to completion—such as rent or service charges prepaid by the seller, council tax, utilities, ground rent, and other apportionments. It shows any deposit already paid, and it accounts for sums the buyer must pay to discharge the seller’s mortgage or to settle other costs. It also lists the costs that flow through the settlement, like the buyer’s and seller’s legal fees, disbursements, and any Stamp Duty Land Tax due to HMRC. The purpose is to provide a single, clear figure that the buyer’s funds must cover and that the seller’s solicitor will receive to complete the transfer of title.

Other documents serve different purposes. A TR1 form records the transfer of the title itself to the new owner. The SDLT return deals with reporting and paying Stamp Duty Land Tax to HMRC. DS1 is related to other Land Registry registrations and does not set out the day’s settlement figures.