Which of the following best reflects the funds a practitioner should ensure before completion regarding SDLT?

• A. Only SDLT
• B. Funds to cover SDLT, legal fees, estate agent fees, CGT, mortgage redemption
• C. Deposit and stamp duty
• D. Mortgage interest only

Answer: (B)

On completion, the practitioner must ensure there are sufficient funds to cover all amounts that will be paid out as part of the transaction and any related liabilities that arise from the sale. SDLT is a key cost, but it isn’t the only one that needs funding before completion.

In practice this means securing funds for a range of payments: SDLT, the legal fees for the conveyancing work, and any estate agent fees that may be payable from the sale proceeds; the seller may also have a CGT liability on the disposal of the property, which would be settled from the sale proceeds; and any existing mortgage or charges on the property must be discharged (mortgage redemption) from the proceeds at completion. Ensuring these funds are ready prevents delays and ensures a smooth completion.

Options that focus only on SDLT miss other essential costs, and deposit is not typically a separate completion-stage payment in this context, while mortgage interest alone does not cover the full picture.