Lecture on Completion Statements and Fee Approval Process

Introduction

• Overview of the process for generating a completion statement.
• Email notification to fee earner: first stage "Draft Completion Statement to FEA for Approval".
• Email includes details such as client name, reference, fee owner, exchange date, and completion date.

Reviewing and Approving Completion Statements

• Action Required: Check and approve the attached completion statement.
  • Attachments may include:
    • Completion statement
    • Redemption statements
    • Third-party payment forms
• Missing Attachments:
  • Missing attachments will lead to rejection by accounts.
  • Important to fix issues at the draft stage to save time.

Details of the Completion Statement

• Sections Overview:
  • Section 1: Total money received.
  • Section 2: Total money paid out.
  • Section 3: Balance of sale proceeds or onward purchase.
  • Section 4: Contra entries (rarely relevant).
• Breakdown Details:
  • Sale price, any client contributions, mortgage redemption, land registry fees, indemnity policy costs, and protection fees.

Costs and Fees

• Basic Costs:
  • Headline fee, TT fees, UK money laundering checks.
  • Partner approval required for fee removal.
• Flat Fees:
  • Office copies fee: £4 for freehold sales, more for leasehold properties.
• Optional Services:
  • Archive fee, priority fast track service, expedited exchange and completion fees.

Amendments and Approvals

• Changes to Completion Statement:
  • Partner approval required for significant changes.
  • Forward partner approval to accounts for amendments.
• Approval Process:
  • Click FNA approve if no amendments are needed.
  • Ensure to send the completion statement to the client only on the day of completion to follow procedure.

Conclusion

• Once approved, the completion statement is ready to be sent to the client on completion day.
• Importance of thorough review to avoid post-completion issues.