Jurisdiction(s):
United Kingdom

Key definition

Completion definition

What does Completion mean? In legal practice, Completion is the point at which a transaction is finally effected, sometimes called 'closing' in cross‑border deals: consideration is paid and title, assets or rights are transferred after all conditions precedent are satisfied or waived and the required completion documents are delivered. Not generally defined by legislation, it is a contractual expression used across conveyancing, corporate/M&A and finance, informed by common law. Key features include a completion date/time; completion mechanics (agenda or checklist); execution and delivery of transfers and ancillary documents; release of funds (often against undertakings); and, where relevant, escrow or virtual completion. Completion usually fixes when...

Completion monies under the Standard Commercial Property Conditions (Third Edition—2018 Revision): payment, timing, apportionments, readiness to complete, and mortgage redemptions (England and Wales)

Published by a LexisNexis Property expert

Practice notes

Contracts for commercial property frequently adopt the Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC). SCPC 9 governs the handling of completion monies. For an overview of completion generally, see the Practice Note: How does completion happen?

How much is payable?

On completion, the buyer must pay the balance comprising the purchase price plus the chattels price, less any deposit already paid to the seller or their agent, and then adjusted to reflect:

Apportionments made under SCPC 9.3
Any compensation payable or allowable under SCPC 10.3
Where the contract requires the seller to insure until completion, specified insurance sums or premiums in the circumstances set out in SCPCs 8.2.2 and 8.2.3

Ensure that VAT is included as appropriate (including VAT on apportionments) in accordance with SCPC 2, and that any accrued interest (as defined in SCPC 1.1.1(a)) is brought into account on completion. Under SCPC 2, the seller warrants that the disposal of the property constitutes a supply subject to VAT at the standard rate.

How should the money be paid?

...

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Web page updated on 21/05/2026

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