Why must the balance requested in the completion statement be paid in good time before completion?

• A. To avoid penalties for late payment
• B. To ensure the balance is available and cleared on the day of completion
• C. To allow the seller to arrange moving services
• D. To enable the conveyancer to accrue fees in advance

Answer: (B)

The main idea is that at completion there must be funds that are ready to be handed to the seller and to settle any existing mortgage. Paying the balance in good time ensures the money is in the conveyancer’s account and has cleared before the completion deadline so it can be sent to the seller’s solicitor and the mortgage discharge can be completed on the day itself. If funds aren’t cleared in time, there won’t be enough money available to finalize the sale, which could delay or jeopardise completion.

Other options aren’t the focus here. It’s not primarily about penalties, arranging moving services, or pre‑paying fees; it’s about having the purchase price and related sums fully available and cleared for completion.