Trade bodies launch fifth iteration of BASPI form for property transactions

Stakeholders are also invited to engage

Trade bodies launch fifth iteration of BASPI form for property transactions

Trade and representative bodies representing the legal, surveying, estate agency and property management sectors have unveiled the fifth iteration of the Buyer’s and Seller’s Property Information (BASPI) form. Led by the Conveyancing Association, the dataset aims to serve as a “single source of truth” for property information when listing a property for sale.

Developed by the upfront information working group of the Home Buyers and Sellers Group (HBSG), the BASPI comprises two parts: Part A focuses on disclosing material facts required by regulations, while Part B includes additional information required for the legal process. By providing such details, sellers are expected to be able to ensure their properties are both “market ready” and “sale ready”.

Part A of the BASPI includes information regarding disputes, alterations, notices, fixtures, utilities, insurance, boundaries, rights, and other pertinent issues affecting the property. Part B looks into legal ownership, services, energy, occupiers, and completion details.

According to a statement, the latest version of the BASPI incorporates amendments to Part A, addressing additional information requests such as freehold shares, reserve funds, property location within the ULEZ area in London, building storeys, and commercial property inclusion, among others.

New specific questions in this iteration cover aspects like title defect insurance, mobile phone coverage, heat pumps, coastal erosion risks, and accessibility features.

The BASPI and its schema are available for reference on the HBSG website.

Improving the buying and selling processes

In addition to the BASPI launch, the Conveyancing Association is inviting its members and other market stakeholders to engage in a recently announced inquiry by the Levelling Up Committee. This inquiry, as noted in the statement, aims to enhance the home buying and selling process, seeking feedback on transaction processes, information provision, and the role of conveyancers.

Beth Rudolf, director of delivery at the Conveyancing Association, emphasised the importance of annual reviews to keep the BASPI up-to-date and relevant and encouraged stakeholders to participate in the Levelling Up Committee’s inquiry.

“I’m pleased to say that, following this review, we have been able to update and include a number of amendments within Part A of the BASPI. This is hugely important as it helps identify the material information relevant to the property that the seller is aware of,” she said. “We, at the CA, would also like to draw attention to the recently-announced governmental Inquiry from the Levelling Up Committee on ‘Improving the home buying and selling process’

“The CA will be providing its own written response, and we are open to feedback from members, and would also encourage them to respond to the inquiry directly.”

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