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Regulation & Law

New standardised property information form will ‘drastically reduce duplication’

Home Selling & Buying Group Initiative will see agents fill in BASPI forms when marketing begins.

Nigel Lewis

baspi home buying

A key plank in the industry’s efforts to standardise property information across the sector has been revealed.

The Home Buying & Selling Group (HBSG), which has been tasked with helping implement the many initiatives that Ministers are keen to see introduced to improve sales progression, has now published its Buying and Selling Property Information (BASPI) dataset.

For the fist time, this will introduces a single form for agents to complete when marketing begins that will be automatically updated with Local Authority data.

Each property’s BASPI will then be shared with all the stakeholders in the buying process including lenders and valuers.

Two sections

It will include two sections, one covering the ‘material facts’ required under consumer protection regulations and a second covering the remaining conveyancing due diligence.

Agents are being urged to lobby proptech firms and CRM providers to add BASPI to their systems because, once implemented, almost overnight duplication with the process will be eliminated.

BASPI will be used by agents to fill in their material facts disclosure, solicitors to complete the TA6 Property Information reform, by lenders to finish their lending policy checks and valuers to fill in their pre-valuation templates.

Link to Regulation & Law newsKate Faulkner (pictured), Chair of the Home Buying and Selling Group (HBSG), says: “This is a major step forward in trying to make life better for those moving home.

“Far too often sales fall through after an offer is accepted due to a lack of information provided to the buyer and part of the reason for moving home taking 20 weeks is that we don’t collate enough information upfront.”

See the BASPI form here.

Read more about property information.

March 15, 2021

5 comments

  1. Great just what the real estate industry of 2021 needs another piece of paper that requires a biro. If the pandemic has one silver lining it is that analogue is the old order and digital is the new – and paper well that belongs in the digital waste bin. Of the 312 Proptech founders I have met – not one has suggested a ‘paper document’ as the way to move the industry on – I think they realise that Gen-Z are more likely to own a mobile than a ball point pen.

  2. Great just what the teal estate industry of 2021 needs another piece of paper that requires a biro. If the pandemic has one silver lining it is that analogue is the old order and digital is the new – and paper well that belongs in the digital waste bin. Of the 312 Proptech founders I have met – not one has suggested a ‘paper document’ as the way to move the industry on – I think they realise that Gen-Z are more likely to own a mobile than a ball point pen.

  3. We currently make the Law Society forms (SPIFF FFQ) available as editable downloads but will consider changing over to the BASPI if it encourages more Estate Agents to adopt practices that encourage their home movers to Get Legally Prepared. Agents hold more sway than any other party as they are the first stop for most home movers. We all need to make the whole process more inclusive and transparent – it’s not all down to the conveyancers.

  4. Well done the HBSG for leading all this work. When I was an estate agent I collected much of this information and it sat in my file. All this information can now be shared with potential buyers through a PIP Vault. Looking forward to quicker exchanges and less fall throughs.

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