Industry trade bodies jointly back latest BAPSI form initiative

Trade and representative bodies representing estate agency, legal, surveying, and property management sectors have launched the fourth version of the BASPI – the Buyer’s and Seller’s Property Information form.

The BASPI, developed by the upfront information working group of the Home Buyers and Sellers Group (HBSG), is a ‘single source of truth’ dataset, designed to include all the information required on a property when it is put on the market for sale.

REGULATIONS

Split into two parts, Part A covers the disclosure of material facts required by Regulations, while Part B includes additional information required for the legal process. Information provided in the BASPI allows the seller to ensure their property is both ‘Market Ready’ and ‘Sale Ready’.

Part A asks for information regarding disputes and complaints; alterations and changes; notices; specialist issues; fixtures and fittings; utilities and services; insurance; boundaries; rights and informal arrangements and any other issues affecting the property.

Part B covers legal ownership; legal boundaries; services crossing other property; energy; guarantees; warranties and indemnity insurances; occupiers and completion and moving.

EIGHT

This new version of the BASPI introduces eight new questions to be answered with the aim of making it easier to pre-populate the forms used by stakeholders in the home moving process.

As the BASPI is completed by the seller it will be verified via the Leasehold Property Enquiry Form (LPE1) by the Lease Administrator but should provide a heads up to conveyancers much earlier in the process.

This will ensure it remains fit for purpose and it retains all the information required for a property sale at the outset.”

Beth Rudolf, Director of Delivery at The Conveyancing Association, says: “This is the fourth iteration of the dataset and it includes a number of changes that will ensure it remains fit for purpose and it retains all the information required for a property sale at the outset.

“This is all about ensuring stakeholders secure the information they need to be able to confidently provide it to consumers allowing them to make a fully-informed decision about the property and whether they want to proceed with plans to purchase.”

The BASPI is an important tool that estate agents and vendors can use.”

Simon Law, The Society of Licensed Conveyancers (SLC) Chairperson, adds: “The BASPI is an important tool that estate agents and vendors can use to help deliver important information early in the process to better inform potential buyers and speed up transactions.”

And Mairéad Carroll, Senior Specialist, Property Standards at the Royal Institution of Chartered Surveyors, says: “With the push towards getting more upfront information at the start of the sales process, integrity and accessibility of the data will become essential to ensure transactions progress smoothly, benefitting both the buyer and seller.”