The government-backed form used by conveyancers, agents and surveyors since March last year to ensure properties are ready to be sold has been updated for a third time in a bid to help speed up property transactions.

Called the Buyer’s and Seller’s Property Information or BASPI form, it was launched by the Home Buying & Selling Group (HBSG) after it was tasked by Ministers to improve sales progression.

Information provided within the BASPI by an agent enables the seller to ensure their property is both ‘Market Ready’ – in the disclosure of material facts within Part A – and ‘Sale Ready’ – with the information collated in Part B used by both the seller’s and the buyer’s property lawyer and valuer.

This new version of the BASPI contains several amendments including new requirements such as the Unique Property Reference Number (UPRN) for the property, information if the property is Shared Ownership, leasehold details, spray foam insulation and smart home systems information.

For the first time, information regarding whether the property has a digital Property Logbook which will be transferred on completion is also required, as is detail on where it is held.

End of May

The first phase of the project is focused on information that is considered material for all properties, and is working to ensure all property listings contain their council tax band or rate and price and tenure information (for sales) by the end of May.

A further two phases are being developed which will incorporate further material information such as restrictive covenants, flood risk and other specific factors that impact certain properties.

“This is another step forward, and the upfront information working group within the HBSG will continue to review the BASPI regularly to ensure it continues to meet the needs of everyone involved in a property transaction,” says Beth Rudolf, Director of Delivery at the Conveyancing Association.

Nigel Walley (pictured), Chair of the Residential Log Book Association, says: “The newly revised BASPI has made a significant leap forward in recognising the increasingly digital nature of property ownership and the digitisation of property sales.

For the first time on any conveyancing questionnaire, the BASPI includes questions on digital services and systems built into a property (so called ‘smart home’ systems). This information will ensure buyers are able to take control of their new homes on the day they take ownership.

The new BASPI also recognises that homeowners are increasingly keeping digital records of key information about the running of their homes.

The Great BASPI!

The BASPI form is used as part of the legal process for selling a property, required by the seller’s duty to disclose known defects and the estate agent’s duty to disclose material information, and it forms part of the contract for sale.

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
The new BASPI follows on from the start of National Trading Standards Estate & Letting Agent Team’s (NTSELAT) three-phase project on improving the availability of upfront information in the conveyancing process.