The BASPI form is described an important tool for estate agents and vendors
Trade and representative bodies for the legal, surveying, estate agency and property management sectors, have launched a revised version of the BASPI – the Buyer’s and Seller’s Property Information form.
Described as an important tool for estate agents and vendors alike, the BASPI is designed to include all the information required on a property when it is put on the market for sale.
Information provided on the form allows sellers to ensure their property is both market and sale ready. It is hoped this updated document will better inform potential buyers early on and speed up transactions.
Participants in the initiative include the Conveyancing Association (CA), Royal Institution of Chartered Surveyors (RICS) and the Society of Licensed Conveyancers (SLC)
Split into two sections, Part A covers the disclosure of material facts required by regulations, 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 includes additional information required for the legal process, such as legal ownership, legal boundaries, services crossing other property, energy, guarantees, warranties and indemnity insurances, occupiers, and completion and moving.
This new, fourth version of the BASPI introduces eight new questions. The major change is a wider enquiry on overall building safety and remediation, aimed at seeking a seller’s knowledge about a property’s safety, since the publication of the Building Safety Regulations, under the Building Safety Act.
As the BASPI is completed by the seller, it will be verified via the Leasehold Property Enquiry Form (LPE1) - by the Lease Administrator. It should provide a heads up to conveyancers much earlier in the process.
Other changes to the BASPI include requests for more information as a direct result of the National Trading Standards Estate & Letting Agent Team (NTSELAT) guidance on mandatory material information to be provided at the point a property is put up for sale.
Beth Rudolf, Director of Delivery at the CA, commented: “Every year we conduct a full review and industry consultation to ensure the BASPI is up to date and reflects any changes in law, and ongoing updates that may be required.
“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.”
Chairperson of the SLC, Simon Law, said: “The SLC is entirely supportive of the principle of upfront information and use of the BASPI, which continues to evolve and develop in an ever-changing world. It 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.”
Meanwhile, Mairéad Carroll, Senior Specialist of Property Standards at RICS, enthused: “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.”
