Aim
To bring certainty to the home buying and selling process and reduce the time it takes to buy a property by providing information from the seller about the property at the point of marketing.
How it works
The person marketing the property is bound by consumer law which requires them to provide information which would impact a buyer’s decision to buy. The Buying and Selling Property Information (BASPI) will be completed by the seller so that a potential buyer can get the relevant information when the property is advertised.
When a sale is agreed the information will be shared with the property lawyers acting for the seller and the buyer and also the buyer’s surveyor and the lender’s valuer.
Because the same information will be available to all parties at the point of sale, there is less chance of mis-selling (i.e. is it freehold or leasehold) and the process will be much quicker.
Current progress
The Upfront Working Group have identified what document would need to be reviewed for the average property to identify the material information.
This finite list of prescribed documents has been used to create a Property Pack, which you can see below in the checklist for estate agents and sellers:
By collating the Material Information digitally, an exception summary of the relevant issues can be created, an example of the Summary of Material Information can be seen below:
The HBSG have agreed standard wording for the BASPI and the Royal Institution of Chartered Surveyors (RICS) have identified the questions which their valuers and surveyors would need when risk rating a property.
We would welcome feedback from anyone delivering information upfront so that we can establish what delivers the greatest consumer experience, reduces transaction times and reduces failed transactions.
You can access the BASPI and BASPI Schema for free subject to the licensing terms and conditions here.
To view the slides from the Upfront Information Roadshow held on Tuesday, 21st March 2023, please click here.
Interested in developing digital services for the BASPI? Register your interest in participating in the pilot by completing the form below:
