April 2022 saw the introduction of the latest version of the Buying and Selling Property Information Form (BASPI), which is a document that contains every piece of information that is required to successfully sell a property. Having this information all in one place should improve the selling process and ensure that transactions are completed more efficiently, which will naturally result in much less stress for both sellers and buyers.
What exactly is a BASPI form?
The BASPI form, which was agreed upon by the Home Buying and Selling Group will become an integral component within the legal process that must be completed when selling a property. As part of the contract for sale, it will include a wealth of important information, including legal matters such as occupiers, insurances and boundaries, as well as disputes, fixtures and fittings and any issues that relate to the property.
There are two parts to the form. Part A includes the disclosure of material facts relating to the ‘market readiness’ of the property, and Part B covers everything relating to the ‘sale readiness’ of the property. Valuers and legal representatives for both the buyer and seller will use the information contained within Part B at various points throughout the transaction process.
The introduction of a unique property reference number
The BASPI form will also include a unique property reference number (UPRN), which will ensure that all parties involved in the sales process can share information easily and efficiently. Every addressable property in the UK will have a UPRN that will stay with the property in the same way a car registration number stays with a vehicle. This information management will be completed electronically, allowing everyone from agents to conveyancing solicitors ensure they are on the same page. This is set to be extremely beneficial, particularly as not everyone will record a property’s address in the same way. However, UPRNs will have a standardised format that removes the potential for confusion.
Digitalising the selling and ownership transfer processes
The introduction of the BASPI form highlights that the sector is accepting that the process of purchasing and selling property is becoming more widely digitised. In addition to streamlining the purchasing process and speeding up the conveyancing process as a whole, the form also acknowledges that property owners are increasingly turning to digital home solutions, including smart systems to control heating, lighting and more. As these systems are built into properties in many cases, it is important that the appropriate information is transferred to the new owners as soon as the transaction is completed. As a result, the BASPI form asks sellers to state whether digital information linked to the everyday running of the property is stored in a record and, if so, where the new owners can access this information.
Instructing qualified teams specialising in conveyancing in Birmingham and beyond will remain an integral part of the property selling process. Experienced conveyancing professionals, including the team at Sam Conveyancing, are well equipped to leverage the efficiencies the BASPI form presents, which will reduce the time it takes for property transactions to be completed.
The future evolution of the BASPI form
There are several further updates to the BASPI form planned, which include the incorporation of additional material information such as flood risks and restrictive covenants. Property-selling experts will always welcome the inclusion of as much information as possible because it will reduce the risks of sales falling through due to lack of accurate facts. These updates will also be welcomed by conveyancing solicitors as efficient and easy access to information will streamline the process.