The Buyer’s and Seller’s Property Information form (BASPI), which was introduced to replace the Home Information Packs (HIPs), has been revised to include more details, the Law Gazette reports. The form will now have data about smart home systems, shared ownership, leasehold details, and the unique property reference number.
The form is designed to provide buyers with all the information to make an informed decision about their purchase, and save conveyancing delays, by avoiding extra research and paperwork. Sellers are legally obliged to provide information which is correct to the best of their knowledge.
Beth Rudolf, director of delivery at the Conveyancing Association (CA), said: ‘National Trading Standards has been clear on what it would like to see with regards to upfront information, and it is positive to hear progress is being made here, and that the BASPI fulfils its needs.’
She added: ‘The development of the Property Data Trust Framework by the technology sub-group means the data digitally collected in the BASPI can be seamlessly authenticated and shared across all of the stakeholder technology systems to avoid duplication and to have the “one source of truth” that everyone in the process can rely upon.’
In light of the crowded property market, which is still in a very active phase, the updates should help to smooth out any transactional delays. By having a comprehensive account of all the information relevant to the sale of the property, the CA estimates that a minimum of five weeks’ delay could be taken out of the sale process.
The BASPI form is comprised of two parts. Part A is designed to establish if the property has any outstanding legal issues, such as disputes and complaints. It also covers utilities, services, and boundaries, among other things. Part B is concerned with ownership, legal boundaries, warranties, and more.
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