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.
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.
The HBSG will aim to run a pilot in 2020 to establish whether or not the BASPI improves the home buying and selling process.
You can access the BASPI and BASPI Schema for free subject to the licensing terms and conditions here
Interested in developing digital services for the BASPI? Register your interest in participating in the pilot by completing the form below: