Earlier this year it was announced that a new Buying and Selling Property Information Form (BASPI) is in development. The form will contain all the information needed to sell a property in one place, improving the selling process and making transactions quicker and less stressful for both buyers and sellers.
The new BASPI form will form part of the contract for sale in the legal process of selling a property. It includes information relating to fixtures and fittings, disputes, any issues relating to the property, as well as legal information regarding boundaries, occupiers, and insurances.
The form also requires a unique property reference number (UPRN) to be included which can help all parties involved in the conveyancing process to share, manage, and link information about the property electronically. UPRNs are assigned to every addressable property in the country and will do so for as long as the property exists, much like a car registration number. UPRNs will help everyone involved in the selling process to be sure that they are communicating about the same property with confidence. This digital system is better than simply using an address as not everybody records an address in the same way. Not only does the inclusion of the unique identifier on the new form bring the process into the digital age but it is hoped that it will also help to speed up the conveyancing process.
The BASPI form recognises that property ownership is becoming increasingly digitised and also includes questions relating to ‘smart home’ systems built into the property, such as central heating controls, meaning that buyers are able to control these features as soon as they take ownership of the property. Sellers are also asked on the new form if they keep a digital record of information relating to the running of the home and where this information can be found.
If you are buying or selling a property our residential conveyancing team can guide you through the process. You can obtain a free quote for our services by using our conveyancing calculator. Alternatively, call us on 0161 696 6187 or send us an online enquiry and our team will be happy to assist you.