The Home Buying & Selling Group (HBSG), charged with improving the home purchase process for consumers, has today (15th March 2021) announced it has produced a dataset for its Buying and Selling Property Information (BASPI).
The BASPI is a dataset designed to be the ‘one source of truth’ when it comes to upfront information about a property – it is completed at the point of marketing a property, can be pre-populated by Authority data, and it is planned that the data be made accessible to all stakeholders cutting down on the need for duplication of tasks and information collation within the process.
The BASPI is split into two sections: Section A covering Material Facts required under the Consumer Protection from Unfair Trading Regulations, and Section B covering the remainder of the Conveyancing Due Diligence.
At its last meeting in 2020, the HBSG agreed on the prescribed BASPI dataset to be completed by the seller of the property, either from their own knowledge or from the relevant Authority data.
By using the dataset and the schema available from the HBSG, PropTech companies and CRM system providers, will now be able to add the required questions into their technology which will allow home movers to fill in all the necessary information, removing the current duplication of information in the current forms, and the data can be accessed by authorised stakeholders to enable the completion of those forms from the BASPI dataset.
Once completed, the BASPI will provide the material facts disclosure to potential buyers before an offer is made to give them all the required upfront information about a property; it will also be accessible to lenders, and can be sent to all parties with the memorandum of sale together with the conveyancing due diligence section, and made available to the valuer prior to them making their valuation.
Practical uses for the BASPI dataset will allow, amongst others:
- Estate agents to complete their material facts disclosure.
- Solicitors to complete the TA6 Property Information form.
- Lenders to complete their lending policy check.
- Valuers to complete their pre-valuation template to prevent additional enquiries and post-valuation queries.
The BASPI will be reviewed each year to ensure it is fully up-to-date and it is able to populate all the published stakeholder forms on an ongoing basis, such as the TA6, and as new datasets are released, the BASPI collects the metadata which provides evidence of the provenance of that data.
The HBSG is now calling on all stakeholders within the property purchase process to work with PropTech and CRM system companies to ensure they add the BASPI dataset schema into their systems so the right questions are asked, the right data is collected and it is fully digitised.
Members of the HBSG stressed the BASPI dataset scheme is intended to be mappable to the RICS ILMS Land and Property data model both to enable the data collected to be inter-operable between the systems, and to identify from the meta-data the provenance of the information so all stakeholders are able to rely upon it.
Kate Faulkner, Chair of the Home Buying and Selling Group (HBSG), said:
“This is a major step forward in trying to make life better for those moving home. Far too often sales fall through after an offer is accepted due to a lack of information provided to the buyer and part of the reason for moving home taking 20 weeks is that we don’t collate enough information upfront. The BASPI together with the Pledge recommending sellers instruct legal companies on day one of marketing can go a long way to improving the home moving process for consumers and also for the daily lives of those in the industry.”
For more information about the BASPI, please contact:-
Glynis Frew, Chair of the Upfront Information Group and CEO at Hunters Estate Agents
Email: glynis@hunters.com or phone 01904 621026
Beth Rudolf: Directory of Delivery at the Conveyancing Association
Email: brudolf@conveyancingassociation.org.uk or phone: 07814 358627
One Response
Today has also seen the launch of addresspollution.org which gives a free and immediate report on traffic pollution outside every home in the country
Will HSBG be urging the whole sector to use it and would a failure to do so result in negligence actions