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Reports emerged last week on estateagenttoday.co.uk about potential changes in the way property details are prepared. The initial report read:
“First details have emerged of the information vendors may have to provide up-front In future transactions if government house buying reforms are implemented - and they are nothing less than a revolution in how property details are prepared.”
One Source of Truth
The Home Buying and Selling Group (HBSG), advising the government, revealed information at their conveyancers’ conference last week. Many reports over the weekend likened the changes to the Home Information Packs (HIPs) launched in 2007, before being shelved three years later.
Announcing the proposed changes, Beth Rudolph (HBSG), said "the aim is to have ‘one source of truth’ about a property, provided up front by the vendors".
What is a BASPI?
Twelve pieces of information would be included in the proposed ‘Buying and Selling Property Information’ pack (BASPI) including:
- property to be sold;
- disputes and complaints;
- alterations and changes to property;
- notices which affect the property;
- specialist issues;
- fixtures and fittings;
- insurance;
- boundaries;
- right and informal arrangements;
- other issues affecting the property;
- additional information.
Source: estateagenttoday.com
Average time from market to completion
Apparently, the government is aiming to reduce the time between a property hitting the market and a buyer moving in. The average time is currently 20 weeks, and the aim is to reduce that to 6-8 by introducing a raft of measures, including reservation agreements as well as these changes to the way property information is prepared.
What is the difference between a HIP and a BASPI?
Reading the announcement, Partner Clare Hallett said:
“On the surface, there appears to be little difference between the proposed BASPI and the HIPs that were unceremoniously dropped in 2010.
The aim of the proposed changes is the same. To have one, centralised record of property particulars that is readily available to all parties involved in the buying or selling of a home from the outset.
In theory, this should streamline the process and speed up the time it takes for local authority search applications to be processed.
However, in practice it is rare that the searches are the only item holding up a transaction.”
When will BASPIs be introduced?
This is the first many in the industry have heard of BASPIs, and the government is yet to announce its full backing, let alone a legislative or implementation agenda. It will be a long time before anything is introduced, but we will watch on with interest.
If you have any questions about buying or selling a property, our solicitors offer specialist advice and a free consultation to all new clients at our Christchurch or Ringwood offices, call us on 01202 499255 or click here.
