Thinking of selling your home? You'll need a BASPI
The Buying and Selling Property Information (BASPI) form has been designed to be a single source of truth for the upfront information required about a property when it is being sold.
The BASPI should be completed at the same time as the property is put on the market for sale.
By having all the information you need to buy and sell a home in one place at the time the property is first marketed for sale, the sale process should be less stressful, quicker to complete, and less likely to fail or fall through. The aim of the BASPI is to make the process of buying and selling your home less stressful.
What is a BASPI?
A BASPI is the Buying and Selling Property Information (BASPI) form. It has been designed by the Home Buying and Selling Group. It collates all the information you need to sell your home in one place.
The latest version of the BASPI was released in April 2022
Why do we need a BASPI?
Housing purchases and sales often fall through after an offer has been accepted due to a lack of information provided to the buyer from the seller. It often takes so long to collate all the information that the buyer is unable to complete the sale in a practical time frame and so the sale fails to complete. Every failed housing transaction usually means that a lot of time and money has been wasted, time and money that is very difficult to get back.
By having all the information you need to sell your home in one place when you put your home on the market for sale, the buying and selling process can be speeded up and completed more easily reducing some of the risks that the purchase and sale will fall through.
What is the Twindig BASPI?
Twindig has merely taken the Home Buying and Selling Group’s BASPI and digitised it to make it easy to complete.
Twindig also allows you to upload the supporting documents required by the BASPI. When a homeowner has completed their BASPI on Twindig we place the form itself and all the supporting documents in an easily shareable ‘BASPI bundle’.
The BASPI bundle allows you to share the complete BASPI and supporting documents with those who need to see it such as conveyancers, mortgage providers and the potential buyer of your home.
One in three housing transactions fall through why take that risk?
Around one in three housing transactions fail to complete after getting to the Sold Subject to Contract (SSTC) stage, often the collapse is due to material facts about the property not being known until late in the home buying or selling process. The BASPI seeks to reduce those fall through risks by making key material information about the home known upfront, before too much money has been spent on a transaction that is unlikely to happen. A case of forewarned is forearmed.
How does the BASPI speed up housing transactions?
The BASPI speeds up housing transactions by helping you get all the documents you need in order to sell your home (or buy your next one) ready and in one place. The Twindig BASPI can be digitally shared with other key parties such as your conveyancer or solicitor, this saves documents from getting lost in the post or hidden under a pile of other documents on your solicitor's desk. The quicker your home purchase or sale gets to exchange the lower the risk of your housing transaction falling through and the more likely you are to move. For,s like the BASPI may be dull, but they do get you moving to the house you want to live in.
How do I get my 'free' Twindig BASPI
If you would like your free Twindig BASPI all you have to do is click on this link
Find your property (enter the address in the search box)
Register your property
Set the property status to either 'Selling' or ''Thinking of Selling'
Click 'Complete BASPI Form'
What is in the BASPI?
The BASPI consists of two parts the Material Facts section and the Additional Information section. We discuss each section below.
BASPI Part 1: Material Facts
BASPI material facts by section
Property to be sold
The address, the form of ownership (ie freehold, leasehold, or commonhold), the length of lease, the ground rent, type of construction etc.
Disputes and complaints
Details of any disputes and/or complaints or actions regarding the property
Alterations and changes to the property
This section of the BASPI outlines ant structural alterations, extensions, significant repairs or renewals to the property such as extensions, loft conversions or removal of internal walls
Notices which might affect the property
The section of the BASPI looks into any planning applications nearby which might affect the property, the enjoyment of the property or views from the property
This section of the BASPI asks questions about potential issues such as dry rot, wet rot or damp, asbestos, and Japanese knotweed.
Fixtures and Fittings
This is where the owners can list on the BASPI the fixtures and fittings that the owner is either intending to take with them when they move out of the property or leave in the property for the next owner.
Utilities and Services
This section of the BASPI allows the owner to describe what utilities and services are currently connected to the property such as water, gas, electricity, broadband and the type of central heating system in the property.
Details about the property’s insurance Cover any insurance claims made and if there has been any difficulty in obtaining insurance.
Details about the boundaries of the property so that it is clear what is and what is not being purchased.
Rights and Informal arrangements
This section covers any rights attached to the property or informal arrangements such as the shared use and costs of a shared driveway
Other issues affecting the property
Details (if any) of any issues such as flooding, radon gas, excessive noise that may impact the value and enjoyment of the property
The classic final catch-all. Is there anything else, which has not already been covered which may have a material bearing on a decision to buy this property?
BASPI Part 2: Additional Information
Part 2 of the BASPI details the information required in addition to the disclosures of the material facts
Details of the current owner, the seller, and their relationship with the property
Describes who is responsible for the upkeep and maintenance of which boundaries and any changes to the boundaries
Services crossing other properties
Details of any wires, cables or drains which cross any neighbouring land or property
Energy and meters
Details of the gas, electricity water meters and stop cock
Guarantees, Warranties and Indemnity Insurances
Details and copies of any guarantees, warranties and indemnity insurances relating to the property
Details of the current occupiers of the property and the implications for the purchase of property i.e. will the property be vacant at the time of purchase
Completion and moving
Details about the logistics of the timing of completion and moving out of the property around the time of completion
BASPI Part 3: Document Uploads
Whilst not technically part of the BASPI the documents upload section has been added by twindig to make it easier to collate all the information you need to buy and sell your home in one place.
As you answer questions in BASPI Part 1 and Part 2 your answers may require you to upload certain documents - such as warranties and guarantees, these documents can be uploaded in Part 3 of the Twindig BASPI.
BASPI Part 4: Review and Confirm
Once you have completed your BASPI form on twindig you will get a chance to review it and check that you have uploaded all the required documents. Once you have signed off the BASPI Twindig generates a BASPI bundle (a copy of your BASPI form and the related documents) which can be shared as and when required with relevant parties such as conveyancers and solicitors.
What is the difference between a BASPI and a property logbook?
Good question a BASPI contains all the information you need to sell your home, whereas a property logbook has all the information you need to manage your home. You can think of a property logbook as a combination of your home's user manual and full-service history.
A good property logbook will contain all the information you need for your BASPI, so putting the time into a property logbook now will save you time later when you come to sell your home
What is the Home Buying and Selling Group?
The Home Buying and Selling Group is an informal mix of experts and practitioners from across the legal and financial sectors who are working together with the UK Government (the Ministry for Housing Communities and Local Government) to try to improve the home buying and selling process for home buyers and home sellers. The Group meets once a quarter.
Claim your free digital logbook
To claim your free digital logbook simply click on the link below