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Online property factfile set for pilot launch

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  • 31/01/2020
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Online property factfile set for pilot launch
The Home Buying and Selling Group (HBSG) has created a property factfile to provide upfront information to buyers in order to “avoid fall throughs and disappointment”.

 

Beth Rudolf (pictured), chair of HBSG and director of delivery at the Conveyancing Association, spoke about its development at The Council for Licensed Conveyancers’ (CLC) annual conference.

HBSG is the organisation which has developed the standard wording for reservation agreements and is working on other issues to improve the property buying process.

The Buyer and Seller Property Information (BASPI) is filled out by the property’s seller on an online portal which an estate agent can then access and share with potential buyers.

Information from Land Registry can also be pulled-in to determine the property’s ownership status. 

Rudolf said BASPI could be sent to parties at all stages of a property transaction so “everyone has one source of truth”.  

She added: “Everyone will know what the buyer has been told, what the seller believes the situation to be and if there’s input from the local authority then it shouldn’t conflict.” 

BASPI has been approved by the CLC and other property trade bodies and will be going to pilot with an aim of 500 transactions going through.

It is still waiting for approval from the Solicitors Regulation Authority, which will be discussed at the body’s meeting in February. 

Rudolf said the group was still trying to get the pilot plan together and recruit participants with an aim to launching the pilot in March.

“We will use larger estate agents so half the team can use BASPI and the other half won’t so they can establish the impact on the chains, transaction times, fall-throughs and consumer interaction.

“Once we have a plan in place to deliver a robust pilot and suitable participants recruited we can agree a pilot launch date,” Rudolf added.

 

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