This includes groups representing the legal, surveying, estate agency and property management sectors. The new BASPI has been developed to ensure buyers have more comprehensive upfront information about a property, with a view to speeding up legal process of buying a property.

The the new form designed to be a present all the key information in a single document, available as the property is being put on the market for sale.

This new form was developed by the upfront information working group of the Home Buyers and Sellers Group (HBSG). It says the form has been designed as a “‘single source of truth”.

The information provided in the BASPI allows the seller to ensure their property is both ‘market ready’ in the disclosure of material facts within Part A, and ‘sale ready’, with the information collated in Part B used by both the seller’s and the buyer’s property lawyer and valuer.

It is used as part of the legal process for selling a property, required by the seller’s duty to disclose known defects and the estate agent’s duty to disclose material information, and it forms part of the contract for sale.

Part A asks for information regarding disputes and complaints, alterations and changes, notices, specialist issues, fixtures and fittings, utilities and services, insurance, boundaries, rights and informal arrangements, and any other issues affecting the property.

Part B covers legal ownership, legal boundaries, services crossing other property, energy, guarantees, warranties and indemnity insurances, occupiers, and completion and moving

This new version of the BASPI is the third iteration and contains a number of amendments including new requirements such as the Unique Property Reference Number (UPRN) for the property.

This latest iteration also includes information on Shared Ownership, leasehold details, spray foam insulation and smart home systems information.

For the first time, information regarding whether the property has a digital Property Logbook which will be transferred on completion is also required, as is detail on where it is held.

The new BASPI follows on from the start of National Trading Standards Estate & Letting Agent Teams (NTSELAT) three-phase project on improving the availability of upfront information in the conveyancing process.

Its first phase is focused on information that is considered material for all properties, and is working to ensure all property listings contain their council tax band or rate and price and tenure information (for sales) by the end of May.

A further two phases are being developed which will incorporate further material information such as restrictive covenants, flood risk and other specific factors that impact certain properties.

The Conveyancing Association’s director of delivery Beth Rudolf says: “This is another step forward, and the upfront information working group within the HBSG will continue to review the BASPI regularly to ensure it continues to meet the needs of everyone involved in a property transaction.

“The development of the Property Data Trust Framework by the Technology Sub-Group means the data digitally collected in the BASPI can be seamlessly authenticated and shared across all of the stakeholder technology systems to avoid duplication and to have the ‘one source of truth’ that everyone in the process can rely upon. This ensures we don’t need other ‘bits of paper’ which include less and/or conflicting information resulting in additional enquiries delaying the process.”

RICS global data & tech lead, thought leadership & analytics Andrew Knight adds: “RICS recognises the critical importance of trusted, digital information to support the home buying and selling process and is working with the Technology Sub-Group in using the RICS Data Standard to help deliver the BASPI.”

The National Trading Standards Estate and Letting Agency Teams senior manager James Munro described the initiative as a “brilliant example of industry pulling together to make things better for everyone involved in the conveyancing process”.

He adds: “This new form will make it easier for agents to provide the required material information when marketing a property, which will lead to fewer unnecessary enquiries, swifter sales and increased consumer confidence in the industry.

“The new BASPI complements and supports the ongoing work of NTSELAT alongside key industry bodies and property portals, as we prepare to announce the next steps on the journey to improve the disclosure of material information.”