If you have been following the conveyancing news there has been a fair amount of talk about how we as an industry could speed up conveyancing transactions. Two initiatives that have been in the press recently are BASPI and the TA6 Part 1 Pilot, which centers on having more information available upfront, and removing repetitive information gathering tasks, to speed up conveyancing transactions.
What is BASPI?
BASPI stands for Buying and Selling Property Information - with the idea being that there is a standardised and joint data structure for this information creating a single source of information that can be utilised for multiple purposes and parties.
This would mean that the same data set can populate the TA6 form (The Law Society Property Information Form), the PropertyMark NAEA Property Information Questionnaire, the RICS valuer summary, and arguably any other forms where this information is required.
If implemented this should mean the information only needs to be gathered once, stored in this standardised format, and the data can then be pulled from the data set to create the above-mentioned documentation when needed. The idea is that all the information is gathered earlier in the process and made available to the parties earlier on in the process.
This should remove the need for stakeholders to provide the same information multiple times, as it only has to be done once reducing transaction times. It should in addition significantly reduce fall-through rates as the risk of discovering things later in the process significantly reduces, as this information is known upfront.
What is the TA6 Part 1 Pilot?
The Law Society, not wanting to be outdone, has launched a TA6 Part 1 Pilot together with some partners in an effort to provide more upfront information to buyers, conveyancers, and other stakeholders, just as the intention of BASPI.
This initiative will ask estate agents to gather more information earlier on by giving the sellers a questionnaire based on a reduced TA6 form. This information will be gathered, initially, by providing the client with an online form, that stores the information and can be communicated to the potential buyer and other parties.
This should highlight core information early on to buyers to avoid delays or fall throughs later in the process, and it should make the creation of a fully completed TA6 much simpler for the conveyancer as they already have part of the information available to them.
Will this work in speeding up conveyancing transactions?
Well, it kind of already works elsewhere in the world. At InTouch, we are fortunate to have insight into how things work in other markets. For example, due to our presence in Australia, we can see how having the information upfront is helping speed up property transactions. Being of Scandinavian origin I have personally also seen similar evidence. It is worth noting that in many markets, there are also financial incentives to complete on time, which is likely to boost this.
Yes, these markets do operate differently from how it is done here, but the concept is sound. The fewer surprises you have down the line and the less duplication of effort, the fewer delays there will be resulting in a faster transaction.
Closing thoughts on the initiatives
I don’t think it is a surprise to anyone that we, as conveyancing software providers, are for ideas that utilise technology to drive better client experiences in conveyancing. After all, our mission statement is to improve automation, transparency, and communication in property transactions, to me these initiatives are fully aligned with that mission.
- It would help automation by enabling forms to be created directly from the dataset without further manual input
- It would increase transparency by making more information available upfront to all parties
- It would improve communication as things are known upfront, and it would avoid the parties repeating the same information multiple times
If implemented correctly both initiatives will help deliver a better client experience and speed up the conveyancing process. To me, the BASPI approach has the biggest potential benefits to the industry and the end client, but is slightly more difficult to implement, but if successful it will be worth it for all involved.