LONDON, 27 July, 2018 -Whilst the presence of a garden is often something that buyers look for, not all plants are friendly to home owners.
Buyers and especially lenders will always be rightly concerned when a seller’s replies to a Property Information Form indicate that there is a risk that Japanese Knotweed (“Knotweed”) may be present on a property. This previously ornamental plant has been reported to grow up to 10 cm a day in summer and be powerful enough to break through concrete and undermine foundations. Consequently many lenders will refuse to lend or will impose strict conditions when there is a danger that Knotweed might raise its ugly head in a property.
Stewart Title’s new Residential Japanese Knotweed Indemnity Policy now gives lenders and buyers the confidence they need to proceed with a purchase.
Covering residential properties for a period of 5 years for buyers and the term of a loan for lenders, this new policy provides up to £20,000 of cover against remediation costs necessary to comply with a remediation notice.
The Residential Japanese Knotweed Indemnity Policy is available where the sellers are not aware if Knotweed is present and even where it has previously been treated.