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.
Policies can be ordered via our online ordering platform at www.stewartsolution.com and Bespoke Policies via firstname.lastname@example.org.