Japanese Knotweed Indemnity Policy Now Available
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 10cm 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.
Stewart Title’s UK Country Manager Stephen Smith comments “We rely on our clients’ feedback to understand how we can further help them and have received many requests for a policy to deal with Knotweed. Conveyancers are required to deal with many hazards and hurdles throughout the process of helping their clients buy their homes and this is another way in which Stewart Title can support and assist them.”
Residential Japanese Knotweed Indemnity Policies are available via Stewart Title’s online ordering platform at www.stewartsolution.com and Bespoke Policies can be ordered at quotes@stewart.com.
This article was published by Stewart Title Limited as part of their advertising agreement with Today’s Conveyancer.
The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
