1. Japanese knotweed: Warning issued to homebuyers and sellers.
- Author
-
Saines, Kate
- Subjects
JAPANESE knotweed ,MORTGAGE loans ,HOUSE buying ,LEGAL costs ,WARNINGS - Abstract
Homebuyers and sellers in the UK are being warned about the presence of Japanese knotweed, an invasive plant that can cause significant damage to properties if left untreated. Mortgage lenders are often hesitant to approve loans for properties with knotweed, requiring a treatment plan and insurance-backed guarantee. Sellers are legally obligated to disclose the presence of knotweed on property information forms, but a survey revealed that some sellers would attempt to deal with it themselves without informing buyers. Failure to disclose knotweed can result in legal action and financial consequences, as demonstrated by a case in Raynes Park where a seller was ordered to pay £200,000 in costs and damages. [Extracted from the article]
- Published
- 2024