The rising costs of knotweed

Discovering Japanese knotweed on their property can cause homeowners both heartache and expense. But now a landmark court case proves how much it can affect property value too, making our indemnity policy even more valuable.

Another risk

It’s well-known that knotweed can have a serious impact on a homeowner’s finances. Aside from the costs of any damage to property caused by the weed, there are the significant expenses involved in properly treating and removing an infestation. And while there have previously been unverified stories that knotweed has reduced property values, the case of Smith v Line revealed that it has reduced the value of a home by an incredible £50,000.

The long road to restitution

Luckily for the homeowners, Mr and Mrs Smith, the ruling means they can recoup this cost; the knotweed had spread to their property from neighbouring land, and the Court ordered the neighbour to reimburse the Smiths for their loss as well as cover the costs to remove the knotweed. But, while this is a good result for the Smiths, it’s taken a total of almost 15 years to achieve!

The length of this dispute may leave property owners who discover knotweed, which has spread from a neighbour’s land, feeling like they only have two options: pay thousands out of their own pocket to treat the knotweed, or risk a lengthy dispute to try to get their neighbour to cover the costs. Either option is fraught with expense and heartache, which is why we offer a third option: our Japanese knotweed indemnity policy.

A reassuring alternative

Whether knotweed spreads to their land from a neighbour’s, or whether an infestation on the property was overlooked or concealed, property owners can make a claim against our policy straightaway.

If your client discovers knotweed after purchasing their new property, we’ll cover them for:

  • the cost of obtaining a survey report from a knotweed treatment specialist
  • treatment costs to eradicate the infestation
  • repair and restoration costs for any damage caused by knotweed
  • legal defence expenses incurred to handle any claim from a third party affected by the spread of knotweed
  • any reduction in market value, resulting from a claim, when your client sells the property.

Premiums start at £69 (including IPT) for a policy limit of £100,000. Homeowners are covered for 10 years, and lenders are covered for the full term of the mortgage. You can get an immediate quote for our Japanese knotweed cover from ICON, or speak to one of our specialists on 01603 761515 or underwriters@isisconveyancing.co.uk to find out more.

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