Japanese knotweed

freeman3030

Hi all, we're currently remortgaging to a different lender. Had a valuation and everything was going fine. They guy that did the valuation said we'd undervalued our property... Which kind of made me feel happy it's worth more than we thought.
Anyway, yesterday we got a phone call saying that natwest (our new lender) won't lend as Japanese knot weed has been noted in the valuation. So we need to get it sorted before we can continue. Treatment needs to have a minimum 5 year guarantee. I don't know anything about it and it's just freaking me out about how destructive this plant is.
Can anyone recommend any reputable companies? I really don't know what I'm looking for. What qualifications I need to look for etc. if anyone can help, it would be much appreciated.

Browntoa

http://www.knotweed-removal.co.uk/about-the-japanese-knotweed-company.php


http://www.sussexknotweed.co.uk/what-we-do/


be prepared for £2000-5000 depending on scale of problem

Senior_Paper_Monitor

Natwest will not lend on any site infested by Knotweed (or where an adjacent site is infested) - not negotiable (and that is the case for many lenders.

Slight amendment to that ..... although that is the usual result, there actual survey policy is

1. Environmental Issues

Please detail in the report any special risks such as the following:

• Asbestos
• Contamination
• Flooding
• Japanese Knotweed
  The bank does not have specific policies on the above; accordingly, with respect to accepting or declining, the valuer is to judge each case on its merits taking into account such factors as marketability, mortgageability and insurability

... there is then no formal 'acceptable if' definition and it is solely down the surveyor who we would expect to 'cover his/her rear' and advise as unsuitable. We would certainly avoid an application to them if any warning of knotweed (hence our internal notes say 'no way')


There are only a handful of lenders for this - and their position varies on the details of the infestation.


We've done a couple of these in recent years - in fact just doing one now (valuation survey at beginning of week).


In all cases the eradication plan must be produced by a member of Property Care Association and backed by a transferable insurance based warranty (probably the most complicated and time consuming of the various issues involved).


Mortgage applications need careful research and stage management and you would certainly be best of with a broker

amnblog

Obviously a lot depends on the level of infestation.


In circumstances such as these a specialist would prepare a report and if the case were not too bad, commission of a treatment plan could be sufficient for the lender.


When we have done these cases we have not used Nat West so I am not sure if they have a blanket ban on JKW.

TheRoders

The house we are buying also has Knotweed on the piece of land next to the house. It is 7m away from the property and a 5 year management plan was put in place in August last year. I'm really hoping Natwest will accept this.

gigaboo

TheRoders wrote: »

The house we are buying also has Knotweed on the piece of land next to the house. It is 7m away from the property and a 5 year management plan was put in place in August last year. I'm really hoping Natwest will accept this.

Did Natwest accept this?

We were working towards exchange on our dream house in Aldeburgh Street in Greenwich, the Sellers seemed great at all our viewings showing us around the garden where we asked about the boundaries and the residing neighbours and they never mentioned anything. Almost 3 weeks in when our mortgage is approved subject to valuation we receive notice from our lawyers about the Knotweed which we had never heard of?!

Turns out they had it treated in between our viewings! They have a 5 year guarantee but the survey done showed Knotweed on adjoining property so now we are really worried that a) the Lender will not lend us money because we cant control next door and b) the guarantee only covers regrowth from your property, so if it comes back in from next door the guarantee is invalidated?

Does anyone have similar dealings do you have to pay a further £2000-£5000 for new growth from neighbouring land. And if you cant get your neighbour to sort it out what happens then?

Any help would be great as when we asked the seller for a reduction in price they just said they would put it back on market as they have another buyer interested (but who doesnt know about the Knotweed as the estate agents didnt say anything to them either?)
Thanks

GRBWA

There are so many myths surrounding Japanese knoweed. I had some on my property and had to have a 2 year treatment course to eradicate.

It was about 20 metres from my building. It grew in the same place every year, never spread anywhere else.

It also cannot, despite popular myth, grow through concrete or damage foundations. It's about time mortgage lenders started applying common sense.

gigaboo

GRBWA wrote: »

There are so many myths surrounding Japanese knoweed. I had some on my property and had to have a 2 year treatment course to eradicate.

It was about 20 metres from my building. It grew in the same place every year, never spread anywhere else.

It also cannot, despite popular myth, grow through concrete or damage foundations. It's about time mortgage lenders started applying common sense.

Hi @GRBWA

Did the treatment plan you had done also say you couldn't disturb the soil? Apparently the knotweed is 4-5 metres from the building.

Do you still live at the building or were you able to sell it?

Thanks in advance

GRBWA

Hi,

We started treating the knotweed some years before sale, so it was eradicated and warranty issued before it went on the market.

I'm led to believe that a lot of lenders are appeased providing that it is treated, and assurances put in place, however I don't know all of the nuances of each lender. Sorry.

gigaboo

Well it turns out it doesnt matter because the sellers decided to just put the property back on the market at a higher price! No doubt so that the next poor potential buyers will only knock them down to the offer that we had accepted.

I only hope the estate agents have the decency to notify potential buyers this time that there was Japanese Knotweed on the property like they are supposed to and save others the costs of solicitors fees and local searches!