Worry wart

freeman3030

Hi all,
We put our home on the market and 3 days later accepted an offer of 5k below asking price. Really happy as we can move on. I'll confess that I'm a worry wart, before putting our property on the market we were just going to remortgage and move later on but we found out we've got Japanese knotweed, so we're getting it treated and before tying into a fixed mortgage for 5 years, we would stay on the variable to give us flexBility to move back to my parents if we don't find a house we want to buy.
We're living in a flat and our management company arranged for the knotweed to be treated (yet to happen) but according to them it's verbally agreed with the knotweed company to be treated.

We've just received the documents to fill out regarding which goods are included in the sale and about the lease etc and it asks about knotweed. We've said yes that we've got it, but not sure what we should put with regards to it being treated as at this current moment in time, it's not treated, but it will be. We haven't got a schedule of works so don't really know where we stand. Do you think this will stop our sale as I'm scared our buyer will drop out the moment they read Knotweed!!
Any advise on what we should write?
Many thanks

nubbins

Sorry but yes I am sure if they are sensible they will run a mile, I would expect them to probably be even more p%%%% off that you have not been upfront in the first place especially if they have spent out up to this point. I would expect their lender (if they have one) will also not lend on your property.

http://www.astlepaterson.co.uk/news/121-the-implications-of-japanese-knotweed-for-a-sale-or-purchase-of-a-property

http://www.mumsnet.com/Talk/property/1758386-Selling-a-House-and-hiding-the-fact-you-have-Japanese-Knotweed

DTDfanBoy

So it was the discovery of knotweed that led to you sell the property but you're hoping that it will have no bearing on your sale :wall:

I suspect you're right to be worried, just how much of a discount will you be offering your buyers :eek:

freeman3030

Well when we was doing our remortgage, natwest would lend if we got a treatment plan in place with a 5 year guarantee. We got a report done and we've got stage 2 JK and I think it's roughly 7m away from our flat. I told the estate agents about it and left it to them as to how they market the property. I can't help we've got it but were taking active steps to get rid of it. All this because of a weed!

Pixie5740

It's usually easier to get a mortgage when remortgaging than it is when buying a new property. Is your current mortgage with NatWest?

I have to say that if I was looking for a property, no matter how many boxes your property ticked as soon as I clapped eyes on a document saying Japonese Knotweed was on the property/land I wouldn't progress the sale.

nubbins

Sure you cant help you've got it but you should have been upfront and made sure buyers were aware before they started shelling out cash. The EA works for you and your instruction, I suspect you hoped you would breeze through the sale and live happily ever after but you have now come unstuck due to the declaration form. As DTD alluded to I expect the best you can hope for is a large revised offer to the downside.

freeman3030

No we were remortgaging to a different lender. I just assumed that as we're paying to have it treated which will kill the weed, that would be the end of that. I didn't realise that even once it's treated with a 5 year guarantee that you'd still be penalised for having had jk. When we bought 2 years ago it never came up and wasn't disclosed in any documents, it just seems to be that recently it's become a big deal. I understand it's important that it doesn't spread but we've taken the steps that need to be taken to control it and eradicate it.

slowpoke_rodriguez

freeman3030 wrote: »

I just assumed that as we're paying to have it treated which will kill the weed, that would be the end of that...
I understand it's important that it doesn't spread but we've taken the steps that need to be taken to control it and eradicate it.

If only it was that easy...

Chanes

Wow, you know how this plant is viewed and you weren't upfront about it! If I were your buyer I would cut my losses because if you didn't mention that I would wonder what else you have not revealed!

Get it treated with guarantees and try again?

Davesnave

freeman3030 wrote: »

we've taken the steps that need to be taken to control it and eradicate it.

In reality, it sounds as if your management company have made noises about getting it treated, which is not the same as having a contract agreed & signed, a schedule of works and an initial payment made.

You would probably be better taking the flat off the market at least until the treatment programme is under way, which might not be until late autumn, depending on how it's being done.

It would be even better if you could wait a full year when there will be evidence that the treatment is working.