Buyers survey found Japanese knotweed

bibbity_2

Absolutely gutted, our buyers survey has found Japanese Knotweed in our garden We didn't have a clue what it was, in fact it's right outside our side window and we just thought it was a plant! We've had an expert out who has identified it next door too, it's along the boarder of the houses and therefore impossible to determine which side it originated from. Our buyers lender wants a report doing and it eradicated. Due to where it is, the expert has advised using a herbicide treatment at the appropriate times of the year for the next three years and they provide a 10 year warranty (they're part of the PCA). Apparently the buyers lender will be satisfied with this and so far, the buyer still wanted to go ahead. The report had been sent to their solicitor and now the buyer wants to get their solicitors advice on whether to go ahead our not. This is completely understandable (I'd be put off!) but where does it leave us? The house was up for sale for £244,950 & we accepted the buyers offer of £237,000 within 24 hours of being on the market - we had lots of other interest too but stopped viewings after accepting the offer. We offered a £5000 reduction to the buyers as a gesture of goodwill after the knotweed discovery so we are now selling for £232,000. If the buyers do pull out & the house had to go back on the market, does anyone know how much the Japanese knotweed will effect the price of the house roughly? I've read every scare story on the internet about houses becoming worthless due to Japanese knotweed but I've also read that lenders are becoming much more accepting now if management plans are in place. Does anyone have any experience of this?

moneyistooshorttomention

One near me is basically worth £175,000 all else being equal. It recently had its price reduced to around £145,000 as I recall (which I think was probably down to next door neighbours JK). This being an area of the country where many people react to being told about it by shrugging in indifference (if they are the one that has it....).

daveyjp

I'd be wary of 'experts' offering knotweed warranties. They are largely a complete waste of money. Some companies are similar to the damp proofing outfits and work on fear.

As an example I have just dealt with a business who had knotweed around a commercial property they were buying. The mortgage company went in to panic mode and wanted all sorts of warranties, reports etc etc. The 'management plan' by the 'expert' would have cost the company £12,000! This was for four small stands of the plant.

I went to a contractor who undertakes Council knotweed work so has all the requisite pieces of paper and he quoted £500 this year. That would be to spray three times and then reassess, but he didn't expect to have to charge much more than £200 per year thereafter.

The mortgage company were happy with the plan he put together.

If it is a small stand it could be wiped out by the end of the year. Down to you whether to lose thousands now, or take the property off the market and get rid of the problem yourself.

bibbity_2

The company has quoted £2200 for the 3 year plan and then we buy the insurance separately so it's not extortionate and the lender has insisted on the warranty so we have no choice there. I'm mostly concerned about how much we'll need to reduce the house if the buyer does pull out or if anyone would even want to buy it in the first place. I can't believe it's gone from a sought after house to potentially unsellable virtually over night

hazyjo

Oh God I really feel for you. My friend decided not to sell as it was by nearby garages.

At the moment your buyers are still buying so try not to worry about things that haven't happened. Good/positive vibes needed!

Do you have to move? Could you change it to a 5 year plan and go then? Extend instead?

Jx

Davesnave

bibbity wrote: »

I can't believe it's gone from a sought after house to potentially unsellable virtually over night

It hasn't, yet.

This is when you really need the right neighbours, as having the plant next door is potentially worse than having it on your own land and under your control.

So, provided your neighbours are on-board regarding eradication, all should eventually be well, although you'll be in a reduced-price situation for some time, even if you stay.

moneyistooshorttomention

Agreed.

My second thought (after the "Ohsh*t - and how has it turned up here?" one) would be "What attitude are the neighbours going to take? Are they going to be responsible and 'do their bit' to get rid of this or be shoulder-shruggers about it?"

Have you checked out what your neighbours' attitude on this is and whether they will be co-operating in removing it?

bibbity_2

As the knotweed is one outbreak over both ours and the neighbors gardens, the management plan it's going to cover the whole area and not just our side. The neighbors is happy with that as we are covering the cost as a) she's an elderly lady who has recently been widowed and we don't know get financial situation and b) we are the ones who want to move. We really don't want to stay for another 5 years

bibbity_2

'Neighbours' - stupid phone!

moneyistooshorttomention

Crikey! That's generous of you to pay her 50% share (assuming its not known by either of you which garden it started in) as well as your own. Her 100% share if it originated in her garden.

She must know there are costs involved in doing this - so could easily have asked what her share of those costs is.

She may not be planning on moving - but chances are her house will be sold anyway before forever (ie because she's elderly) and the new owners might need a mortgage to buy it.

Still - if you can afford to cover her costs too - then it's one way to avoid neighbour difficulties about getting the work done <shrugs>

Davesnave

moneyistooshorttomention wrote: »

Crikey! That's generous of you

You might call it generous, but I'd call it prudent.

Surely, one is generous when there is no personal advantage gained from the money or service that is given.

OP has made the right decision