Japanese Knotweed

Jba1988

Hi everyone, first time buyer here looking for advice.
I'm currently in the process of buying my first home, everything going well - searches fine, mortgage offer received. However after having a building survey completed the Surveyor has identified Japanese knotweed in the garden. Although there was no valuation on the building survey the surveyor did conclude that "The property is not considered to be a reasonable purchase due to the Japanese Knotweed. I would expect difficulties obtaining a mortgage and resale in normal market conditions." To be honest the presence of the knotweed doesn't bother me too much - the vendor is now aware and has started a treatment plan. My concern is that my offer was made without the knowledge that Japanese knotweed was on the property, and am concerned that I will struggle to sell the property at market value in the future.

Should I be renegotiating my offer, to reflect the fact that Japanese Knotweed is present?
My research online suggests it devalues a property by between 5-15%, and is something I would need to declare in the future. My solicitors has informed my mortgage lender about the knotweed, so I guess if they don't want to lend it could be a moot point anyway given the state of the mortgage market for a 10% deposit.

While I really like the house, it has to make sense as an investment if I decide to sell it in the future. I would appreciate any advice I can get! Thanks! 

NameUnavailable

I think until the knotweed has been eradicated and there's a guarantee in place it will be difficult for you to get a mortgage in the current environment. Wait to see what your lender says. If you can proceed I would definitely seek quotes for the work and ask for a reduction in price to assist.

Unicorn_cottage

Why doesn't the Japanese knotweed bother you?

Mickygg

Oh that's not good. How close to the house is it? That would be my main concern and if it is anywhere near it may cause me to say no deal rather than renegotiate. 
It can of course be treated. Who knows if the current owners will successfully get rid of it all but if you can get the mortgage they will want that all important eradication certificate. 

My other concern would be if it pops up in other areas of the garden.

jimbog

Why buy a house with knotweed? Just find one that hasn’t. 

nnewtoarea

You should thank your surveyor!!

eidand

nnewtoarea said:

You should thank your surveyor!!

and run away!

britishbug

Someone feel free to correct me but I’m pretty sure you wouldn’t get building insurance under these circumstances. Technically this means you wouldn’t be able to exchange, as building insurance will need to be in place at exchange as a condition of your mortgage. 

Sistergold

Japanese knotweed and you are not bothered? 

Marvel1

I had Japanese knotweed growing 4 years ago (didnt really know what it was until year later), bought some roundup tree stump killer, sprayed In September as per instructions.  Last year and this year = nothing.

davidmcn

britishbug said:

Someone feel free to correct me but I’m pretty sure you wouldn’t get building insurance under these circumstances. Technically this means you wouldn’t be able to exchange, as building insurance will need to be in place at exchange as a condition of your mortgage.

It won't stop you from getting buildings insurance, but the insurance isn't going to help you get rid of it.

And insuring from exchange is because contractually you (usually) take on the risk at the point of exchange - your lender isn't involved at exchange, but they will want insurance to be in place at least from completion.

Unless both the OP and their lender are happy with the JK treatment anyway it's not going anywhere near exchange.