Japanese Knotweed

Jba1988

Just to update on what has happened. I had gotten fed up with waiting for mortgage lender to get back with a decision (HSBC) so decided to reduce my offer anyway from £155,000 down to £140,000 which I don't think went down very well with vendors. Estate agent tried to get me to budge (apparently it was the best japanese knotweed the removal company had ever seen...) but I wouldn't increase my offer. Before I was able to get a response from the vendor, my solicitor heard back from HSBC saying they wouldn't lend, so I have now walked away and withdrew my offer.

To be honest I'm relieved there is finally a resolution and I can move on now. I see they have already put it back on the market at the original price - I guess it can be somebody else's problem now! Thanks for the advice!

hazyjo

The EAs have to declare it now. Wonder if it's on the details or if they mention on the phone...

Just being nosy really!

Jba1988

hazyjo said:

The EAs have to declare it now. Wonder if it's on the details or if they mention on the phone...

Just being nosy really!

It doesn't appear to be mentioned in the add....

daveyjp

Any links? 

Jba1988

daveyjp said:

Any links? 

https://www.rightmove.co.uk/property-for-sale/property-77196982.html

Unicorn_cottage

"The property has additional land below which maybe turned into a garden, but you have so much entertainment space you may not need to!"
Very suspect!

elsien

They're not going to put it in the details though,  are they. Maybe they're hoping that once they've got the viewing and people have seen the property they'll be more likely to at least entertain management plan idea. As opposed to not setting foot through the door in the first place. 

Reminds me of a viewing with sn EA when I asked if the place over the road was still a hostel.  Lots of equivocating along the lines of "I'm not local" but no definitive yes or no answer. That'll be a yes, then.  

SouthLondonUser

OP, our of curiosity, did the bank elaborate on why they wouldn't lend?

Do they not lend against properties with knotweed at all? If so, that would be a new thing - maybe a post-covid change?

Or is it because the treatment is for 5 years but they want 10?

Or maybe they lend against properties which treated the infestation but not against those with an active infestation?

I'd be interested in any colour you may have. Thanks!

@elsien , no agent will ever put it in the ad. The seller must declare it in the property information pack; if they don't, and the buyer can prove the seller knew about the Japanese knotweed, the buyer can sue the seller. The problem is, by the time the seller provides the property information pack, the buyer will have already engaged a solicitor, so, if the buyer pulls out then, he/she will most likely have to incur some costs. It may be a good idea to ask about any history of Japanese knotweed BEFORE instructing solicitors.

se2020

SouthLondonUser said:

OP, our of curiosity, did the bank elaborate on why they wouldn't lend?

Do they not lend against properties with knotweed at all? If so, that would be a new thing - maybe a post-covid change?

Or is it because the treatment is for 5 years but they want 10?

Or maybe they lend against properties which treated the infestation but not against those with an active infestation?

I'd be interested in any colour you may have. Thanks!

@elsien , no agent will ever put it in the ad. The seller must declare it in the property information pack; if they don't, and the buyer can prove the seller knew about the Japanese knotweed, the buyer can sue the seller. The problem is, by the time the seller provides the property information pack, the buyer will have already engaged a solicitor, so, if the buyer pulls out then, he/she will most likely have to incur some costs. It may be a good idea to ask about any history of Japanese knotweed BEFORE instructing solicitors.

I don't think it is anything to do with post covid.
I purchased a commercial property towards the end of last year and I was unable to get any sort of mortgage on that due to the prescence of knotweed.  It would not even pass the checks as suitable security for a business loan (but I imagine they just use the same surveys for that as a mortgage anyway).

Knotweed is a pretty big problem if it is growing in a garden area where you would like to grow other plants or put grass down but that's about it. It's not going to come up to the side of the house and start pulling the walls down.
I have heard horror stories of the roots blocking drains etc. but I think the whole drain length has ended up getting replaced due to its deterioration in condition anyway.

Pinkbunny2000

NameUnavailable said:

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.

You can never eradicate it

it will come back decades in the future