Japanese Knotweed in new development

bedake666

Hope you are all well and safe.

I am a FTB and using help to buy Equity scheme. I found leasehold flat in a new build development which I quite like. After having an offer accepted, my solicitor received the development information package which revealed presence of Japanese Knotweed. The documents also provide a 10 year guarantee and the contractor who is dealing with the matter. 

I am now half way through the process, waiting for the searches to come through and obtained the mortgage offer.

My thinking is- if the H2B scheme, mortgage provider all didn't have any problems with the development knotweed presence, then does this mean it should be fine?..  Also phase 1 of the development is all sold out (about 30 flats).

I am planning to sell the flat in 3-5 years, my question is- will there be any difficulties down the line or the JK guarantee is all that is needed when I sell on? Would you recommend I proceed or pull out?

Slinky

Which floor flat?

princeofpounds

You should be ok, as long as the contractor does their job and the agreement covers sufficient ground.

A 10 year treatment plan should be more than enough to kill the weed and any missed spots that spring back over the next 2-4 years. Know what it looks like and how to contact the company to make sure it gets addressed!

Given it presumably covers the whole estate (edit: the plan, not the weed!), then you are less likely to get the normal problem which is the weed re-encroaching from neighbouring property. Unless you are right on the edge perhaps.

At the end of 10 years, you should be able to claim that the property is JKW-free after several years without it appearing.

dimbo61

With all the problems over cladding and fire safety or Lack of fire safety in blocks of flats plus Leasehold and New builds with Help to Buy it should be a breeze to sell in 3/5 years time Said No One 
OH sorry I forgot about the Japanese knotweed as well.
Does it have a parking space.
Are the parking spaces already marked out and more importantly on the deeds as part of your purchase

hazyjo

I wouldn't buy a new build (especially in a static or falling market!) if there's a chance of selling in 3 or so years.

I'd also want to know if they found the knotweed before or after they started churning up the ground and building, or after.

bedake666

hazyjo said:

I wouldn't buy a new build (especially in a static or falling market!) if there's a chance of selling in 3 or so years.

I'd also want to know if they found the knotweed before or after they started churning up the ground and building, or after.

I appreciate your advice and it is something I have been thinking about. Unfortunately new build is the only option I have as need H2B due to low deposit. It will likely be a 5 yr rather than 3 yr or maybe longer but I just want to get on the ladder. It looks like they found out about the knotweed in 2017.

bedake666

dimbo61 said:

With all the problems over cladding and fire safety or Lack of fire safety in blocks of flats plus Leasehold and New builds with Help to Buy it should be a breeze to sell in 3/5 years time Said No One 
OH sorry I forgot about the Japanese knotweed as well.
Does it have a parking space.
Are the parking spaces already marked out and more importantly on the deeds as part of your purchase

Thank you everyone for your input, that is reassuring.
I have the right to an allocated parking space, it is set out in the lease agreement, although it is not part of my ownership. It is marked clearly with a number, it says the leaseholder can allocate an alternative spot but I will always have the right for one. Is this OK?

Slinky said:

Which floor flat?

The Flat is on the 2nd floor, the knotweed is on the other side of the building which has a canal view (the knotweed is at the far corner of the  building from my flat)

hazyjo

bedake666 said:

hazyjo said:

I wouldn't buy a new build (especially in a static or falling market!) if there's a chance of selling in 3 or so years.

I'd also want to know if they found the knotweed before or after they started churning up the ground and building, or after.

I appreciate your advice and it is something I have been thinking about. Unfortunately new build is the only option I have as need H2B due to low deposit. It will likely be a 5 yr rather than 3 yr or maybe longer but I just want to get on the ladder. It looks like they found out about the knotweed in 2017.

Was more worried about you hitting a snake rather than a ladder. Moving costs a lot. The first year or so of a mortgage is mainly interest, and new builds often carry a premium meaning it may, even if it was a rising market, only be worth what you're paying now in a few years' time.

Just wanted you to be aware