Lending on property with Knotweed

oah276

Seems to be a lot of mixed views on the matter some saying to run in another direction, we have invested so much time and money into this process. Others say it’s not the issue it once was and guidance is changing on this particular issue. 

BikingBud

chanz4 said:

Can cause a lot of damage, we had to sell a house for cash as know one would touch again

What damage?

oah276

Appreciate all the responses. The infestation on this property is at the back of the property in the out building but not near the house itself or the garden, does this make any difference?

BikingBud

Personally i'd be much more concerned and cautious about getting nightmare neighbours, especially those that may be vindictive and vicious.

Knotweed is not a triffid but people really can make your life hell.

user1977

oah276 said:

Appreciate all the responses. The infestation on this property is at the back of the property in the out building but not near the house itself or the garden, does this make any difference?

I doubt it makes a difference where exactly on your property it is.

chanz4

BikingBud said:

chanz4 said:

Can cause a lot of damage, we had to sell a house for cash as know one would touch again

What damage?

it can damage the foundation, get in drains and damage them

Doozergirl

oah276 said:

Seems to be a lot of mixed views on the matter some saying to run in another direction, we have invested so much time and money into this process. Others say it’s not the issue it once was and guidance is changing on this particular issue. 

It never has been the physical issue it's made out to be. 

 

The guidance for surveyors will be changing.  Of course it makes a difference that it isn't near to the house! 

I have been on this board for over 16 years now and I have never once read of Japanese Knotweed actually causing a problem to a house.  And I've read everything and clocked up all of my posts talking about houses.  

In 20 years of renovating properties, some of them in terrible condition, I have never seen it cause a problem.      

If you are in a position now where the property is mortgageable, then you will be in a better position in the future as far as perceived risk is concerned, but now you know, it can be dealt with anyway.  

oah276

@Doozergirl thanks for the insight. We are waiting for our soliticor to report to the lender prior to exchange. The seller has paid a specialist knotweed company to write a survey report, produce a treatment plan and start the treatment, this will all be provided to the lender. Our offer has been approved prior to this knit weed issue coming up. Do most lenders still lend if the write actions are in place or is this really a blocker to lending?

LAD917

This article (updated April 2021) contains some lenders' views on knotweed:
https://www.which.co.uk/money/mortgages-and-property/mortgages/getting-a-mortgage-with-japanese-knotweed-argmh3p6u64x

There are a number of banks that will lend as long as the knotweed has an insurance-backed treatment guarantee from an accredited specialist. Note that there are other banks that will outright deny any level 4 knotweed.

When I learned that the basement flat had knotweed, I assumed my sale was dead and/or that the buyer would ask for concessions.  In the end, neither happened.

aoleks

Doozergirl said:

aoleks said:

I would run hard in the other direction if I was you.

"Research has demonstrated, and it is now generally accepted, that Japanese knotweed poses little or no risk of structural damage to buildings with substantial foundations, such as dwellings. The so-called '7m rule' focused more on what has been demonstrated to be an overstated risk of Japanese knotweed to buildings rather than its sometimes-serious impact on amenity."

https://consultations.rics.org/japaneseknotweedgn/viewCompoundDoc?docid=12239476&sessionid=&voteid=&partId=12240820

New guidance due to be issued later this year.  It genuinely isn't the issue it has been made out to be for the vast majority of homes. 

It is probably the worst thing that can happen to the property, I’d rather have a flood. These articles are meant to put you at ease, but this plant will literally destroy everything in its path, including reinforced concrete.