Japanese knotweed 2 bed flat

mvb17

Hi i am a first time buyer
buying 2 bed 2nd floor flat in a 3 level block of flats. 

If looking at the flats from the road on the far left is the parking lot, adjacent to the parking lot is an area of unbuilt land - which as a whole (flats, parking lot, is referred to as Acorn Lodge) 

from the survey, it declared there’s japanese knotweed in the land which is covered by the freeholder, but in the unbuilt section, which the seller did declare in their property information form. 

The japanese knotweed is current on a treatment plan - its been in place for the past 3 years. Where it’s been treated , no further knotweed has grown.

the japanese knotweed has issued a numerical distance from the location of the knotweed to the area of Acorn Lodge which of course is <7m

however, logically the distance from the knotweed area to the flat is >7m - as this would include parking lot and one of the rooms of the flat the width is 6m so of course its >7m.

how can i get the banks to see this ? 

Had to repeat mortgage application because of knotweed so going through it a second time. 

Should i get a independent japanese knotweed expert to issue a report ? Or should the banks just see this logically and no point wasting more money ? 

Also:
- would you buy a 2 bed japanese knotweed flat with a plan to move out in 5 years and rent out ? 

- the flat is well priced although i do meed to do some modifications
- walking distance to train station 

maxsteam

It can grow up to 2m high. You should be safe on the 2nd floor.

user1977

I don't understand the relevance of the distance from the building, if its within the grounds. Presumably it would be your (shared) liability wherever it is on the property, which is what the bank is concerned about. 

GDB2222

Isn’t there a risk that you might end up with a property that is hard to mortgage? Will you be posting in a few years that you are trapped in your flat, because buyers are having their mortgage applications turned down?  I’d be very chary about pressing your lender, or searching out the one lender in the country that would take it on.

katkatmachine

No, anything that has the words “japanese knotweed” in any survey I would run a mile. It may be okay now but it can still pose a problem in the future. Not gonna risk it. 

LAD917

Is there a physical risk to the property?  Almost certainly no.  There is virtually no substantiation of the supposedly damaging effects, and the UK government policy about knotweed is unique in the world.  I was just walking past $10m homes in the U.S. with knotweed growing rampant - no one cares, and no one has ever heard of this plant being a problem.

Is there a risk that the property may be hard to sell in the future?  Maybe, but I'd personally bet on things getting better v. worse.  The government has acknowledged that its knotweed policy needs revision. By the time you sell, the knotweed will have (hopefully) been eradicated, with a guarantee. Banks' policies are far more reasonable than they used to be, and many will lend even on "category 4" knotweed situations.

The cost of treating most knotweed is surprisingly cheap in comparison to the other problems you're likely to face - e.g., a new roof or even hallway redecoration.

I just sold a two-bed flat in a building where the basement flat had been treated for patches of knotweed (1.5 metres from the back door, and thus category 4), and an insurance-backed treatment plan was in place.  No issue with the sale at all.  You need to make sure that you have an on-the-ball freeholder who is complying with all of the treatments -- e.g., the knotweed needs to be treated at specific intervals to maintain the guarantee. Beyond that, not much to worry about.

There is a helpful summary of lenders' policies on knotweed; some are far more tolerant than others:
https://www.which.co.uk/money/mortgages-and-property/mortgages/getting-a-mortgage-with-japanese-knotweed-argmh3p6u64x (scroll down to the table)

Unless you're an especially anxious person, I don't see the risk of knotweed as outsized compared to all of the other risks that come with buying property.

mvb17

I’ve decided not to go ahead with the sale - lawyer or bank weren’t making a decision with regards to lending. Figured out if its so hard to make a decision now let alone when I come to sell  again !

Sistergold

mvb17 said:

I’ve decided not to go ahead with the sale - lawyer or bank weren’t making a decision with regards to lending. Figured out if its so hard to make a decision now let alone when I come to sell  again !

Wise decision. I know there is comments that knotweed is not as bad as is played out but to be honest the first time I head about knotweed it was from someone who had had a horror experience and ended up selling her flat for next to nothing as due to Japanese knotweed. This nightmare was on top of the treatment plan and insurances being put in place. To be honest it’s best not to go into it knowingly. When you come to sell it will be a problem to most buyers knowing there is history of knotweed. Good luck in getting another place.

GDB2222

It would be a harder call if you were buying at say a 10-20% discount. But, if paying full price, why take the risk?