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Selling a house with Japanese knotweed
Choppit69
Posts: 21 Forumite
A member of my family is currently in the process of trying to sell their house, and they've declared that there's Japanese knotweed growing into the garden. They've had 2 buyers pull out so far, citing JKW as the reason (I don't know if this is due to mortgage refusal, or personal decision). The JKW originates on a neighbouring property (within 7 metres), and the owners were not aware when they bought it 18 months ago, but are currently treating it. I don't know if this is an insurance backed/approved treatment plan. Equity in the property needs to be released, for reasons I won't go into here, and there's no option to continue to live in the house indefinitely, or rent it out.
Does anyone have experience in this area, or advice for selling?
Thanks
Does anyone have experience in this area, or advice for selling?
Thanks
0
Comments
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Most people won't touch knotweed as it's not mortgageable unless it's being treated by the correct insurance backed scheme.
I can't blame them pulling out. Maybe they can find a cash buyer and potentially offer a large discount...4 -
I disagree.Snookie12cat said:Most people won't touch knotweed as it's not mortgageable unless it's being treated by the correct insurance backed scheme.
I can't blame them pulling out. Maybe they can find a cash buyer and potentially offer a large discount...
Lenders have realised that it doesn't actually cause any damage and have started lending on such properties. It isn't a problem.0 -
Some lenders, but the majority still won't touch it. It will definitely put many people off.Slithery said:
I disagree.Snookie12cat said:Most people won't touch knotweed as it's not mortgageable unless it's being treated by the correct insurance backed scheme.
I can't blame them pulling out. Maybe they can find a cash buyer and potentially offer a large discount...
Lenders have realised that it doesn't actually cause any damage and have started lending on such properties. It isn't a problem.1 -
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The key is to get it treated professionally, and insured against.0
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but you didn't need to sell at the time. If a surveyor notices it the lender will ask for the proof of professional eradication and insurance as well which you dont haveMarvel1 said:
There are some things to DIY and save money on, JK is not something I would DIY"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Except I doubt there is anything for the surveyor to notice. The problem comes when selling. If the vendor makes a false declaration about JKW on the TA6 form and the new householders find JKW springing up AND can prove the vendor knew, then there's a massive issue.csgohan4 said:
but you didn't need to sell at the time. If a surveyor notices it the lender will ask for the proof of professional eradication and insurance as well which you dont haveMarvel1 said:
There are some things to DIY and save money on, JK is not something I would DIY0 -
pragmatically how can you prove the vendor knew ? neighbors are none the wiserReginald74 said:
Except I doubt there is anything for the surveyor to notice. The problem comes when selling. If the vendor makes a false declaration about JKW on the TA6 form and the new householders find JKW springing up AND can prove the vendor knew, then there's a massive issue.csgohan4 said:
but you didn't need to sell at the time. If a surveyor notices it the lender will ask for the proof of professional eradication and insurance as well which you dont haveMarvel1 said:
There are some things to DIY and save money on, JK is not something I would DIY"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
This was the best/least worst way forward I could think of. Unfortunately, the loss of significant equity (real or not) severely limits the family's options to move on from their personal situation, which is why the house is being sold in the first place.Snookie12cat said:Most people won't touch knotweed as it's not mortgageable unless it's being treated by the correct insurance backed scheme.
I can't blame them pulling out. Maybe they can find a cash buyer and potentially offer a large discount...0
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