Japanese Knotweed is by now a name most people will have heard. A non-native plant which spreads at a horrifying speed and is notoriously difficult to get rid of. So much so there is now legislation in place with regard to its control and disposal. Described by the Environment Agency as the most invasive plant in Britain, knotweed and soil contaminated with it, are considered controlled waste.
However did you know the presence of the nuisance knotweed could prevent mortgage lenders from lending on a property?
Knotweed isn’t new to the UK, we are just more aware of its existence and the problems it causes. The recent financial uncertainty across the UK has caused lenders to become more risk averse and surveyors more cautious. If a surveyor becomes aware of knotweed during a valuation it will be reported to the borrowers lender. Some may simply refuse to lend, making the property unsaleable. Some will require specialist reports and evidence the knotweed has been professionally eradicated.
In 2019 a Purchaser took court action against his surveyor for negligence when the surveyor failed to spot Knotweed on inspection of the property. The Purchaser was awarded £50,000 including remediation costs. However, in a similar case in 2018 the Purchaser was not so lucky and their claimed failed as it was considered the knotweed would not have been visible at the time of inspection.
Most conveyancing Solicitors ask questions to ascertain if Japanese knotweed is present on a property, but it must also be incumbent on any expectant purchaser to be aware of the problem and make their own enquiries.
Sellers of property also have a duty and can find themselves in “hot water” should they misrepresent the facts concerning Knotweed when selling. A recent case concerning property in South West London has seen the seller ordered to pay £32,000 in damages plus a further £95,000 in costs for falsely claiming that the weed was not present at the home he was selling when in fact it was discovered by the purchaser not long after moving in.
Whilst the wicked weed hasn’t yet been the cause of property collapse in the UK and lenders maybe accused of being over cautious, it can cause serious damage to property, growing through tarmac and solid structures, and eradicating knotweed can be costly and time consuming.
Be on the lookout if you are buying or selling property. Should you discover Japanese Knotweed, most local authority websites offer advice on the problem, as do the Royal Horticultural Society and of course, make your conveyancing Solicitor aware as soon as possible.
We can help
For further help and advice on house buying and selling contact Lorraine or another member of the conveyancing team on 01529 301300 or email