Japanese Knotweed
Discussion
Hi
Just looking for some opinions, examples and Information regarding this please.
Found a beautiful property that needs fully updating. Has the potential to be our “forever” house however it has several areas of Japanese Knotweed at approximately 4 meters to the front of the property. This has been allowed to grow to 3 meters in height in these areas. The property is circa 1940s.
My heart says proceed with the purchase but head says to run.
What would you do?
Also, the property is on the market for £415k, reduced from £450k. Needs £70k spending to bring it up to scratch. When finished I’d estimate £475k realistic market value so as you can see it’s currently overpriced. How much would you look to purchase for bearing this issue and modernising work involved?
Thank you....
Just looking for some opinions, examples and Information regarding this please.
Found a beautiful property that needs fully updating. Has the potential to be our “forever” house however it has several areas of Japanese Knotweed at approximately 4 meters to the front of the property. This has been allowed to grow to 3 meters in height in these areas. The property is circa 1940s.
My heart says proceed with the purchase but head says to run.
What would you do?
Also, the property is on the market for £415k, reduced from £450k. Needs £70k spending to bring it up to scratch. When finished I’d estimate £475k realistic market value so as you can see it’s currently overpriced. How much would you look to purchase for bearing this issue and modernising work involved?
Thank you....
Hi
Yes, a mortgage is required. From speaking to our existing lender and researching their lending criteria this may be possible if an active treatment plan is in place by a accredited company. Such a plan is in place with treatment started in Oct 2017 and runs until 2022. This is also financed from the estate so no costs involved for us as the purchasers.
Yes, a mortgage is required. From speaking to our existing lender and researching their lending criteria this may be possible if an active treatment plan is in place by a accredited company. Such a plan is in place with treatment started in Oct 2017 and runs until 2022. This is also financed from the estate so no costs involved for us as the purchasers.
Thanks for the reply and info thus far, very much appreciated.
To confirm, no damage to the property itself from what I can see at surface level. Some damage to the front wall and rockery area. It’s also within a meter of the properties either side.
From speaking to the estate agent, the 4.5 year remaining treatment plan will be paid in full by the estate. I believe this is upfront upon completion. A very good point was raised about what happens if the company goes bust which I’ll query so thanks for that.
I’ve offered £332k which was 80% of current asking but it’s been declined by the beneficiaries. They have stated that they want £375k minimum which I would not be prepared to go to. The property’s been on the market for 4 months now, only 2 offers in that time including mine and a lower one of £300k.
Debating if I should up it to £340k or let then stew for a while. Ultimately no developer would want it due to the hassle of a sale within the remaining 4.5 years of treatment.
To confirm, no damage to the property itself from what I can see at surface level. Some damage to the front wall and rockery area. It’s also within a meter of the properties either side.
From speaking to the estate agent, the 4.5 year remaining treatment plan will be paid in full by the estate. I believe this is upfront upon completion. A very good point was raised about what happens if the company goes bust which I’ll query so thanks for that.
I’ve offered £332k which was 80% of current asking but it’s been declined by the beneficiaries. They have stated that they want £375k minimum which I would not be prepared to go to. The property’s been on the market for 4 months now, only 2 offers in that time including mine and a lower one of £300k.
Debating if I should up it to £340k or let then stew for a while. Ultimately no developer would want it due to the hassle of a sale within the remaining 4.5 years of treatment.
Update....
So we decided not to increase our offer above £332k due to a couple of other reasons (main one being the beneficiary’s withholding information) and the property is still on the market and was reduced to £375k around 2 months ago.
Planning to go back in again at the end of the month but this time at £320k given the current market conditions.
As for the Knotweed, not going to let that get in the way when it can be sorted eventually.
So we decided not to increase our offer above £332k due to a couple of other reasons (main one being the beneficiary’s withholding information) and the property is still on the market and was reduced to £375k around 2 months ago.
Planning to go back in again at the end of the month but this time at £320k given the current market conditions.
As for the Knotweed, not going to let that get in the way when it can be sorted eventually.
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