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The Masked Tulip

Knotweed Saves Buyers

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I posted last week how I heard of a couple recently who, having saved a deposit for ages, had decided to buy now.

Not only had they decided to buy now but they had offered the full asking price on a house that has been on the market for about a year - asking price 285K IIRC.

Not only that but they were going via an EA chain that other EAs have told me, so they believe, that the valuations/asking prices this particular chain gives to sellers is a good 20% over what they personally feel the properties are worth.

Not only that but friends of these buyers had gone online and found that the same property last sold at the height of the bubble, circa 2006/07, for 225K.

But the bank turned them down for a mortgage this week apparently saying they will not mortgage the property due to the surveyor reporting that there is Japanese knotweed in the garden. (I recall a thread only last week - did not read it - about a bank valuing a house at £1 because it had knotweed on the grounds?).

These buyers are gutted. The surveyor and the bank have just saved them a world of grief IMPO but there you go.

Interstingly, there are loads of property in this particular road and the surrounding roads up for sale currently and I was only talking a fortnight ago with another HPCer both of us wondering why so many on the market in such a small given area. I wonder if the knotweed is more of a problem in that area than I was aware?

Yes, I know it is an anecdotal but I thought it was worth sharing in the main forum. Brightened up my weekend as, when I heard they had offered full asknig price via this particular agency, my heart sank at any hope of a HPC.

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Theres a circumference around knotweed that mortgagors and surveyors apply, where valuations plummet to zero. It's a real problem plant. Adjoining houses all around will also suffer the same unmortgageable problem. There was an article of an owner complaining it wasn't fair as it wasn't their house. Local rag, so no copy I am afraid. I'd love to know how far from the incident you need to be for it to not affect you.

Maybe the other houses got wind and knew this.

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Theres a circumference around knotweed that mortgagors and surveyors apply, where valuations plummet to zero. It's a real problem plant. Adjoining houses all around will also suffer the same unmortgageable problem. There was an article of an owner complaining it wasn't fair as it wasn't their house. Local rag, so no copy I am afraid. I'd love to know how far from the incident you need to be for it to not affect you.

Maybe the other houses got wind and knew this.

Interestingly, Swansea became a trial area for the release of some bugs bred to eat away at knotweed roots. They do not kill the knotweed but do enough damage to weaken and limit the knotweed. They have no idea whether it will work in practice and the tests are atan early stage.

I just googled the articles on the chap whose 400K house was supposedly valued at £1 when he tried to remortgage - wonder how widespread this will be in the current climate when people come to remortgage?

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I just googled the articles on the chap whose 400K house was supposedly valued at £1 when he tried to remortgage - wonder how widespread this will be in the current climate when people come to remortgage?

I imagine ALL houses will mysteriously have knotweed.

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But the bank turned them down for a mortgage this week apparently saying they will not mortgage the property due to the surveyor reporting that there is Japanese knotweed in the garden. (I recall a thread only last week - did not read it - about a bank valuing a house at £1 because it had knotweed on the grounds?).

I wonder what is so disastrous about the presence of knotweed. Searching for it on Google brings up ads for people willing to remove it, and Wikipedia says that a repeated application of herbicide over 3 years or so will deal with it. I suppose there must be some sort of a serious problem, as otherwise people would just go around planting it around houses they wanted to buy?

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I posted last week how I heard of a couple recently who, having saved a deposit for ages, had decided to buy now.

Not only had they decided to buy now but they had offered the full asking price on a house that has been on the market for about a year - asking price 285K IIRC.

Not only that but they were going via an EA chain that other EAs have told me, so they believe, that the valuations/asking prices this particular chain gives to sellers is a good 20% over what they personally feel the properties are worth.

Not only that but friends of these buyers had gone online and found that the same property last sold at the height of the bubble, circa 2006/07, for 225K.

But the bank turned them down for a mortgage this week apparently saying they will not mortgage the property due to the surveyor reporting that there is Japanese knotweed in the garden. (I recall a thread only last week - did not read it - about a bank valuing a house at £1 because it had knotweed on the grounds?).

These buyers are gutted. The surveyor and the bank have just saved them a world of grief IMPO but there you go.

Interstingly, there are loads of property in this particular road and the surrounding roads up for sale currently and I was only talking a fortnight ago with another HPCer both of us wondering why so many on the market in such a small given area. I wonder if the knotweed is more of a problem in that area than I was aware?

Yes, I know it is an anecdotal but I thought it was worth sharing in the main forum. Brightened up my weekend as, when I heard they had offered full asknig price via this particular agency, my heart sank at any hope of a HPC.

I posted last week that sales falling through appear to be more to do with the banks pulling plugs than buyers waking up.

Ofcourse not everyone is like this pair but there are plenty of them still about. The only thing that holds them back is the bank.

what is the big deal with knotweed?

Edited by richyc

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The new builds being built now near me had knotweed on the site - they had to have special treatment before they could start building. I hope they got rid of it all...

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It grows through anything. Concrete foundations, walls, tarmac.

Invasive it is but it can be eradicated with tordon 20 and glyphosate[30%] and above but takes a good three years the problem is the environment agency has put a movement order/restriction on it with some hefty fines, and also for not controlling/dealing with the problem .

But i think the banks are looking for any excuse not to lend

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The new builds being built now near me had knotweed on the site - they had to have special treatment before they could start building. I hope they got rid of it all...

http://www.cabi.org/japaneseknotweedalliance/default.aspx?site=139&page=49

"Swansea is one of the worst affected areas in the UK. Here alone, the cost of completely treating the infestation using chemical or manual treatment (£1 and £8 per sq/m respectively) would cost around £9.5 million. With the current rate of treatment standing at 2ha per year the current infestation will take 50 years to treat without accounting for its rapid spread to new areas.

It is the building sector that feels the financial impacts of knotweed the most with removal costs from development sites being very expensive. One 30mx30m site in Wales cost developers an extra £52,785 to deal with the removal of knotweed. The worst case scenario for a 1m2 patch of knotweed on a development site has been estimated to be up to £54,000"

Or just add goat on a rope....

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http://www.cabi.org/...ite=139&page=49

"Swansea is one of the worst affected areas in the UK. Here alone, the  cost of completely treating the infestation using chemical or manual  treatment (£1 and £8 per sq/m respectively) would cost around £9.5  million. With the current rate of treatment standing at 2ha per year the  current infestation will take 50 years to treat without accounting for  its rapid spread to new areas.

It is the building sector that feels the financial impacts of  knotweed the most with removal costs from development sites being very  expensive. One 30mx30m site in Wales cost developers an extra £52,785 to  deal with the removal of knotweed. The worst case scenario for a 1m2 patch of knotweed on a development site has been estimated to be up to £54,000"

Or just add goat on a rope....

There seems to be a technique of direct stem injection that works well.

If you cut it, it merely grows stronger, but if you inject the stems with weedkiller that may work.

CGNAO also had a solution, but it involves taking out the whole of Swansea.

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There seems to be a technique of direct stem injection that works well.

If you cut it, it merely grows stronger, but if you inject the stems with weedkiller that may work.

CGNAO also had a solution, but it involves taking out the whole of Swansea.

I had this terrible weed, it took me 5 years to kill it permanently. The way I did kill it was to inject the stem with sodium chlorate

very regularly several times a year. As soon as I saw new grow I treated it again to a new injection. After 5 years it gave up life. I applied bucket loads of sodium chlorate by spray and onto and also into the ground with little effect, only injecting it did the trick.

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.... the bank turned them down for a mortgage this week apparently saying they will not mortgage the property due to the surveyor reporting that there is Japanese knotweed in the garden....

Back in the day I ran a thread I updated from time to time called "property enronitis", which consisted of a compilation of circumstances and events that could reduce an otherwise sound property investment to an enron-like husk. It was mainly directed at the prop-perma-bulls who imagined their investments somehow immune to the slings and arrows that befall companies from time to time.

Must admit, knotweed never made the (extensive) list. However, I did point out that all of the circumstances and events listed were the kind of thing that, in a bull market would not dent investors confidence, but rather, as with stocks, would only infect the wider market in a downturn.

I still find it amusing that property investors believe in the "home is castle" rubbish. What kind of castle can have its investment battlements breached by one man equiped with a trowel, some knotweed roots and an axe to grind?

Now I'm not much of a gardener, but I do like Japanese gardens. Who thinks the following could be improved by a little japanese greenery?

tonyblairmansion1.jpg

Edited by Sledgehead

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Where can I get it?

I may have to plant some for the LL before I leave this place :lol:

Under Wildlife and Countryside Act 1981 Section 14 (2) you can be fined or have a prison sentence (up to 6 months) if you knowingly spread it...

Probably 10% of our projects are built on land infected by knotweed - if treated properly it is not a problem, but it is expensive to have it done by a professional company

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Under Wildlife and Countryside Act 1981 Section 14 (2) you can be fined or have a prison sentence (up to 6 months) if you knowingly spread it...

best not get caught then

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best not get caught then

If you run a mower over it ...stems will sprout from most of the chopped up bits ...out of sight is not out of mind ... that's why you have to burn the bastards cuttings .... If you have it in your garden (and you don't rent ) it can turn you into an obsessive ........ lying there in bed ...with the window open in the summer ... if you listen hard enough ..you can hear it grow !! ... I'm sure ! .... it will keep you busy for years !

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Under Wildlife and Countryside Act 1981 Section 14 (2) you can be fined or have a prison sentence (up to 6 months) if you knowingly spread it...

you may think that would deter me. Instead all that it makes me want to do is to plant it in the church yards and town halls as well.

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I had this terrible weed, it took me 5 years to kill it permanently. The way I did kill it was to inject the stem with sodium chlorate

very regularly several times a year. As soon as I saw new grow I treated it again to a new injection. After 5 years it gave up life. I applied bucket loads of sodium chlorate by spray and onto and also into the ground with little effect, only injecting it did the trick.

Sodium Chlorate was fantastic stuff.

Sadly it was banned as people were apparently making bombs out of the stuff.

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Where can I get it?

I may have to plant some for the LL before I leave this place :lol:

:)

Me too, not only for the sake of the property I rent just now but the development next door who did not understand why I did not want their scaffolding right outside my top floor window for six months.

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At the risk of merging two threads.....do I see a use for the unemployed army that Ducan-Smith is talking about? Greenshirts! Hunting down the knotweed and burning it out!

what could possibly go wrong.... :unsure:

someone wants some

Edited by wherebee

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The new builds being built now near me had knotweed on the site - they had to have special treatment before they could start building. I hope they got rid of it all...

Unlikely. Due to past experience my Mum is borderline paranoid about Japanese Knotweed "Make sure your next house doesn't have any knotweed!"

It's the Terminator of the plant world and survives just about anything.

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  • 152 Brexit, House prices and Summer 2020

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