The RICS is consulting on a new information paper which aims to help valuers consider the implications of the thuggish Japanese Knotweed plant, when undertaking valuations of residential property in the UK.
Japanese Knotweed is the stuff of which property horror films are made: an invasive plant, it can grow through concrete, walls and floors, blighting properties, with mortgage applications on affected properties being declined.
This has changed the status of Knotweed from a ‘difficult to solve’ problem to one that could result in property sales falling through.
In fact, says the RICS, although the plant can be difficult to control, with correct treatment it needn’t be a life sentence for a property.
It points out that since the mid-1970s, challenges posed by building movement and asbestos have presented assessment problems that were largely resolved and assimilated into the lending process. It says there is no reason why the assessment of Japanese Knotweed cannot follow a similar route.
RICS is inviting responses from members, lenders and Japanese Knotweed treatment experts. The consultation runs until December 9.
Philip Santo, for the RICS, said: “When assessing market value, valuers must take account of a variety of factors, and the presence and effects of Japanese Knotweed is just one of the many considerations that may affect value.
“While this invasive, non-native plant can be difficult to control, it should be recognised that timely and persistent treatment programmes can minimise its impact.
“A standard risk assessment framework is being proposed to help valuers to provide more informed advice to their clients and to enable lenders to adopt more consistent and balanced policies.
“As the treatment industry develops and matures it is hoped that Japanese Knotweed will soon become just one more consideration in the complex valuation process. The RICS consultation aims to canvass opinion in order to help make this happen.”
https://consultations.rics.org/consult.ti/japaneseknotweed/consultationHome
Comments
Hawkeye,
You are so right. 3 years, even up to 5 years to get rid of it properly, and much expense.
Hence it is a mortgage no go area.
If a surveyor cant see it, he cant report it.
If a surveyor sees knot weed, reports it and your sale falls as a result, it becomes a problem between you and your client. You know the one? PMA and omission.
I not only lost 2 sales, but also 2 instructions. One of those went OM with another agent (a Countrywide agent in fact) and sold, and it went through. The agent knew about the knot weed. What should he have done?
Is it buyer beware?
If you see it yourself while taking instructions what do you do?
Ethics come into question.
I carry pictures around and look carefully.
To just cut it down will not get rid of it. Had some next to a car park and it was not bigger than about10' each way but took 3 years to get rid of by a reputable weed control company.
Make a commission from the local weed company killer for leads and get owners on board to kill it properly.
Multi millions of pounds were spent on the Olympic site to rid it of the weed. All the plant including all the roots has to be incinerated and you can not just take it to your local green area for disposal because if you get caught there are consequences.
You have been warned.
If more property had it they would be cheaper and reduce prices, so I could bleat about them being over priced so I could be a HPC nut , then shout about I am not buying blah blah.......
I love the adjective in the opening sentence. I've never thought of a plant as being "thuggish" before.
It is the flavour of the month on CPD. Beware everyone.
I have had 2 sales fall to the dreaded Japanese knot weed. RICS do like to get onto a 'subject' and 'bang it to death'. Asbestos anyone??
When listing a property, peer over the fences at the neighbours garden, if you see knot weed ask your vendor to offer to their neighbour to go next door and cut it all away free of charge, a neighbourly gesture, so to speak. Either that or get higher fences.
Once seen by a surveyor, its game over for mortgage proposes. And they are looking in the neighbours gardens now, trust me on this.
....what about lead paint?
In the US, it's a major concern for them. We don't seem to be interested.