In this episode, Nick introduces the complexities of Japanese Knotweed, an invasive plant that poses significant challenges for property investors. He provides a comprehensive overview of its history, characteristics, and the legal implications surrounding its presence on properties. Nick discusses the risks associated with Japanese Knotweed, including its impact on property value, mortgage lending, and potential legal liabilities. He emphasises the importance of professional intervention for effective management and eradication, highlighting the necessity of an insurance-backed treatment plan.

KEY TAKEAWAYS

Japanese knotweed is an invasive plant introduced to the UK in the 1850s, known for its rapid growth and ability to spread through vegetative reproduction rather than seeds. It can grow up to three meters in a year and is difficult to control due to its extensive underground rhizome network.

While it is not illegal to have Japanese knotweed on your property, it is illegal to allow it to spread onto neighbouring land or into the wild. Landowners have a duty of care to prevent its spread and may face civil claims if it causes damage to neighbouring properties.

Japanese knotweed can significantly affect the saleability and market value of a property, potentially reducing its value by 5% to 15%. Mortgage lenders may be cautious about lending on properties with active infestations, often requiring a long-term management plan with an insurance-backed guarantee.

Effective treatment of Japanese knotweed requires professional intervention. Homeowners should hire accredited companies, such as those certified by the Property Care Association, to manage and eradicate the plant, as DIY methods are often ineffective.

Japanese knotweed waste is classified as controlled waste under the Environmental Protection Act 1990. It must be disposed of safely and cannot be placed in regular waste bins. Proper documentation and waste transfer notes are essential to prove compliance with disposal regulations.

BEST MOMENTS

"It's not illegal to have it on your property, but it is illegal to let it spread off your property onto someone else's property or into the wild."

"Even the tiniest fragments of viable material can produce a new plant. That makes it extremely difficult to control and eradicate."

"You need to have in place a long-term management company with an insurance back guarantee. Without that, you more than likely won't get a mortgage."

"Sales falling through can happen if the discovery of knotweed during a survey causes lenders to withdraw their offer."

"Don't be scared of buying a property with Japanese knotweed as long as you've got that treatment plan in place."

The UK’s #1 Property Investing Event – MSOPI Training

https://is.gd/MSOPIPeterborough

Join Kevin McDonnell, the UK's #1 creative finance expert, for the No Money Down Summit

https://is.gd/KevinMcDonnellsNMDsummit

HOST BIO

Nick is an award winning property investor, voted Fastest Newcomer 2022 by Premier Property, and is an accredited Retrofit EPC Assessor. He sources and renovates properties for himself as well as other investors. While doing this he has developed his own systems for efficient investment, such as developing his own methods to save time when viewing properties and estimating market values and potential returns, costing out renovations.

He spends three months of the year abroad and while there continues his business with use of modern technology and his proven systems.

Location freedom has always been his "Why" for being a Property Investment and has now reached his ideal of the colder months spent in Thailand and the rest of the time in the UK, all while continuing to run his business

This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/

Ver todos los episodios