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Buyers and sellers of land are becoming increasingly aware of the threat posed by Japanese knotweed both to the value and structural integrity of land and buildings. “During property transactions, we are seeing a marked rise in requests for advice on the risks associated with purchasing a property affected by knotweed, and what safeguarding measures might be taken,” says Paul Woodman, an associate in the real estate team at leading Black Country law firm George Green LLP.
Originally introduced into the UK as an ornamental plant, knotweed is now one of our most invasive species. Even after clearing, small roots or stems can re-establish themselves quickly and permeate foundations and walls. Treatment and removal is expensive, and the government estimates an overall cost of £2.6 billion for eradication of the species from the UK.
“Damage caused by knotweed is not generally covered by buildings insurance, and we have experience of lenders refusing to lend on the security of affected property,” comments Mr. Woodman. Failure to deal with the issue may well therefore affect marketability.
If a property is affected, a buyer’s advisers should be alerted as early as possible and consideration given to requiring the seller to instruct a specialist contractor to treat the infestation. Ideally the contractor will provide a guarantee, backed by insurance, to cover against faulty workmanship. A specialist knotweed consultant can be instructed to provide a specific assessment. The Invasive Weeds Control section of the Property Care Association (a trade body representing specialists) has its own code of practice for knotweed control. “It’s also worth nothing”, continues Mr Woodman, “that the Environment Agency publishes helpful guidance on managing knotweed on development sites, and that in certain circumstances it may be possible to deduct qualifying clean-up costs of infested derelict land for corporation tax purposes.”
For more information, please contact Mr Woodman at pwoodman@georgegreen.co.uk.