Japanese Knotweed question

[Scott McGrath]

Hi all

Got a bit of a situation with a flat in London I'm selling. There's a lady downstairs selling the same time selling hers.

Her surveyor found JKW next door within seven meters.

Long story short her buyer's lender (HSBC) has insisted it be done first. So she's paid the £2000 to get it removed and get the IBG. The owner of the property next door was taking too long and frankly he's a horrible man.

It's still being done as it takes a few weeks, but she's got the IBG.

My buyer's Lender (Barclays) has not asked for an IBG (yet!). But his solicitor has asked to see it. However, the lady downstairs refuses to put me on it until talking to her solicitor to make sure it won't jeopardise her sale. Of course, I offered half the money once my guy asked for it.

So my solicitor has gone back to them to ensure the want it, as we understand it Barclay's have not asked for it.

The lady downstairs is claiming something I'm not sure of.

That if anyone wants to sell, they will have to be on the IBG as no one will lend otherwise. I said if that's the case then if the guy next door got it done, we'd all have to be on the IBG. That doesn't make sense to me.

I asked my solicitor this but as we communicate over email it's not the clearest answer I'll need her to clarify. But she seems to think no we can just get another report if need be. I'm guessing that will have the fact that the work was done and an IBG is in place.

Has anyone had any experience with this? My sale is pretty much ready to exchange so I want to just get things done.

Thanks in advance for any advice.

S.

 

[diyhelp]

I'm not sure what the lady's problem is if you have offered to pay half the cost? I presume that when you refer to an IBG this is an insurance backed guarantee from the contractor? I would give your solicitor a call and speak to them over the phone then you can ask them to clarify the situation.

Seems bizarre that you may have to go through the full rigmarole of getting contractors back in to do the same job as those there now. Bizarre!

 

[Scott McGrath]

Hi diyhelp thanks for responding to me. It's been a rollercoaster of a week.

So it turns out she had a pretty good reason. She thought the IBG would have to be re-written and sent to her buyer's lender again, restarting the whole process. I didn't get to talk to her for a week she kind of went radio silent as she was stressed. When she came back to London and we sat down I told her no that's not the case she was sorry and said it's absolutely fine to share. So I ended up getting it and my buyer's Lender (Barclay's) has already accepted it. Was Stressful though.

And yes the IBG is the Insurance Backed Guarantee. Turns out just someone needs to have one in place for the lender to be happy.

However, some lenders are stricter than others.

 

[Longterminvestor]

Thanks for coming back with the comments as I am sure other people will have been and will continue to be in this situation. It just shows, the power of talking!

 

[Ralph1]

Hi Scott, we have an issue with JKW in our garden and we're looking to sell but don't know where to start really. Can I ask if you lost out on money on your property because of it?