The effect on property of Japanese knotweed has been widely reported in the press over the past few years, due, in part to the problems many home buyers were experiencing when trying to secure mortgages on properties affected by knotweed. Because lenders could not obtain consistent, reliable advice on how to survey, assess and treat Japanese knotweed infestations, they were unsure of the risks and therefore most mortgage applications where JK was identified were refused.
However, some lenders were keen to manage knotweed risk, and on the guidance of the BSA and CML, and in collaboration with RICS, a guidance document for surveyors was issued. Read more about the guidance here
The Property Care Association Invasive Weeds Group (PCA IWG) was the trade body that was developed with guidance from RICS, the BSA and CML. It has been in existence for over a year now and the next stage of their work is to maintain industry standards by issuing a new code of practice for the management of Japanese knotweed. Learn more here
The role of the PCA and its new guidance is to be presented at a London seminar later this month. Also presenting at the seminar will be the Chair of the RICS steering group on Japanese Knotweed and Residential Property. Further presentations from academics at Bristol and Sussex Universities will explore how crowd sourced data and biochemical research are helping us understand and potentially treat Japanese knotweed.
The seminar is being hosted by Phlorum, who are experts in Japanese Knotweed management and were part of the group that produced the RICS guidance. They were also founding members of the PCA IWG. At the seminar, Dr Paul Beckett, a Director at Phlorum, will present a summary of best practice in treating Japanese knotweed.
The seminar will be held in London on Tuesday 23rd April, at The Institute of Physics in Portland Place. The seminar is free and tickets can be booked through Eventbrite
GroundSure has an extensive track record of supporting lenders in considering environmental risk in secured lending arrangements. We continue to support our clients in managing Japanese Knotweed and other environmental risk issues.