RICS Update – Japanese Knotweed
RICS Update – Japanese Knotweed
New guidance on the surveying approach to Japanese Knotweed has been released by the Royal Institute of Chartered Surveyors (RICS) and comes into effect this month (March 2022)
Under the new approach, a Management Category Assessment will be carried out by a surveyor where Japanese Knotweed is identified and the surveyor will place the property in one of three categories: Action, Manage or Report. Only where a property is recorded as being in the Action category will a mortgage retention be advised pending a specialist report. In all other cases, it will be recommended that no additional conditions are required. This change in approach will ensure that clients are more likely to be able to obtain a mortgage offer on a property with Japanese Knotweed in the vicinity: particularly giving homeowners looking to re-mortgage, peace of mind.
In the event that the property falls within the “action” category, a conveyancer will be required to ensure the relevant documentation is in place to meet the lender’s requirement.
The full report from the Royal Institute of Chartered Surveyors can be found online: Japanese Knotweed and Residential Property.
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