The Royal Institution of Chartered Surveyors (RICS) new Guidance will be effective from the 23rd March 2022. In other words, RICS guidelines are moving from IP27 to GN2022.
The primary objective of the new Management Category assessment process is to provide stakeholders with a clear understanding of the significance of Japanese knotweed near or at any given property. Therefore, if found on-site, the actions needed to achieve a satisfactory route through to mortgage finance should be equally apparent to surveyors, vendors and purchasers, lenders and remediation specialists.
When we identify Japanese knotweed, we use the new Management Category assessment decision tree. This is to categorise the infestation at the relevant Management Category (A,B,C,D) rather than the previous RICS Risk Category.
The Main Differences Between IP27 and GN2022.
Japanese Knotweed will not affect my mortgage.
Surveyors have the right to impose a mortgage retention if a Japanese Knotweed Management and remediation plan has not been agreed when there is Japanese Knotweed present within the boundary of the property.
If Japanese Knotweed is not directly on your property but can be seen on neighbouring land, you do not need to take any remediation action.
Even if you can see Japanese Knotweed on neighbouring land but it is not directly visible on your property, this will still require a Specialist Remediation contractor to advise on possible encroachment and appropriate Japanese Knotweed management.
You only need to act if the Japanese Knotweed is
causing visible material damage to structures.
If Japanese Knotweed is on site, within 3m of
habitable space and not causing any visible material damage, you’ll have to obtain a specialist
report and a Specialist Remediation contractor will need to
advise on appropriate action.
You do not need to declare if your property has Knotweed on site when filling out your TA6 form.
You must declare the property has Japanese Knotweed if it is known to be on site. Acting and having a professional management plan put into place for a Japanese Knotweed infestation will give you the optimal chance of selling your property at full value.
The Japanese Knotweed is on site and is within 3m of a habitable space; resulting in no mortgage. However, only until you obtain a specialist report and you have agreed to substantial remedial plan.
AND OR
The Japanese Knotweed is causing visible damage to structures, paths, drains, fences, boundary walls and so on. Therefore, resulting in specialist remediation contractors to advise on appropriate action.
The Japanese Knotweed is present and on site and is more than 3m away from a habitable space. However, it is not causing any material damage to structures but is likely to restrict any access to amenity space. This will require a Specialist Remediation contractor to advise on appropriate action.
The Japanese Knotweed is on site and is not causing any material damage to a structure nor is it affecting the access to amenity space. This will require a Specialist Remediation contractor to advise on appropriate action.
The Japanese Knotweed cannot be seen or located on the property, but is located on a neighbouring property or land that is 3m or more away the boundary of the subject property boundary. This will require a Specialist Remediation contractor to advise on possible encroachment and appropriate management.
If you want to know more about, or think you have Japanese knotweed on your property then please contact us today!