TLDR - survey brought up Japanese Knotweed and we don't know if we're unreasonable asking for a reduction on asking price
We're in the process of buying our first home...a tiny Victorian mid-terrace in desperate need of a refurb. It was on for a fair price and the sellers estate accepted a slightly lower offer based on the fact we are FTB's and local to the area.
Whilst the survey brought up all the things you'd expect of an old home...damp, woodworm in the attic and a small chimney leak....it has found a very small Japanese Knotweed plant on the border of the property, about 6m away from the house.
The sale is going through via power of attorney so there is no money to sort issues prior to contract, so we have proposed reduction to the asking price of 5% so we can sort the issue (which we are happy to do). The estate agent has yet to get back to us two days later where before they were very responsive, now I'm wondering if we've gone too far with the negotiations!
The long and short of it is the lender will only agree our mortgage with a treatment plan in place, so it's us having to front the cost of a JK survey and start of treatment before we've even bought the house. It's a hefty amount of money but we honestly adore this house and can really see it becoming a beautiful family home. Surely without agreeing to a reduction the property is essentially un-mortgageable, and therefore would likely need to be auctioned for a much lower price?
I guess I'm mainly looking to hear from people who have both bought and sold properties with JK. Was the property value drastically reduced? Was the cost of removal more than you thought? I know it's not the demon that older generations believed it to be...but I also know it's not to be taken lightly.
TIA