Japanese Knotweed and mortgages.
Do you own your own home with no mortgage.
It is no illegal to have Japanese knotweed on your property, as long as you act in accordance to law as to controlling its growth and spread.
There are a couple of points to remember.
- When dealing with Japanese knotweed, you can not remove any part of the plant from your land. Japanese knotweed is categorised as ‘hazardous waste’ and as such you will need the appropriate licenses to remove and transport any part of the plant, no matter how small.
- If you have Japanese knotweed near a neighbouring property this may have an adverse impact on the value of their property and their ability to sell it. Potentially leaving yourself open to litigation.
- Be proactive. Take appropriate action, before there is a problem. Book a Japanese knotweed survey, and that will give you the knowledge to make an informed decision as to what action is needed to future proof yourself against Japanese knotweed infestation.
Do you own a home with a mortgage.
Mortgage lenders are hesitant to offer loans on properties that have Japanese knotweed and without an active Japanese knotweed management plan in place. If you are considering applying for a remortgage or an extension to your existing mortgage, you will probably need a Japanese knotweed management plan in place along with the appropriate guarantees.
At the earliest opportunity you should instruct a professional survey to be carried out and act on its recommendations. This will enable you to demonstrate that the knotweed is being treated, with the appropriate guarantees, and that the knotweed will pose no further risk to the property and its value.
Are you considering selling your home
A new buyer’s mortgage provider will most probably want an active Japanese knotweed management plan in place, with the appropriate guarantees, before they will consider progressing with an application. Also, it is worth considering that a property with Japanese knotweed present, and no management plan in place, will probably be undervalued by the mortgage lenders surveyor.
If you do have Japanese knotweed present on your property, DON’T PANIC. It takes just a quick phone call, to us, and we can give you the peace of mind and the ability to take control of the situation.
Our professional survey and the resulting management plan, will provide a comprehensive, mortgage compliant, bespoke plan to treat the infestation in the most timely and cost-effective way. This ensures that the Japanese knotweed is being treated and that you will have all the necessary and relevant documentation and guarantees that potential buyers and their mortgage providers will require to proceed with the purchase of your property.
You’ve found a house that you would like to buy but it has Japanese knotweed in the garden.
DON’T PANIC. You can still go ahead with the purchase, as long as you work with an accredited, professional, experienced firm of Japanese knotweed specialists.
We can survey, put a management plan in place and begin to implement that plan, supplying all the relevant, mortgage compliant guarantees and documentation which will enable the mortgage provider to have the reassurances to allow them to proceed.
This whole process can take place in tandem with the usual conveyancing and searches, that a solicitor usually carries out, and so should not delay the purchase of the property.
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