Japanese Knotweed Mortgage
The Definitive guide to getting a Japanese Knotweed Mortgage.
The Definitive Guide To A Japanese Knotweed Mortgage
What Is Japanese Knotweed?
Japanese Knotweed is a type of plant that will decimate other plant life. It grows very fast and will quickly take over your garden if left to its own devices.
Sounds annoying, but why does it affect your mortgage? As well as aggressively attacking your garden its roots also aggressively grow underground. This can therefore damage your foundations and underground plumbing. It can even damage your walls on lower levels.
What Does Japanese Knotweed Look Like?
A quick google image search will show you what Japanese Knotweed looks like. However you should always get a specialist in for a true diagnosis. It goes dormant in winter months, so may appear to spring up from nowhere in Spring. It can grow really fast as well, up to a foot a week.
Getting A Mortgage With Japanese Knotweed
Getting a Mortgage with Japanese Knotweed is the hard part. When you are going for a mortgage a lot of Lenders will make it a quick no if even the word ‘knotweed’ gets uttered. However there are lenders that will consider it. When the property is being valued the surveyor will make an assessment of what stage the plant is in and what treatment is required.
This will usually be done by a RICS surveyor and given a risk ranking of between one and five. Depending on the ranking, different lenders will have different results.
Is Japanese Knotweed Affecting Mortgages?
Yes! Absolutely! We are often asked Is Japanese Knotweed affecting mortgages. It really is, however depending on the severity you may have some options. It will usually come down to that initial report, and what risk ranking you have got.
How Do Lenders Judge The Severity Or Risk Of Japanese Knotweed?
We’ve mentioned this above, however they rank the risk from one to five. One would be the best outcome, and five the worst. A ranking of one or two will usually be acceptable to lenders, however three or more and you may need a specialist.
- A Ranking of One means no Knotweed present
- Ranking Two or Three you may be looking at a specialist lender
- Ranking Four or Five will mean a decline with most lenders, and if not a decline they will want a plan of treatment.
What Kind Of Mortgage Can I Get If A Property Has Japanese Knotweed?
The good news is that some high street lenders will allow for a mortgage with Japanese Knotweed. It depends on the severity and proximity of the plant. It may not even be on your land and some lenders will decline. Just being close to an untreated outbreak may result in needing a Japanese Knotweed Mortgage Specialist.
Will Lenders’ Policies Change?
They may do. Lenders generally take a steer from RICS on what they should do. Recent studies show that Japanese Knotweed may not be any worse than similar plants. If RICS change their judgement on it, likely lenders will follow suit.
What Do I Do If I Have Japanese Knotweed?
If you find you have Japanese Knotweed you should first find out how bad it is. That would mean speaking to a specialist. Once you have that information often the specialist will advise on the best treatment.
Currently there are three different treatments used, and depending on the circumstances they may use more than one to treat it. Quite often this can cost thousands.
- Weed killer – Sounds basic, but far from it. They apply a weed killer which kills off the plant.
- Sealing the ground so the plant can’t come up through the ground.
- Physical removal – This can be difficult with how fast the plant grows.
Can I Remove Japanese Knotweed Myself?
You probably could, but you probably shouldn’t. As you’ve seen above the treatments are not simple. They require a specialist to ensure that it is done correctly. Also lenders won’t just take your word for it that you have done the right thing.
What Kind Of Survey Do I Need If I Have Japanese Knotweed?
You’ll need a comprehensive survey usually. This will usually come with a yes/no answer on whether the property is mortgageable. Speak to a specialist if you are unsure of what type of survey to get.
Does Japanese Knotweed Affect House Prices?
Potentially it can definitely affect your house price. Along with the need for a Specialist Mortgage, you may also find the property is valued lower if it is nearby to Japanese knotweed. This is due to the work that will need to be done in the form of treatment.
Lenders for Japanese Knotweed
There are various Japanese Knotweed Mortgage Lenders available, depending on the severity of the problem. Rank one is basically everyone, but there are several on the high street that will potentially lend on the property with Japanese Knotweed.
We’d recommend you speak to a specialist mortgage broker like us for a Japanese Knotweed Mortgage.
Can You Get A Mortgage On A House With Japanese Knotweed?
Yes you can get a mortgage on a house with Japanese Knotweed. However it will depend on the ranking given by the surveyor. If it is status five it is unlikely that anyone will lend on it. However, always speak to a specialist mortgage advisor that may be able to advise you further.
Is It Worth Buying A House With Japanese Knotweed?
It depends on how bad the situation is. You may also be able to get a better purchase price in light of the treatment costs that you will incur for the problem. If you suspect a property of having Japanese Knotweed it may be worth getting a survey done before applying for a mortgage, however there are costs to this that need to be considered as well.
Japanese Knotweed Mortgage Problems
There are several Japanese Knotweed Mortgage problems. The primary one being can you get a Japanese Knotweed Mortgage. If it is rank two or three this is probably going to be okay with some lenders. If it is rank four or five you may need treatment plans so that the lender knows you are taking care of the problem.
Japanese Knotweed Mortgage Solutions
When it comes to Japanese Knotweed Mortgage Solutions there is really only one. Us! We can help you get a Japanese Knotweed Mortgage and get your home despite the troubles you may have had before. If you are remortgaging and have been told you have a Japanese Knotweed problem get in touch and we may be able to help.
Can I Get A Mortgage With Japanese Knotweed
Of course you can get a mortgage with Japanese Knotweed. You just need your application packaged correctly and to know what your entire situation is. Quite often you may need a treatment plan in place. It all comes down to that dreaded rank from a RICS surveyor so if you can get a survey done before you apply.