How Do Mortgage Lenders Respond to Japanese Knotweed on a Property?

When purchasing a house it is obvious that the potential buyer would get a surveyor to check the condition of the property and estimate its value.  But what if the surveyor discovered the house (which the buyer thought would be his/her perfect home) contains Japanese Knotweed? How would mortgage lenders respond to a property with Japanese Knotweed?

Japanese Knotweed is a plant brought into the UK during the 19th Century for its ornamental beauty.  The plant has changed from being an ornamental plant to being an invasive species that can do serious damage to the physical structures of a property and as a consequence of this it almost certainly affects the decision on whether mortgage lenders will lend on the property.

If Japanese Knotweed is found within or close to the boundary of a property it can lower the value of the property and some mortgage lenders will be reluctant to lend on the property – however  it is not all doom and gloom –  many mortgage lenders will consider lending if there is evidence of a fully funded professional treatment or eradication programme being in place for the property.

One of the most common Japanese Knotweed treatment plans is a Knotweed Management Plan (KMP) drafted in accordance to ‘The Knotweed Code of Practice’, 2013 (version 3).  It is usually the property seller’s responsibility to arrange for an appropriate Knotweed Management Plan and the buyer should satisfy themselves that it is fit for purpose. Ideally it should be provided by a member of the PCA. (Property Care Association).

When arranging a Knotweed Management Plan it is important to use a Property Care Association accredited Japanese Knotweed specialist.  This ensures that the provider of the Knotweed Management Plan adheres to strict standards of professional expertise set by the association.  Each mortgage lender will have their own lending policies and any presence of Japanese Knotweed on a property is going to affect their decisions. There is a possibility that the lender will retain funds from the buyer until the Knotweed has been treated or removed.

Japanese Knotweed Ltd is the UK’s LARGEST PCA accredited Japanese Knotweed Remediation Company. We pride ourselves for our professional experience, quality of service, customer care and competitive quotes.
If you suspect Japanese Knotweed on your property or on a property you are looking to purchase, please speak to us on 01794 330 196 or visit www.japaneseknotweed.co.uk

Alex Evans

You May Also Enjoy

Breaking News

How much will a Halloween Castle set you back

The latest research from Enness Global has revealed that, for those looking to follow in the footsteps of Count Dracula this Halloween, the average castle on the UK market will set buyers back around £2.2 million, requiring a deposit of £332,609 and a monthly mortgage repayment of more than £10,000. Enness Global analysed current castle…
Read More
Breaking News

How much is a Halloween home from Hell?

Halloween homes from Hell will cost you an average of £448k The latest property market insight from Yopa reveals that Hell is the most expensive Halloween-related road name in England, but those living on a road with Lantern in the name have seen an almost paranormal property price increase of 44.8% in the past year.…
Read More
Breaking News

Halloween house price drops hit 1 in 4 areas

The latest research from The Property DriveBuy has found that the vast majority of homeowners are in for a treat this Halloween, with just 24% of local authority areas across the UK seeing house prices fall since last October. However, homeowners in Westminster, Kensington and Ceredigion have seen the most haunting house price drops in…
Read More
Breaking News

Nine in 10 young flat sharers say they’ve lived with a ‘housemate horror’

Leaving dirty crockery in the sink and blasting music or the TV at antisocial hours top the list of most common ‘housemate horror’ traits New types of frightful flatmates have emerged including ‘Nocturnal Gamers’, ‘Persistent Puffers’ and ‘WhatsApp Micromanagers’ 64 per cent of house-sharers say ‘horror housemates’ have cost them money by not paying their…
Read More
Estate Agent Talk

How Local Market Trends Affect Your Home’s Selling Price

Introduction When planning to sell your home, understanding local market trends is crucial. Whether you’re working with estate agents in Selby or estate agents in Leeds, these professionals emphasize the importance of market dynamics on your home’s selling price. Local factors such as supply and demand, interest rates, and economic conditions influence property values. These…
Read More
Breaking News

The biggest Halloween rent hikes

Revealed – Where tenants have been haunted by the biggest Halloween rent hikes The latest market analysis from London lettings and estate agent, Benham and Reeves, has revealed which areas of the rental market are haunting tenants this Halloween, having seen the largest increase in the average monthly cost of renting since this time last…
Read More