Mortgages with Japanese knotweed 

Getting a mortgage with a Japanese knotweedA plant that can affect a borrower's ability to obtain a mor... plant on the property is not easy because of many reasons. Most mortgage lenders won’t approve the mortgage for a property on Japanese Knotweed Pant because of the potential for damage and spread to nearby properties.

The most common way to get a mortgage on a property with Japanese Knotweed is to get a professional surveyor to assess the risk of Japanese Knotweed before applying for the loan. The surveyor will be able to provide advice on how to properly manage the plant, as well as any necessary treatment options. Most lenders are also willing to lend on properties with Japanese knotweed if the homeowner has made efforts to treat it and managed it properly.

There are also many other invasive plants which can also present challenges when trying to get a mortgage on a property. These include Bamboo, Oak, poplar & willow trees, Himalayan balsam, Giant hogweed and many others. As with Japanese knotweed, lenders will often require an assessment from a professional surveyor before approving the loan. The surveyor will be able to advise on the best ways to manage and treat the invasive plants and so reduce the risk of spread.

In present times of the UK mortgage market, demand for homes with a garden has gone through the roof as online searches for such homes registered an increase of very nearly 200% since only a few months previously.

Having your own open space in a garden is clearly appealing – it gives you room to relax or entertain outside and, of course, offers a safe play area for your children.

A garden is widely seen as enriching the lives of homeowners who have one, and this is reflected not only in any potential wow factor when you are eyeing a possible purchase but also in the price. An article last year argued that a home with a garden commanded an extra £15,000 on average compared to one without – and, in some cases, might be worth an additional £20,000.

So, with all this added value, who would have thought that the presence of a garden might actually harm your chances of getting a mortgage? But not so much the presence of a garden, but what might be growing in it – i.e. the dreaded Japanese knotweed or other invasive plants.

In this article we will try to explore the topic in more detail and answer the questions such as Should I buy a house with Japanese knotweed next door, can I get a mortgage with Japanese Knotweed Plant etc?

Post Contents

Use our quiz for mortgage on property with Japanese Knotweed Plant

What are the issues surrounding mortgages and Japanese knotweed and other invasive plants?

Why is it a problem?

Background to Japanese knotweed

How do I get a mortgage on a home with Japanese knotweed?

How much does it cost to remove knotweed?

Should I buy a house with japanese knotweed next door?

Next steps

FAQs

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Use our quiz for mortgage on a property with Japanese Knotweed Plant

What are the issues surrounding mortgages and Japanese knotweed and other invasive plants? Why is it a problem?

The Consumers’ Association’s Which? magazine discussed the widespread policies of mortgage lenders who consider that the structural integrity of a property may be at risk if Japanese knotweed – or some other equally invasive plant –
has crept to within seven metres of the property. It makes it difficult to get a mortgage with Japanese knotweed anywhere close to the property.

The website Knotweed Help refers to the stigma attached to the presence of knotweed and the fact that it may reduce the value of a property by as much as 25% unless the growth is appropriately treated.

If a property is classified as “at-risk”, it can be challenging to secure a mortgage.

Background to Japanese Knotweed Plant

A number of invasive, non-native plants have been introduced into the UK because they were originally considered ornamental.

One of these, Himalayan fleece vine or fallopia japonica, was first brought to this country in the mid-19th century and has gained a particularly bad reputation. It is a fast-growing, invasive plant with roots that can spread deep underground and, if left to grow, can cause structural damage to the foundations of buildings, walls, and drainage systems.

As a result, mortgage lenders in the UK have taken a particularly dim view of loans on the property where fallopia japonica is growing within seven metres of its boundaries. Lenders’ caution is greater than in many other countries where the invasive plant has taken hold. A report po that UK mortgage lenders may be overreacting to the threats posed by Japanese knotweed and other invasive plants.

Research submitted to the committee suggested that the damage caused by fallopia japonica may be no more severe than other trees and plants growing close to homes, but over which mortgage lenders exercise nothing like as strict criteria.

Nevertheless, because of many mortgage companies’ lending criteria, any nearby presence of Japanese knotweed may present severe difficulties in securing a mortgage.

Furthermore, the government website warns of the penalties you may face if you allow Fallopia japonica or other invasive species of plant to spread into a neighbour’s property. Although the law does not oblige you to remove these plants from your own property, if they are allowed to spread to a neighbour’s, you might be prosecuted or issued a community protection notice for causing a nuisance.

How do I get a mortgage on a home with Japanese knotweed?

The Council of Mortgage Lenders (CML)
recognises that a lender may be alerted to the presence of knotweed or another invasive plant upon the valuation of the property.
The lender’s reaction is likely to be determined by the severity of the infestation but will almost certainly involve proof of treatment being started to eradicate the problem.

If you are a prospective buyer and a valuation report or survey reveals the presence of knotweed, therefore, you need to consider how the plant may be eradicated, what it is going to cost to do so, and whether you or the vendor will be bearing that cost.

Therefore, the good news is that getting a mortgage on a property with the presence of knotweed or another invasive plant is not impossible – but you need to be prepared to show that the problem is being eradicated. It is always better to contact a specialist market broker before starting your mortgage application.

How much does it cost to remove knotweed?

Japanese knotweed eradication specialists, PBA Consulting Solutions, echo Parliament’s Science and Technology Committee’s conclusion that the treatment of Fallopia japonica infestation is relatively inexpensive.

PBA says that a typical treatment programme costs between £2,000 and £2,500 – around 1% to 2% of the purchase price of the average home. Successful treatment and eradication then give any new owner between 10 and 15 years peace of mind and reassurance that the plant is under control.

Should I buy a house with japanese knotweed next door?

The presence of Japanese knotweed or any other invasive species next door can be a cause for concern for prospective buyers. If the plant is growing within seven metres of the boundaries of the property you are intending to purchase, mortgage lenders may be unwilling to lend due to their strict criteria. As a result, it is important to consider both the potential damage that could be caused by the plant and the cost of eradicating it.

It is also important to consider the legal implications of allowing Fallopia japonica or other invasive species to spread into a neighbour’s property. If you are found guilty of causing a nuisance by allowing these plants to spread, you could face prosecution or a community protection notice.

Ultimately, whether you choose to buy a property with Japanese knotweed or other invasive species next door is a personal decision, and one which should be made after careful consideration of all the risks and potential costs.

We would also suggest you to contact an experienced broker to help you with your mortgage application..

Next steps- Mortgage Japanese Knotweed Plant

Do you have any further questions or enquiries about getting a mortgage for a property where Japanese knotweed may be a problem? 

If you are a homeowner or a prospective buyer and have identified the presence of Japanese knotweed or other invasive plants on your property, then there are several steps that you can take to ensure that it is treated safely and professionally. The first step is to contact an experienced and qualified remediation contractor. These contractors will be able to provide advice on the best course of action for treatment, as well as the cost and timescale involved.

Contacting your mortgage lender to discuss their specific requirements is also essential. Lenders will usually require evidence of successful treatment, such as a guarantee from the contractor, before providing a mortgage on a property affected by Fallopia japonica or other invasive species.

Finally, you may also wish to contact your local council for advice on how to comply with any legal obligations you may have.

In summary, the presence of Japanese knotweed can present difficulties when applying for a mortgage, but with careful consideration and professional advice, it is possible to secure a mortgage on a property affected by Fallopia japonica or other invasive species.

FAQs – Mortgage Japanese Knotweed Plant

Is it possible to get a Japanese knotweed mortgage on a buy-to-let property?

Yes, although there are some conditions attached to such mortgages. For example, a lender would want to ensure that the property had been treated and eradicated successfully before issuing a mortgage application. If you are interested in Buy-To-Let mortgage, you may need to contact a specialist  mortgage broker to provide you with suitable mortgage deal. 

What happens if my house is overrun with Japanese knotweed? What should I do?

It’s an aggressive weed and can cause structural damage to outbuildings which must be prevented. But in cases, where there is damage to outbuildings associated structures and paths, it is considered minor.

The CML advises that you should inform your current mortgage provider immediately. They may ask for evidence of treatment and an explanation of why the plant is still present. The CML also recommends that you prepare yourself for the possibility of prosecution.

You could be charged with causing a public nuisance, even though you did not intend to. It is important to note that this offence carries a maximum penalty of 6 months imprisonment. You should also take action against anyone who has helped to spread the plant. If you find someone guilty of spreading the plant, you can apply for a Community Protection Notice.

Can I get a mortgage on a commercial property with Japanese knotweed?

No, because this type of plant is a serious threat to our environment. The CML advises lenders to avoid lending on properties where Japanese knotweed is known to exist. In addition, they advise that you should check whether the property has been treated and eradicated. If the answer is no, you should inform your current lender immediately.

Are there any risks involved when buying a property with Japanese knotweed problems?

The main risk is that the property might be more expensive than you expect. This is because the extra cost will be due to the fact that the property needs to be treated and eradicated.

However, the CML states that these treatments are relatively cheap and therefore the cost of the treatment should not be too high.

Another risk is that the property may not sell at all. As mentioned above, lenders will want to make sure that the subject property has been treated successfully.

Also, if the property does not sell, you will need to pay off the mortgage over time. This means that you will end up paying interest for longer than expected.

Finally, you may face legal issues if you fail to treat the plant. If you think you may be affected by Japanese knotweed, then contact us at NeedingAdvice.co.uk to see how we can assist.

What kind of mortgage can I get if a property has Japanese knotweed?

If you have Japanese knotweed growing on your land, you cannot get a conventional mortgage from a bank or building society. Instead, you will need to consider getting a secured loan. A secured loan is one where you borrow money against something else. These loans are usually cheaper than conventional ones. We at needingadvice.co.uk Ltd could help you get a suitable mortgage deal from a selection of mortgage lenders.

Is it possible to buy a property without knowing about Japanese knotweed?

Yes, but only if you know what you are looking for. For example, if you are looking for a property that is close to the town centre, then you should look for those areas first.