Graeme Yorston, the chief executive of The Principality Building Society Group has said that a number of mortgage lenders are reluctant to get involved with properties affected by Japanese knotweed.
Japanese knotweed affecting mortgages
The fact that lenders are becoming increasingly worried about Japanese knotweed has been industry knowledge for a while, and Graeme Yortson is the latest high profile figure to speak out. Yortson is just one of many people in the property industry recommending that any property affected by Japanese knotweed undergoes a thorough investigation before any mortgage deal can be brokered.
Yortson said: "Japanese Knotweed grows vigorously, can cause damage and is extremely difficult to eradicate, which can be an issue for homeowners.
"Unlike a number of banks and building societies, Principality will always look at the risk of the Japanese Knotweed and we will consider mortgage applications on properties where Japanese Knotweed exists or is known to have existed, subject to a specialist report containing a management and eradication plan.
"Under our guidance this must be done by a trained professional from the Property Care Association and should always be accompanied by an insurance-backed guarantee."
The Property Care Assosiation on Japanese knotweed
The Property care Association have also been active on Japanese knotweed this week by offering a new training programme aimed at professionals involved in the Japanese knotweed identification and Japanese knotweed treatment industries.
Steve Hodgson, general manager of the PCA, said: “This course represents another step forward in addressing the problem of Japanese knotweed in the UK property sector.
“It has been – and continues to be - the subject of controversy, and has even caused problems to home buyers trying to obtain mortgages on houses affected by the weed.
“The problem of Japanese knotweed can be dealt with, and now there is a recognised framework to remedy it.”
Find out more about Japanese knotweed
- Japanese knotweed mortgage - Find out how Japanese knotweed can effect a mortgage
- Japanese knotweed legislation - Find out what the law says about Japanese knotweed
- Why choose a PCA approved specialist - Find out why a Property Care Association approved specialist is the best option for Japanese knotweed
Are you concerned about Japanese knotweed?
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