Japanese knotweed mortgage

Learn how Japanese knotweed could affect you obtaining a mortgage.

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Mortgages being refused due to Japanese knotweed is a regular feature in the news at the moment. The reason the plant is making mortgage providers anxious is knotweeds capability to expose the weaknesses of materials such as tarmac, brick walls, building foundations and concrete.

When knotweed pushes through nooks and crannies in the fabric of a building it can result in severe structural problems. This obviously makes Japanese knotweed damage a huge concern for any lender.

What problems does Japanese knotweed cause?

Problems caused by Japanese knotweed that relate to mortgage refusals are:

  • Damage to wall structures
  • Damage to foundations
  • Damage to paths, pavements and roads
  • Damage to flood defence structures

Some mortgage lenders have been advised that if there is Japanese knotweed anywhere near the property then the mortgage should be refused. This is because they are worried that the Japanese knotweed will eventually encroach onto the property and affect the structural integrity of the building.

is knotweed affecting your mortgage?

If the Japanese knotweed is within the boundaries of your property you should arrange for a Japanese knotweed survey to take place so that a suitable treatment programme can be created for your property. When the treatment programme commences, a Japanese knotweed guarantee will be issued. This guarantee document is usually what gives the mortgage lender the assurances they require to proceed.

If there is Japanese knotweed near your property, and it is affecting your mortgage, you should notify the landowner so that they can arrange a suitable treatment plan. Even if your neighbour does not want to treat the Japanese knotweed, you can install a root barrier to stop the knotweed from spreading onto your land. Again, this barrier treatment method would be guaranteed and this should help any concerns that lenders may have regarding nearby knotweed.

Knotweed Treatment

Getting Japanese knotweed treated can often be the difference between getting a mortgage approved and not. Find out what we can do to help you.

Treat Japanese knotweed

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RICS & PCA on Japanese knotweed mortgages

The Royal Institution of Chartered Surveyors (RICS) and the Property Care Association (PCA) recently released a Code of Practice for Japanese knotweed that aims to encourage mortgage lenders to lend on properties that are affected by knotweed.

This Code of Practice was written in conjunction with the Council of Mortgage Lenders and therefore the treatment options outlined in the Code of Practice, when implemented correctly and coupled with a Japanese knotweed guarantee, should be enough to encourage a mortgage lender to approve an application.

Contact a Japanese knotweed expert

If you suspect that you have Japanese knotweed on or near your land, or if there is knotweed on a property that you are thinking of purchasing, then contact Wise Knotweed Solutions on freephone 0808 231 9218 to speak to our expert team.

If you want to get in touch online you can fill in our contact form and someone will get back to you.

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