Since the RICS (Royal Institute of Charted Surveyors) introduced their own guidelines on Japanese knotweed, there have been an ever-increasing number of banks and building societies refusing to lend against properties affected by the dreaded Japanese knotweed.
But is this widespread panic justified?
Issues with mortgages & lending
It is the case that Japanese knotweed can cause serious problems, it grows very quickly and is capable of breaking its way through the smallest of cracks in concrete and masonry, so getting rid of the stuff should be a high priority for affected homeowners.
This has led to lenders such as Woolwich, Coventry Building Society, Saffron, BS and Precise Mortgages stating that they will refuse to lend against any property suffering from a Japanese knotweed issue until treatment has been implemented by an approved company.
Other large lenders like Natwest and Nationwide say they will consider properties on a “case-by-case” basis.
This reaction has provoked many key industry figures to demand clear knotweed legislation to help the issue. Stuart Gregory from Lentune Mortgage Consultancy says “It is a grey area. There needs to be clearer policy. It can be very unsettling for borrowers”.
Japanese knotweed – “not house cancer”
Despite concerns from lenders, experts within the Japanese knotweed industry are urging homeowners not to panic.
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Steve Hodgson, chief executive of the Property Care Association (PCA), has attempted to quell fears by stating that Japanese knotweed is “not house cancer”. Hodgson believes many industry figures are overreacting because they do not understand Japanese knotweed or Japanese knotweed treatment: “Now the risk and the solution have become apparent, perhaps they [banks and building societies] should reassess their protocols on whether they should lend on properties with Japanese knotweed.
“It [Japanese knotweed] doesn’t mean the property is worth less it just means something needs to be done to make sure the value is maintained.”
The Property Care Association launched a new course on Japanese knotweed removal this week with the emphasis being on the effective treatment and removal of the plant from people’s properties.
Find out more about Japanese knotweed with this infographic
Japanese Knotweed needs to be treated and disposed of by professionals. Unless you are licensed to do so, it is an offence to dispose of Japanese Knotweed, and treating it with general-purpose weed killer will stunt its growth, but will not eradicate it.
ReplyDeleteProfessional eradication and disposal is necessary, but can be expensive. Japanese Knotweed Claims will act on your behalf to gain compensation from the party responsible for the spread of the Japanese Knotweed to your property. Japanese Knotweed Claims will act on a ‘no win, no fee’ basis, which means that there is absolutely no cost risk to you.
Japanese Knotweed Claims will:
• Win compensation for you, so that you can pay for knotweed removal or if you have already paid for the knotweed to be removed or treated we will recover the cost of the treatment/removal.
• Put you in contact with professionals who can perform this service.
• Take the hassle and stress out of the whole process.
For more information, please visit www.japaneseknotweedclaims.com, email us at info@japaneseknotweedclaims.com, or call us on 0203 151 5205.
Japanese Knotweed is the worst plant in the UK. It not only invades your garden and smothers all the other plants, but might also demolish or make you demolish your house. I watched a video from the BBC, in which an expert advised a family either to call a specialised company and try to kill the plant with harsh chemicals, or to demolish their house and excavate the soil underneath it. That really is awful and expensive, so people should take measures as soon as they see Japanese Knotweed in their properties or anywhere around them.
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