A growing concern amongst people looking to buy a house is another type of growth. That would be the nationwide spread of Japanese Knotweed infestation to properties.
Many horror stories have documented the severe damage caused by this invasive weed, which naturally makes them extremely difficult to sell to prospective buyers. Knotweed has caused a ripple effect where mortgage lenders will approach cautiously should a property be affected by this pesky plant.
How has this plant become such a problematic area for the housing market? And, more importantly, how can it stop?
The Knotweed Menace
Japanese Knotweed is a tall, herbaceous perennial plant blooming with big shovel-shaped leaves, white flowers and bamboo-style stems. It grows extremely fast in most soil types, growing from underground rhizomes.
The rhizomes are the hard part of the weed to eliminate, as even the smallest fragment sprouts a new plant very quickly. Any left within the soil can begin an entirely new infestation and spread to neighbouring properties if undetected.
The Mortgage Effect
Japanese knotweed spreads so rapidly that it can dominate the garden in no time, ruining the property by strangling other plants that occupy the space.
The dangerous root system of this weed works to block drains and go so far as to damage the home foundation if not treated and excavated in time. With this level of damage in effect, it can prove impossible to secure a mortgage on the property. There is every potential that any knotweed you kill off and remove will have dormant strains ready to sprout without your knowledge.
Knotweed was singled out by the government and the Royal Institute of Chartered Surveyors as the most invasive plant, which can increase pre-existing structural damage and disrupt paving and tarmac when unchallenged.
How to Attain a Mortgage with Japanese Knotweed
Whilst many lenders in the UK may relax their policies concerning Japanese Knotweed, there can still be a refusal to lend unless you prove you have had the knotweed professionally treated. Therefore, your first step would be to have a knotweed treatment plan in place.
Lenders will request a knotweed survey Stockport conducted to determine the extent of the infestation – along with the potential risks. Depending on the severity of the knotweed level, the lender could charge a higher interest rate to compensate for the perceived threat or may also ask you to make a higher deposit for the mortgage.
If you’re getting a mortgage with Japanese Knotweed, the best action is to consult with an expert in Japanese knotweed herbicide treatment to assess the full scope of invasion.
Contact our friendly team today for Japanese Knotweed removal.