When RICS released their first cross-industry paper for chartered surveyors, banks/lenders panicked big time and started flatly denying mortgages when Japanese knotweed was identified by a surveyor in or surrounding the boundaries of the property in question and because of this initial reaction there are now many pre-misconceptions regarding the affect Japanese knotweed or similar invasive weeds have upon the process of buying or selling a house.
Banks and Lenders are still very cautious about invasive weeds but their approach is much more relaxed. If a property you’re buying or selling has been found to have a suspected or has an invasive weed infestation; DO NOT PANIC – banks/lenders won’t deny a mortgage because of this now. What you should do is contact an invasive weed specialist, such as us – who offer Insurance Backed Guarantees, we can then survey the property and provide a report, management plan and guarantee options for the eradication of the weed.
Naturally any lender will be reluctant to borrow to someone who is purchasing a property which has such an aggressive weed present. However, they will be satisfied if an initial treatment has been applied or is scheduled to be applied, a schedule of further treatments is planned, the eradication process is outlined clearly and an Insurance Backed guarantee is in place.
We’ve provided many reports for clients who have forwarded these to their bank/lender and below are some of the experiences clients have had: