It’s no secret that Japanese knotweed is a nuisance. The invasive plant can damage homes, gardens, and even roads. But did you know that it could also prevent you from getting a mortgage?
Japanese knotweed grows extremely quickly and spreads rapidly, making it difficult to get rid of. It’s classified as an invasive species in the UK, and as such, most mortgage lenders are unwilling to lend money to people who have it on their property.
So, can you get a mortgage with Japanese knotweed on the property? In short, yes. But with conditions.
The finer details regarding these conditions are explained more clearly in the blog below.
How does Japanese Knotweed impact your ability to get a mortgage?
It’s no secret that Japanese Knotweed causes damage to property, but did you know it can also prevent you from getting a mortgage? Japanese Knotweed is considered a ‘contingent liability’ which means the lender will not release the funds until the knotweed has been eradicated.
If you’re buying a property with Japanese Knotweed on the site, you’ll need to factor in the cost of treatment.
If you’re selling a property with Japanese Knotweed, you’ll need to declare it to the buyer and their mortgage lender. The buyer may be able to get a lower mortgage rate to reflect the risk, or they may insist on a full Japanese Knotweed remediation plan being put in place before they’ll agree to the sale.
Either way, it’s important to get professional advice from a qualified Japanese Knotweed specialist before you enter into any agreements. Our team of experts can help you with every step of the process, from identifying the problem to putting together a treatment plan and dealing with your mortgage lender. Email us today to find out more.
What can you do if you have Japanese Knotweed on your property?
If you’re wondering whether or not you can get a mortgage with Japanese Knotweed on your property, the answer is yes – in most cases.
While it’s true that having this weed on your land can cause some problems for potential lenders, there are ways to work around it. In many cases, lenders will be happy to give you a mortgage if you have a treatment plan in place to deal with the Japanese Knotweed.
If you’re worried about your ability to get a mortgage because of Japanese Knotweed, the best thing to do is to speak with a lender about your options. They’ll be able to advise you on the best course of action and help you find a solution that works for both you and your lender.
Can you sell a property with Japanese Knotweed on it
It’s a question on the minds of many homeowners: can you get a mortgage with Japanese knotweed on your property? The answer, unfortunately, is no, not unless there is a treatment plan in place.
While there are some lenders who will work with you to find a solution if you have this invasive weed on your land, most banks and other lending institutions will not issue a mortgage if there is any sign of the plant.
This is because Japanese knotweed is extremely difficult to eradicate and can cause significant damage to both your property and those around you. In some cases, it can even lead to your home being condemned.
As a result, most lenders see it as too much of a risk to approve a mortgage for a property with Japanese knotweed.
If you’re hoping to get a mortgage and have Japanese knotweed on your property, the best course of action is to work with a professional company to remove it. This will not only increase the odds of your loan being approved but will also protect your investment in the long run.
While having Japanese knotweed on your property can make it difficult to get a mortgage, it is not impossible. If you work with a professional company to remove the weed, you’ll increase your chances of getting approved for a loan.
What happens if you have a mortgage and the bank finds out about the Japanese knotweed on your property?
The answer, unfortunately, is not a clear one. While there are some lenders who are willing to give mortgages to people with Japanese knotweed on their property, there are others who are not so willing. It really just depends on the lender and their policies.
If you’re thinking about taking out a mortgage and you know that there is Japanese knotweed on your property, the best thing to do is to talk to your lender about it.
Tell them everything you know about the plant and why you believe it’s not a risk to the property. If they’re convinced, then you should be able to get a mortgage.
The best course of action
The best solution for avoiding the embarrassment of being turned down for a mortgage because of Japanese Knotweed infestation is to find a company that specializes in dealing with infestations like this.
By using the services of a professional, licensed company, you can easily get a mortgage with Japanese Knotweed based on the level of infestation and not just some random company that claim to have the ability to reduce the level of infestation.
By having a company that specializes in dealing with infestations like these, you can easily avoid any risks associated with being rejected for a loan in the future.
And, if you decide to use their services for the final step before purchasing your property, you can rest assured that your property will be 100% safe from the dreaded Japanese Knotweed infestation.
How much will it cost to get rid of Japanese Knotweed?
Can You Get a Mortgage With Japanese Knotweed?
If you’re hoping to get a mortgage and you think you might have Japanese knotweed on your property, the best thing to do is to get rid of it as quickly as possible.
There are a few ways to do this, but the most effective method is to hire a professional company that specializes in Japanese knotweed removal.
Once the plant has been removed, you should have no problem getting a mortgage. If you have any questions about Japanese knotweed or mortgages, please contact us and we’ll be happy to help
Want to know more about getting a mortgage on a property with Japanese knotweed
Knotweed Removal aims to provide the most up-to-date information, help, and advice for YOU to make informed decisions. If you are unsure or uncertain about how to proceed, please reach out to us and we will gladly come back and advise you as best we can.
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