Will I get a mortgage. Knotweed
Discussion
Ive found a property that seemed very cheap for the area. After a chat with the EA I've found it has a problem with knotweed in the garden and next doors garden. The neighbours have there's "under control" apparently. But I'm led to believe there could be a problem getting a mortgage if there's knotweed on site. Is this definitely the case.
Thanks for any advice.
Thanks for any advice.
Here's some info on it from a lenders criteria;
Japanese Knotweed is an invasive plant introduced into the UK and has no natural predators. The plant is known to exploit existing weaknesses in buildings. Applications where Japanese Knotweed is identified should be looked at in accordance with the following requirements:
CATEGORY 4
Japanese Knotweed is within 7 metres of the main building, habitable spaces, conservatory and/or garage and any permanent outbuilding, either within the curtilage of the property or on neighbouring land;
and/or
Japanese Knotweed is causing serious damage to permanent outbuildings, associated structures, drains, paths, boundary walls and fences.
Report this on the valuation as unacceptable unless remedial treatment by a Property Care Association (PCA) registered firm has been satisfactorily completed. Treatment must be covered by a minimum 10-year insurance-backed guarantee, which is property specific and transferable to subsequent owners and any mortgagee in possession. Return a ‘nil’ valuation until all remedial works that comply with these standards have been completed and confirmed.
CATEGORY 3
Japanese Knotweed is present within the curtilage, but is more than 7 metres from the main building, habitable spaces, conservatory and/or garage and any permanent outbuilding.
Report this in the valuation together with a valuation of the property. No further investigation or action is required.
There is damage to outbuildings, associated structures, paths and boundary walls and fences and this is considered minor.
Report this in the valuation together with a valuation of the property. Further investigation is required. This is to be undertaken by a Property Care Association (PCA) registered firm. All recommended remedial works must be covered by an insurance-backed guarantee. The guarantee must be for a minimum of 10 years, be property specific and transferable to subsequent owners and any mortgage in possession.
An insurance-backed treatment plan must be confirmed prior to completion. It is not necessary for the recommended remedial works to be completed prior to the release of any mortgage monies.
CATEGORY 2
Japanese Knotweed is not seen within the boundaries of the property, but it is seen on a neighbouring property or land. It is within 7 metres of the curtilage of the subject property, but more than 7 metres away from the main building, habitable spaces, conservatory and/or garage and any permanent outbuilding.
To be reported in the valuation report together with a valuation of the property. No further investigation or action required.
CATEGORY 1
Japanese Knotweed is not seen at the property, but it can be seen on neighbouring property or land where it is more than 7 metres away from the curtilage of the subject property.
To be reported in the valuation report together with a valuation of the property. No further investigation or action required.
Hope that helps to give an indicative idea?
Japanese Knotweed is an invasive plant introduced into the UK and has no natural predators. The plant is known to exploit existing weaknesses in buildings. Applications where Japanese Knotweed is identified should be looked at in accordance with the following requirements:
CATEGORY 4
Japanese Knotweed is within 7 metres of the main building, habitable spaces, conservatory and/or garage and any permanent outbuilding, either within the curtilage of the property or on neighbouring land;
and/or
Japanese Knotweed is causing serious damage to permanent outbuildings, associated structures, drains, paths, boundary walls and fences.
Report this on the valuation as unacceptable unless remedial treatment by a Property Care Association (PCA) registered firm has been satisfactorily completed. Treatment must be covered by a minimum 10-year insurance-backed guarantee, which is property specific and transferable to subsequent owners and any mortgagee in possession. Return a ‘nil’ valuation until all remedial works that comply with these standards have been completed and confirmed.
CATEGORY 3
Japanese Knotweed is present within the curtilage, but is more than 7 metres from the main building, habitable spaces, conservatory and/or garage and any permanent outbuilding.
Report this in the valuation together with a valuation of the property. No further investigation or action is required.
There is damage to outbuildings, associated structures, paths and boundary walls and fences and this is considered minor.
Report this in the valuation together with a valuation of the property. Further investigation is required. This is to be undertaken by a Property Care Association (PCA) registered firm. All recommended remedial works must be covered by an insurance-backed guarantee. The guarantee must be for a minimum of 10 years, be property specific and transferable to subsequent owners and any mortgage in possession.
An insurance-backed treatment plan must be confirmed prior to completion. It is not necessary for the recommended remedial works to be completed prior to the release of any mortgage monies.
CATEGORY 2
Japanese Knotweed is not seen within the boundaries of the property, but it is seen on a neighbouring property or land. It is within 7 metres of the curtilage of the subject property, but more than 7 metres away from the main building, habitable spaces, conservatory and/or garage and any permanent outbuilding.
To be reported in the valuation report together with a valuation of the property. No further investigation or action required.
CATEGORY 1
Japanese Knotweed is not seen at the property, but it can be seen on neighbouring property or land where it is more than 7 metres away from the curtilage of the subject property.
To be reported in the valuation report together with a valuation of the property. No further investigation or action required.
Hope that helps to give an indicative idea?
I had this exact same situation.
Property seemed way to cheap for what it was - then the EA casually mentions the JKW...
Can take years to clear from what i have been reading - but if the gamble pays off the property should see an uplift in value when dealt with.
Not sure wether to chance it or steer clear. What have you decided to do OP?
Property seemed way to cheap for what it was - then the EA casually mentions the JKW...
Can take years to clear from what i have been reading - but if the gamble pays off the property should see an uplift in value when dealt with.
Not sure wether to chance it or steer clear. What have you decided to do OP?
trowelhead said:
I had this exact same situation.
Property seemed way to cheap for what it was - then the EA casually mentions the JKW...
Can take years to clear from what i have been reading - but if the gamble pays off the property should see an uplift in value when dealt with.
Not sure wether to chance it or steer clear. What have you decided to do OP?
I've looked into how to get shot of the JKW, I've also talked to neighbours of the property who have managed to get control and eliminate the problem on their side of the fence. I've decided to go for it for the reasons you state above, plus the house needs doing up so there's a fair chance of adding value. Obviously it can take a few years to completely eliminate the weeds so if you think you may need your money out then it's a risk. If you're playing the long game then the knotweed is less of an issue. Property seemed way to cheap for what it was - then the EA casually mentions the JKW...
Can take years to clear from what i have been reading - but if the gamble pays off the property should see an uplift in value when dealt with.
Not sure wether to chance it or steer clear. What have you decided to do OP?
We were recently refused a mortgage on a property with category 2 knotweed. The neighbour had a treatment plan in progress but it's so hard and takes so long to totally remove it that it could spread further to other neighbours and then we could be stuck with it.
The risk of being in a place we can't sell in 10 years time due to an existing problem was too much and we decided to not go forward even if we could get a mortgage agreed. The stress of watching knotweed grow for 3 years and hopefully then die would be far too much and we couldn't afford the removal if it spread within our boundary.
The risk of being in a place we can't sell in 10 years time due to an existing problem was too much and we decided to not go forward even if we could get a mortgage agreed. The stress of watching knotweed grow for 3 years and hopefully then die would be far too much and we couldn't afford the removal if it spread within our boundary.
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