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If you’re reading this, you’re probably trying to work out your options when it comes to buying a property with ‘Japanese Knotweed’.
You may even be reading this if you already own a property that has Japanese Knotweed and you know that it can be a pain when it comes to remortgaging.
We get asked about Japanese Knotweed fairly often. In fact, we even discussed this matter with The Telegraph news.
Let’s dive into some details to help you in this guide.
Japanese knotweed is an invasive plant species recognisable by its bamboo-like stems and heart-shaped leaves. Left unmanaged, it can cause damage to properties.
Knotweed can grow very rapidly, particularly in Spring and Summer. In winter months it tends to be more dormant, which can make it difficult to identify its presence during these months.
You can find pictures online to see what knotweed looks like, but it can be difficult to know for certain. It’s best to consult a specialist double check.
Aside from this, sellers are legally required to disclose the presence of Japanese Knotweed on their property. This will be outlined in a Property Information Form (TA6). You can check the details of this with your solicitor.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
It is possible to get a mortgage where there is Japanese Knotweed present, but it may be tricky.
Where this invasive plant can cause increasing damage over time, lenders will understandably be cautious.
Mortgage lender criteria can differ depending on the Royal Institute of Chartered Surveyors (RICS) ‘category’ the Knotweed falls under.
These categories reflect whether any damage has been caused or is likely to be caused by the Knotweed.
You may hear of a ‘7-metre rule’, whereby having Japanese Knotweed within a 7-metre radius of the property can be thought to make getting a mortgage almost impossible.
Although this is not necessarily the case, it does become tricky the closer the proximity of the Knotweed.
The good news, however, is that the ‘new RICS standard’ reviewed the ‘7-metre rule’ and believed it to be overcautious, so this has been reduced to 3 metres.
This new standard also leans more towards categorisation based on actual impacts of the Japanese Knotweed on structures and amenity.
That said, even if there is Knotweed within 3 metres of the property, or even on the property itself, it may still be possible to get a mortgage providing there is an acceptable treatment plan in place.
This will typically need to have a guarantee backed by insurance, with a usual timescale of 10 years.
It is possible, however it’s difficult and can be expensive.
While you may be tempted to remove Knotweed yourself, it’s generally recommended that you pay a specialist.
The presence of Japanese Knotweed can be concerning for potential buyers. However, with the right approach, it can be effectively managed.
We can’t tell you whether you should or should not buy a property, whether it has Japanese Knotweed or not, but it’s important to carry out your own research and make sure that the necessary treatment plans are in place.
If Japanese Knotweed has appeared on, or near, your property, it can be very difficult to remortgage if there’s no treatment plan in place.
This can be frustrating if you initially bought a property when there was no Knotweed in sight.
The important thing here is to act fast. The longer it’s left, the more the Knotweed can grow. Speak with a Japanese Knotweed specialist to discuss which form of treatment would work best.
We focus on building long-lasting relationships with clients.
We therefore charge a reduced fee for our existing client remortgages.
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As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home or property. The Financial Conduct Authority does not regulate commercial buy to lets and some forms of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage
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