We've spoken extensively about the problems Japanese knotweed can cause if you're applying for a mortgage, so it comes as no surprise that RICS has recorded over 1.45 million property sales that have been aborted when mortgage lenders found out the properties are located near the invasive weed.
That being said, the RICS has released some new guidance that could encourage more sales of properties with Japanese knotweed problems. The institute has been working alongside DEFRA and the housing ministry's committee to help establish a "manageable framework" for house sales where Japanese knotweed has been highlighted as a problem.
At the moment, their guidance hasn't been formally published, but we suspect that this will have a really positive impact on the housing market, with fewer properties being overlooked due to Japanese knotweed.
Why is it hard to buy properties with Japanese knotweed?
According to the RICS, there's a lot of misinformation circulating about Japanese knotweed and its impact on properties, this really scares mortgage lenders & potential homeowners. While it's true that Japanese knotweed can cause structural damage if it's left to grow wild for a prolonged time, a professional treatment plan can be put in place before this ever happens.
If mortgage lenders understand that there are steps people can take to keep Japanese knotweed at bay, they might be less likely to abort the sale altogether. At the moment, Japanese knotweed has a big and scary persona, to the point that most mortgage lenders won't touch certain properties if there's mention of knotweed being on or near the property!
Since this is becoming a huge problem for homeowners, the RICS is working to establish an objective classification system that will give mortgage lenders a better indication of the severity of the knotweed problem. With this information, they can help their clients decide on an appropriate Japanese knotweed treatment plan. Hopefully, property with low-severity cases will still be carried forward to the end of the purchase process.
The author of the RICS report, Philip Santo said:
“Creating confidence and awareness that knotweed isn’t a death sentence for home sales is a key principle behind this guidance – it’s certainly not the ‘bogey plant’ that some make it out to be.
“In most instances, the weed can be remediated with effective treatment – so it’s critical that all those involved in the home buying and selling process have access to unbiased, factual information, that sets out when they need to obtain reputable remediation services.”
How can we help you buy a property with Japanese knotweed?
Generally, having a professional Japanese knotweed removal plan in place (including an insurance-backed guarantee) will be enough to reassure lenders that you have the problem in hand. Here at Taylor Total Weed control, we can offer you exactly that! So, if you're thinking of purchasing a property that's got a potential Japanese knotweed problem, here's what we can do for you:
- Conduct a survey at the property and prepare a report for you to present to your mortgage provider. This report will provide estimated costs for the most appropriate Japanese knotweed removal plan.
- Carry out the Japanese knotweed removal. Our team of professional technicians have all the relevant knowledge and qualifications to deal with the problem efficiently.
- Provide an insurance-backed guarantee. This will give you and your mortgage provider peace of mind that the Japanese knotweed problem is under control.
Getting in touch with us is easy. You can either give us a call on 029 2039 7554 to discuss your circumstances, or you can drop us an email at sales@taylortwc.co.uk & we'll reply to you as soon as we can.
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