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What is Japanese Knotweed?
Japanese knotweed is a type of invasive weed that has been found in the UK and caused many headaches for homeowners.
The weed is difficult to eradicate and can cost up to £15,000 in professional treatment. Even if successfully treated, the plant may still return - potentially costing homeowners even more money for future treatments.
Japanese knotweed is an invasive species that can cause significant problems for homeowners. Japanese knotweed, or Fallopia japonica, was first introduced into the UK in the 1800s and has since spread at an alarming rate. It grows quickly in any moist soil, up to 12 inches per day, and can grow out of cracks in pavements or from buried construction rubble. It has a wide variety of negative effects on various environments across the world - it crowds out other plant life by shading them with its large leaves, and produces so much biomass that it can turn the ground into a water-logged bog. It also has an extensive network of deep and shallow roots, which grow to over 14 meters in length and are able to penetrate up to 35 centimetres below ground level or build foundations for buildings.
Why is Japanese knotweed dangerous?
Japanese knotweed is difficult and expensive to eradicate - some techniques include spraying or pouring herbicides on the plant, digging it up by hand, or a combination of both.
Japanese knotweed spreads by sending out shoots that root and form new plants. It can grow into a thicket of vegetation up to 15 feet tall, blocking sunlight from other plants below. These weeds are difficult or impossible to kill with chemicals alone, so many people resort to hand pulling Japanese knotweeds in order to clear their property. In the UK, Japanese knotweed is a serious problem because it's found in over half of all counties and considered an invasive plant that crowds out native species. If you're buying a house with Japanese knotweed on your property or close by, this will need to be taken into consideration when making an offer.
If you are considering buying a house in the UK, it's important to understand Japanese knotweed risks before making an offer on any property. In this article, we will cover Japanese knotweed information and mortgage advice so you can make informed decisions about your purchase.
Can you get a mortgage on a house with Japanese knotweed?
If you are looking to buy a property with Japanese knotweed, it's important that the lender understand how this affects your mortgage. Should you find Japanese knotweed on your property, it is likely to affect your ability to get a mortgage. This will mean expending more money on subsequent surveys and assessments by specialists in this field.
The UK Government has recently taken steps in order to prevent Japanese knotweed from blocking the path to mortgage finance. The Mortgage Market Review, a key piece of legislation introduced by the government in order to reform lending and credit processes, includes Japanese knotweed as an environmental hazard that lenders have to consider before approving mortgages.
A lender will consider the severity of Japanese knotweed on a property when evaluating whether or not to grant a mortgage. For example, if you have just found one plant in your garden and it has already been removed, then there is little risk that this would be considered severe enough for them to refuse to grant you a mortgage. If however they find evidence of a small and well-contained Japanese knotweed plant, but it is located near the property boundary next to an area of high risk for this weed (such as along railway lines), then they may decide that there are greater risks with the severity.
If your knotweed exposure is categorized as either Category 2 or 3, you will require a more substantial deposit, or expect to be charged a higher interest rate. While they may accept you for a mortgage, they are likely to impose conditions such as an independent examination. You may also be rejected by lenders if your exposure reaches the fourth and fifth categories.
Can you get rid of Japanese knotweed?
Japanese knotweed can be difficult to eradicate, and some experts say it's a weed that will never die. It is considered one of the world’s most invasive plants due to its ability to grow in almost any environment- from dense forests to dry deserts as well as even saltwater marshes. Japanese Knotweed has been described by some as "the most dangerous plant in the world."
There are two main ways that Japanese knotweed can be treated: chemical and physical removal. Treatment may also include the use of herbicides, mowing to reduce the amount of light available at ground level, or a combination thereof in order to successfully eradicate the weed.
Does Japanese knotweed affect house prices?
The presence of Japanese knotweed on your property can make the price you are able to get for it much lower.
If you apply for a mortgage on a house and the lender declines to grant this because of prior exposure or risk, then you will need to find another option in order to buy that house.
Mortgage advice for Japanese Knotweed
If you're concerned about Japanese knotweed at your potential new home, our best advice would be to use an experienced mortgage broker. They will be able to advise you on your mortgage options and how best to proceed. At Teito, we've helped many people to find their perfect mortgage, even in the most challenging of circumstances. Get started now and you could be comparing deals in minutes!
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.