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Mortgage refused due to Japanese knotweed?


Mortgage lenders including the building societies and high street banks refuse to lend money in the form of a mortgage where their surveyor identifies the presence of Japanese knotweed on the property. Refusal has also resulted where no Japanese knotweed is present on the site, but is on adjoining land. Surveyors employed by the banks are instructed to look out for Japanese knotweed, and whilst they may on occasion miss it, our experience shows they usually do identify knotweed correctly.


Article here:- http://www.environetuk.com/Japanese-Knotweed-Frequently-Asked-Questions/Mortgage-Refused-Due-To-Japanese-Knotweed?gclid=CImhvLWAn8cCFa3MtAodXacPyg


DulwichFox

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It can affect the ability to get a mortgage on the property. My friend is in limbo going through a sale due to this at the moment. Her house had knotweed caught early and treated after the survey, and whilst the report from the gardener has said there ae no more traces of it, the buyers mortgage lenders are refusing to go ahead. They are now having to pay a specialist company thousands to do a further investigation on the gardens.
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It's now specifically asked about on the property information forms and yes does effect the mortgage.


My parents looked at a house with it, the price was really low and the house didn't sell despite being stunning due to needing a cash buyer who was willing to take it on.


There are companies that deal with it but it takes a couple of years and the guarantee is only @ 10 years....

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Yes it does affect the mortgage - but some lenders will be OK with it if there is documented evidence that it's being treated, and it's not too close to the house.


Personally it wouldn't bother me as a buyer. The stuff is treatable with off-the-shelf weedkiller, you just need to be thorough and persistent, and after 2-3 yrs it will be gone.

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BI sold my flat in Copleston Rd in 2012 and was affected due to this. I actually lost out twice.

Caught by the surveyor even tho 60 foot from house at bottom of garden. I had never heard of it so was unaware of issue or that it is illegal to cut it down and dispose of unless done a certain way.

My buyer's mortgage company refused mortgage so they had to find another with different terms so they dropped their offer price (blow #1).

Then I had to use a specialist company to treat it and certify there was a 5 year plan in place. This cost over ?2k (blow #2). The only silver lining there is this was split with neighbours as it was half and half across our 2 gardens. Obviously since I moved out have no idea if it's all gone and will stay gone. For something with pricey results I wish it was more well known. It's apparently rife near train lines. Interestingly the flat was actually the other side of Copleston from the train tracks. The company treating it had a few more clients locally at the time. I needed the certificate to sell (not that I'd have tried to treat myself.

I had nearly cut it down the day before the survey as it was getting big and in the way of the shed. No idea if surveyor would have still spotted it and I would have had no idea what I was cutting down!!

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2011.

Couple are forced to demolish their ?300k four-bed home after it was invaded by Japanese knotweed

Matthew Jones and fiancee Sue Banks have seen the value of their four-bedroom house in Broxbourne, Hertfordshire, almost wiped out ? dropping from ?305,000 to ?50,000 ? as a result of the damage.


Read more: http://www.dailymail.co.uk/news/article-2052337/Hertfordshire-couple-demolish-300k-home-rid-Japanese-knotweed.html#ixzz3igNA5qXY

Follow us: @MailOnline on Twitter | DailyMail on Facebook


http://i.dailymail.co.uk/i/pix/2011/10/23/article-2052337-0E74A8A600000578-350_634x630.jpg



http://i.dailymail.co.uk/i/pix/2011/10/23/article-2052337-0E74565700000578-704_634x338.jpg


http://www.dailymail.co.uk/news/article-2052337/Hertfordshire-couple-demolish-300k-home-rid-Japanese-knotweed.html


DulwichFox

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Knotweed isn't that difficult to control (despite what companies say), just keep cutting it back every time you see it, there is only so much growth that any plant can make before it needs leaves to respire. Just keep culling it week after week in conjunction with affected neighbours.


Also, other plants & trees in the garden will crowd it out. I've seen lots of naturally dead knotweed in a friends garden, the shrubs started growing in the spring and crowded it out nicely, and it all just died back.

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All knotweed naturally dies back in winter, and the old canes dry out. Looks dead and brown ... till it shoots back with a vengeance in May. It does grow a foot a day, and yes it does break through pavement, or shallow foundations.


The young shots are actually edible, so if you like, apply biological weed control that way :)


For East Dulwich / Nunhead in particular, it's found on many sites nearby where the old railway lines used to be (that'd be the crystal palace spur in the east, and sometimes near the old tram line), as well as along the current railway lines, or further north in SE15 where the surrey canal used to be. Some backland former light industrial sites also have it, it often shows up on planning conditions for site development. If you did order topsoil for any purposes in the 60s/70s ... you might've "caught" knotweed alongside.


Fortunately, it _does_ respond to treatment quite well.

Unfortunately ... it's usually left to the buyers to pay for that (as well as to make sure the surveyor aren't more keen on their fees by brushing it under the carpet than by doing a service and pointing it out ...), and to deal with the hassle of organizing such treatment in a rush, while renegotiating mortgage terms and insurance conditions. That even though the sellers often enough know. The estate agents are only too aware of it (and I wish you could sue estate agent for any "not known" on a property questionnaire). In the grand scheme of things ... with a house pretty much anywhere SE22/SE15 way above 500k now, shouldn't the seller be able to put up with 2k to put a treatment plan in before putting it up for sale ? Hmm; I forgot we're in a seller's market, and "buyer beware".


In any case, compared to how easily buddleia invades and spreads, and how quickly that grows in masonry, knotweed is "really tame". Thinking you can even still purchase buddleia ... go figure. Knotweed is the "debatable class A drug" of the invasive species. IMHO, Leylandii or Buddleia are far worse, but who am I :-)

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Best way to eradicate them is to spray concentrated glyphosate on the plant and when the leaves wither cut it down to just 6" above ground. Pour salt and glyphosate into the hollow stems. Best time to do it is in June/July when the weather is dry. They do come back the following season but smaller so do the same again. It would take at least three seasons to eradicate them.


Apparently, Roundup which contains glyposhate is banned in a couple EU countries because it was claimed that glyposhate is carcinogenic. A cheap way is to spray the plants with concentrated washing machine liquid water mix.


If the weed is in public land the local council should be responsible to eradicating it. So if see any of the weed in public area close to your property you should report it. If it is in your garden you can be fined for allowing it to spread. On the other hand, if the weed is in public land and spreads to your garden you can sue the council.


http://www.dailymail.co.uk/news/article-2807413/Homeowners-Japanese-knotweed-fined-2-500-new-rules-class-failing-control-problem-plant-anti-social-behaviour.html

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