Parliamentary Committee finds home lenders are over cautious about risk of Japanese knotweed – PropertyWire

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RICS & PCA on Japanese knotweed mortgages. The Royal Institution of Chartered Surveyors (RICS) and the property care association (pca) recently released a Code of Practice for Japanese knotweed that aims to encourage mortgage lenders to lend on properties that are affected by knotweed.. This Code of Practice was written in conjunction with the Council of Mortgage Lenders and therefore the.

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At a glance. The presence of Japanese knotweed or other invasive species might affect the valuation of a property and might be an issue for customers whose property is affected, but who find it difficult to afford treatment costs. mortgage lenders will normally require evidence of treatment that will eradicate the plant as a condition.

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Concealing the weed. While there is little surveyors can do to counteract concealment, there is a simple way to protect themselves. As Japanese Knotweed is so prevalent on the landscape one or two photographs of the external space to the property is usually enough to protect the surveyor and their professional indemnity insurance.

Sources at two of the UKs major mortgage lenders (Santander and Barclays) have recently advised that they do not automatically decline property where a valuer has reported the presence of knotweed. These lenders will provide mortgages but in summary will need to see the following undertaken by a pca iwg member (japanese Knotweed Ltd):

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Although the physical effect on property of Japanese knotweed is often misrepresented, the perceived effects and legal risks often result in significant problems for many people. It is therefore essential that any knotweed treatment is carried out by a suitably qualified company like Phlorum.

Japanese knotweed If you’ve ever had the presence of Japanese Knotweed flagged up on a property survey, you’ll know how problematic it can be to get a mortgage agreed for the property and you risk losing the purchase or sale. In fact, all mortgage providers now refuse to lend on property that has knotweed present.