If you’re reading this blog then the chances are that you’ve got Japanese knotweed mortgage problems and your property purchase or sale is being affected. So let’s get straight to the point; with the right tools in place your Japanese knotweed mortgage problems can be solved. Selling or getting a mortgage with Japanese knotweed is completely do-able.
How to deal with Japanese knotweed and mortgages
The Japanese knotweed mortgage ‘need’ list is actually quite short and straightforward. Most lenders will ask for a PCA accredited specialist to conduct a Japanese knotweed survey at the property in question and produce a Japanese knotweed Management Plan (KMP), which the property owner must accept. The KMP will detail exactly what has to be done to effectively treat the knotweed infestation. The lender will also ask for an Insurance Backed Guarantee to be put in place as a part of the programme, normally of ten years’ duration. Once arranged, this gives the lender and any prospective buyer peace of mind, making the property much more sellable! Finally, many lenders want to know that the knotweed treatments are pre-paid and will ask for an Escrow account to be set up for this purpose.
Can PBA Solutions help?
At PBA Solutions we supply all of the above. Indeed, it’s what we do on an almost daily basis, so you’ll find our experience gives you a service that is second to none and your Japanese knotweed mortgage issues become a thing of the past. If you need to know more, just get in touch and ask about our Mortgage-Compliant Programmes.
Japanese knotweed mortgage issues in residential gardens
We know that knotweed in residential gardens can often be a multi-property problem. Where this is the case, we will work with you to resolve issues with the owners of other knotweed-impacted properties, so that when the treatment programme is set up, you know that we’re dealing with the problem as a whole. It’s worth bearing in mind that you will need to talk to other property owners to try to get them on board; we can supply you with advice notes to make those conversations a little easier. After all, when they want to sell they’ll need to know about Japanese knotweed and mortgages too!
It’s worth knowing that the knotweed treatments do not have to have started in order for you to progress with your mortgage or sale - if the KMP and IBG have been accepted and funded then you’re good to go. And in case you’re wondering, the guarantee period starts after the treatment and monitoring programme has been completed.
P.S. Legislation puts a responsibility on land owners to prevent Japanese knotweed spreading onto other properties but there is no aspect of law that requires the physical removal of Japanese knotweed from an infested site; physically removing Japanese knotweed is beyond the call of duty from a vendor’s standpoint.
Japanese knotweed mortgage problem? We’re here to help you. Simply call PBA on 0203 174 2187 or 01202 816134.
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