Be aware of Japanese Knotweed
The invasive plant that is believed to have been planted by Satan. Or is it?
The CML's information about Japanese Knotweed
- Japanese Knotweed is an invasive species of plant, originally introduced as an ornamental variety. If left untreated it can cause physical damage to property. It can, however, be successfully treated and eradicated.
- 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 of lending if knotweed is present on or near the site of a property.
- There is an Environment Agency Code of Practice for developers on Japanese knotweed; and a Royal Institution of Chartered Surveyors information paper with an addendum published in September 2015 aimed at informing valuers of residential property.
- Lenders determine their individual policies on this issue and take into account a range of factors when considering whether to lend.
- Valuers who inspect property for mortgage purposes are instructed to report to lenders where knotweed is present. The pre-contract enquiries that conveyancers seek as part of the legal process also ask whether Japanese knotweed is present.
- There are legal restrictions on Japanese Knotweed. Lenders and customers are therefore likely to need professional help with remedial work. Similar considerations apply to other invasive species.
- More information for consumers is available on our consumer page Japanese knotweed and other invasive plants.
We note that lenders determine their individual lending policies on Japanese Knotweed and other invasive species.
Why this is important for lenders
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.
note At Conveyancing Expert, we are aware that we cannot (we do not) attend the properties we are helping to buy or sell so it is vital that you make yourselves aware of knotweed and the impact it may have on your property.