Mortgages and Japanese Knotweed
Dave6335
Posts: 9 Forumite
My inlaws (recently passed away) house is on the market. An interested party went along to view the property and then informed us that there was knotweed in a corner of the garden, some 20 metres or so from the building itself. They said they would like to put in an offer but as there was this knotweed they stated they could only get a mortgage at a much higher interest rate than normal. I'm aware that some mortgage providers will not grant a mortgage unless the knotweed is being treated but I have never heard that higher interest rates on the loan would apply because of the dreaded weed.
Has anyone else heard of this?
Cheers
Dave6335
Has anyone else heard of this?
Cheers
Dave6335
0
Comments
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Is there actually knotweed? Lots of people would just run a mile - are they suggesting a lower price?
A reason for a higher rate would be that a different lender or source of finance would be required.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
As above. Sounds like somebody has read the Daily Mail and taken on board one of many articles which they think can be used to their advantage.
Get a horticulturist round and ask their opinon on the garden without mentioning knotweed. They will soon notice if it is there.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Many thanks to both for the replies. Yes they have offered a lower price stating that was because of the higher rate mortgage they are only able to get, I have my own suspicions about the plant as it has been in the corner for well over 20 years and never spread further.0
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DVardysShadow wrote: »Is there actually knotweed? Lots of people would just run a mile - are they suggesting a lower price?
A reason for a higher rate would be that a different lender or source of finance would be required.
Quick question. When you refer to a different lender do you mean some other body than a recognised mortgage lender?0 -
My cynical view:
'Hello sir I like your car for sale, however the wibbly washer is clearly showing signs of wear which will increase my servicing costs so instead of £6,000 I will offer you £4,000'
You have the choice of:
'Pi55 off there is no such thing as a wibbly washer' or '£4,000, a right result given the wibbly washer issues.'
Firstly know the product. Find out if there are issues. If so deal accordingly. If not then ignore nonsense.
No lender will price higher for a property which is unsuitable security. Higher pricing is usually for higher risk of a defaulting customer, not a property which will be worthwhile.
If knotweed is an issue ask yourself as a lender do you want to get involved, regardless of rate?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you again. A clearly understood reply.0
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Have a word with a surveyor. These guys are the eyes of the mortgage lender when they do the mortgage valuation. There are lenders who will lend on properties with Japanese Knotweed but "subject to valuers comments".
A good place to start is Colleys, whilst they are part of Lloyds Banking Group they are on most panels, so they are aware which lenders would lend and which wouldn't. If you look on their website go to the intermediary section and type in the post code of the property and it will give you the mobile number of the local surveyor.0 -
If that plant has been there for over 20 years and never spread, it's unlikely to be Japanese Knotweed, which is extremely invasive"You were only supposed to blow the bl**dy doors off!!"0
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suspect they can't get a lower rate mortgage for some othe reason and are hoping that you will help them out of their predicament0
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As GMS articulatly points out, this is utter rubbish.
Japanese knotweed is quite rare and I have only had this issue twice. With the recent one a surveyor would not put a valuation on a property until it was ascertained if it was Japanese knotweed, or not.
They would not accept a picture and someone e-mailing, it had to be a personal visit. From memory it cost about £150 and within 48 hours an appropriate professional confirmed it was not and therefore the valuer signed off to proceed (at full price)
My guess would be that the "bidder" has been given the nod by the Estate Agent the circumstances for the sale and hopeful that it is viewed as additional monies so sell quick.
You done the right thing asking on here, stern words with your Estate Agent me thinks...
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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