Can't get a mortgage on a house with Jaapanese Knotweed

katieMo_2

Hi lovely forum helpers,

I am looking for advice on a situation I currently find myself in...

A couple of months ago I had an offer accepted on a house. The survey company that the mortgage company (Woolwich) sent in (EServe I believe) noticed some Japanese Knotweed in the garden and Woolwich refused my mortgage (and charged me £500 for the privilege).

When feeding this back to the vendor they are happy to treat the knotweed using a professional company who will happily provide a guarantee that the work will be carried out over the course on 12 months on payment recevied for the service.

Behind the house runs a train line which is apparently where the knotweed originates. Network Rail are aware of the problem and have issued a statement saying they have a erradication program in place over the course of 5 years.

The problem is that we cannot find a mortgage company that will lend to us, even with these measures that are in place to erradicate it. I have read hundreds of articles about knotweed and am fully aware of the aggression of the weed but I am of the opinion that it is treatable and given I am very aware of it I will be keeping an eye on it to ensure if it reappears it is treated promptly.

My first question is - does anyone have any advise on my situation and have a suggestion of any mortgage companies that currently lend given guarantees of eradication programs?

And my second - does this leave me in a negotiable position with price of the house (considering there are forseen costs that will be incurred for further erradication and the risk involved in taking on a house with knotweed)?

THANKS SO MUCH for any help in advance - this has been going on for a while now and driving me wild!!!

Katie

poppysarah

katieMo wrote: »

The problem is that we cannot find a mortgage company that will lend to us, even with these measures that are in place to erradicate it. I have read hundreds of articles about knotweed and am fully aware of the aggression of the weed but I am of the opinion that it is treatable and given I am very aware of it I will be keeping an eye on it to ensure if it reappears it is treated promptly.

What's this?
My knotweed is less agressive than your knotweed?

Go look at other houses.

katieMo_2

Thanks for that.

I think it's an overreaction to think a house is unsellable because of a small amount of knotweed that is being treated.

It is thought that there is not a 6 square mile area in the uk without the weed! I can't believe mortgage companies are not preparing policies for this.

Sambucus_Nigra

katieMo wrote: »

Thanks fof that.

I think it's an overreaction to think a house is unsellable because of a small amount of knotweed that is being treated.

It is thought that there is not a 6 square mile area in the uk without the weed! I can't believe mortgage companies are not preparing policies for this.

Usually, there's a darned good reason for things. The stuff used to 'treat' it is pretty nasty and the reason Network Rail have a 5 year plan is because it's virtually impossible to get rid of. One tiny root that doesn't get killed and it's the full area needing treating again. It may never ever leave that site. Otherwise, the current owners would have simply treated it and sold it on, wouldn't they?

PasturesNew

Japanese Knotweed is the most vicious and nasty thing you could almost ever find anywhere near your house... it's worse than termites probably. It's evil .... and the mortgage company are doing you a favour really.

katieMo_2

Fair enough. Do hope they find a solution to it otherwise half the nation will find themselve stuck in a home they can't sell!

KateLiana27

The concern I would have is that while you may be able to find someone to give you a mortgage, you will likely have serious problems selling your house on. Because most buyers will need a mortgage and will go through the same process you have. Even ones that don't may well be spooked by the reputation of knotweed. Personally I would walk away. But if you do want to go ahead, then yes, you are absolutely in a strong bargaining position and I'd expect a significant discount for it.

By the way I'm sorry you're having to deal with this. It's hugely disappointing to run into this sort of thing when buying a house. But you have to ask yourself - if you had known about the problem upfront and its implications, would you still have offered on the house? If the answer is yes, go for it. But if it's no, don't let the survey money or emotional attachment to the house influence your decision. It's a drop in the bucket compared to the house price and what you could potentially lose.

poppysarah

katieMo wrote: »

Fair enough. Do hope they find a solution to it otherwise half the nation will find themselve stuck in a home they can't sell!

Indeed.

We should probably start eating it as rhubarb. That's bound to make it all disappear

Empty_pockets

Network rail don't have a policy on knotweed as far as I know, just a general weedspray service.

ceridwen

Empty_pockets wrote: »

Network rail don't have a policy on knotweed as far as I know, just a general weedspray service.

..and even if they DO have a proper policy to deal with their responsibilities - with the worsening economic climate its a fair bit they will do everything they can to renege on any responsibilities that dont serve their OWN purposes.:cool::(

Sambucus_Nigra

ceridwen wrote: »

..and even if they DO have a proper policy to deal with their responsibilities - with the worsening economic climate its a fair bit they will do everything they can to renege on any responsibilities that dont serve their OWN purposes.:cool::(

Why is JK their sole responsibility? It's not NR's fault that someone during the Victorian era brought back a thug of a plant which people then dumped on spare ground which just happened to include railways.