Japanese knotweed and mortgages.
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Monday 9th December 2013
Most Japanese knotweed infestations will not cause any structural issues to existing buildings. The horrors that may be found on the internet of knotweed growing through a building, are typically found when a building has been constructed over an existing area of Japanese knotweed. However other structures (for example retaining walls, etc) are more vulnerable to new knotweed infestations and serious structural damage can result.
The Knotweed Company not only has several decades of experience to call upon, it is also a member of the Invasive Weeds Group of the Property Care Association. As such it is able to meet and even to exceed the requirements that a mortgage company may require, before lending on a property.
We are pleased to report the following from Barclays Bank:
”Following colleague feedback and RICS guidance Japanese Knotweed has been classified into four categories and Barclays policy will depend on which category any identified case falls into.
Category 1 and 2 is where Japanese Knotweed is on neighbouring property only, and is more than 7 metres from the main building, garage and/or permanent out building.
Category 3 and 4 is where it is within 7 metres of the main building, garage or permanent outbuildings or present on the property and causing damage to paths, fences, boundary walls.
If it falls into category 1 and 2 then the surveyor must report this in the valuation but no further action is required. If it is category 3 or 4 then further investigation is required undertaken by a Property Care Association registered firm. All recommended remedial works must be undertaken and covered by an insurance backed guarantee. The guarantee must be for a minimum of 10 years.”
The Knotweed Company is pleased to be able to report that as they are able to meet with the criteria laid down by Barclays Bank.
The Property Care Association (PCA) also has reported that Santander has a similar policy to Barclays Bank regarding Japanese knotweed. Other lenders are also considering their policies – in most cases a PCA accredited contractor will be required to comply with the mortgage companies requirements.
With staff covering all of England & Wales, speak to the professional Japanese knotweed Company about your knotweed problems, contact us on 01327 340770 or 01962 886060 or email us on email@example.com