|
Japanese knotweed has become a troubling phenomenon among homeowners and land developers. This fast growing plant can infest a property very quickly and cause all sorts of problems and damages. The extent of the damage can be so severe that even the big banks have taken note of the Japanese knotweed issue. The banks become interested in this problem because the presence of Japanese knotweed can affect the value of a property. The knotweed doesn't even have to be present on site. Sometimes, banks have been known to refuse mortgage when Japanese knotweed has been sighted on neighboring land. This has several implications for both the buyer and the seller of the property. The seller finds it hard to let go of the property because the banks refuse to lend money to buyers. Also, they cannot sell it at a good price due to the presence of the weed. The buyer cannot complete the transaction even though he has his eye on the property as he cannot obtain a loan from the banks. Even if he manages to get a mortgage, he will have to deal with a complicated weed problem later on. It is important to note that it's very hard to try to hide such a problem from surveyors. Surveyors are sent by the banks to assess the condition of the property. They have been given specific instructions to look out for Japanese knotweed. And if they notice Japanese knotweed on site or somewhere nearby, they will refuse the mortgage and the transaction will fail. So what can be done to overcome this problem? The obvious solution is to find a way to eradicate the Japanese knotweed problem. When seeking out a contractor, the seller may try to seek out a short term solution but such solutions are not in the best interest of the buyer. The buyer is the one who has to live in the property after the property has been completed. It is therefore, advisable to seek out well qualified specialists to remove Japanese knotweed from the property. Japanese knotweed specialists are professionals who will propose solutions that will benefit all parties. The solutions proposed may not be the cheapest but this is usually because it requires more resources to execute such solutions. To ensure that the problem does not come back, the right measures have to be implemented and sometimes, this cost a little more. A guarantee may then be put in place. As for the cost of eradicating Japanese knotweed, the buyer should speak with seller and work out a deal. The seller can bear complete cost, or both the seller and buyer can share the cost. The contractor then enters into contract with the seller. All contracts are then passed on to the buyer.
Japanese Knotweed can be a major problem for homeowners. If you're having Japanese Knotweed mortgage related problems, speak to a professional before it's too late.
|
