22/01/2025
Can a plant stop you getting a mortgage?
Many of us are aware that a property that needs work or updating might have what is known as a “retention”. This is where the lender withholds some of the money until certain works are done to make the property habitable.
We all expect that damp, electric or heating problems can lead to such retentions, but could it be true that a plant could do the same?
Japanese knotw**d (Fallopia japonica) was introduced to Britain as an ornamental plant in the 19th century, and since then has become the scourge of many a garden, roadside, riverbank and derelict building. It looks a bit like a bamboo, with green, shovel-shaped leaves and pretty little white flowers produced around September and October.
This innocent-looking plant not only grows by up to 10cm per day, but it can bulge its way through concrete and tarmac. It can even cause structural damage.
Most prevalent in the South-West, it has spread rapidly and can be a problem all over the UK.
In these risk-averse times, banks and building societies have all taken note and if a surveyor spots even a single stem, the repercussions can be huge.
In the most serious of cases, some lenders might actually decline an application, other cases might lead to partial or even full retentions.
Don’t panic though. Lenders are actually keen to work with the buyer to help eradicate the w**d. They will often want to be fully involved in the process by making sure that proper contractors are employed, and guarantees given. Sometimes they will require that funds are held in a bond to pay for this work. This can be a wise idea as Japanese Knotw**d is notoriously difficult to get rid of. In fact according to the RHS (www.rhs.org.uk), it cost an estimated 70million to get rid of it from the Olympic site in East London!
Despite being classed as an ‘invasive’ plant, it is not an offence to have it growing in your garden, nor is there a legal requirement to control it. However, it is an offence to "plant or otherwise cause to grow in the wild" (under section 14(2) of the Wildlife and Countryside Act 1981). According to Natural England, it is only at the point whereby it ‘forms part of a legally binding contract or agreement with another party’, e.g. a mortgage, that this plant may have the potential to scupper your plans. With the right “whole of market” mortgage advice, it’s usually surmountable, though.
It is not easy to eradicate. You can try to dig it out, or use recommended chemical herbicides, but disposal of Japanese knotw**d is also thwarted with difficulties and it is classed as 'controlled waste' (under the Environmental Protection Act 1990) and should be taken to a licensed landfill site (www.wastedirectory.org.uk). Alternatively, there are specialist companies to rid your garden or land of the plant for you, and although they often use very strong chemicals to do so, they will issue a transferable guarantee to help prevent any problems when you sell.
For the organic gardeners amongst us, there’s still hope. It’s a small insect (Aphalara itadori) that loves to drink the sap. This approach is not without its sceptics, but it’s currently being trialled by the RHS, and if successful we could all be toasting the drinking habits of this tiny bug!
If you need full mortgage advice and I can be of help, please contact me on 01453 368007 or via my website www.welcomehomemortgages.co.uk
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