This plant is very similar looking to UK bamboo but originates from Japan as the name suggests, although Its proper name is Fallopia Japonica (Please see picture above). It found its way into the UK in the mid-nineteenth century starting as an ornamental garden plant but just before the turn of the twentieth century this plant was certainly not getting good reviews. It quickly gained a reputation as a harmful species with full potential to start escaping and spreading into the wild thus causing chaos along the way.
Problems for property & land
An immediate effect of Japanese Knotweed is that it can grow very quickly, I.E 10 cm per day getting to its full height of 3m in 10 weeks and the density of the plant makes it almost impossible for other plants to grow beneath it. For property owners, the effects can include structural damage to the property as it has been known to undermine and grow through concreted pathways, patios and in some situations foundations which can affect the strength and integrity of the structure.
Surveys & valuations
Some property owners may be unaware that they have Japanese Knotweed on their property but sellers of a property are deemed to stipulate that Japanese Knotweed is present via a TA6 form. Surveyors are trained in finding Japanese Knotweed so If a seller tries to hide the presence of the plant it can lead to a mortgage being declined after valuation.
Problems for property owners – Getting a Mortgage
If a potential purchaser of property finds Japanese Knotweed on the property it will make things more difficult to gain a mortgage but not impossible. To strengthen a case of gaining a mortgage when Japanese Knotweed is found on a property the mortgage provider will require a Japanese Knotweed plan & an insurance backed guarantee from a professional treatment provider usually 10 years. With mortgage lenders, every lender has a different view on properties that have Japanese Knotweed present, but as stated previously getting a mortgage is possible if managed properly alongside sticking to the guidelines & requirements of each mortgage provider.
Opportunities for investors
Many householders will just want to escape this problem straight away and not face the problem themselves, which inevitably leads to them selling the problem at a reduced rate. But as an investor reading this article it proves that there is no need to be afraid of the problem because there is scope to get through it. Most of the professional treatment companies who remove the Japanese Knotweed will supply a free survey, whereby a price can be put together for the Knotweed Plan & Insurance backed guarantee for the work undertaken.