A recent incident involving a businesswoman from Manchester has shed light on the impact of Japanese knotweed on property ownership. Lisa Best, 42, was denied a mortgage due to the presence of Japanese knotweed near her property, despite it not being on her land.
As an ambitious investor with a property portfolio worth £750,000, Lisa’s plans were hindered when she encountered the stringent regulations related to Japanese knotweed. She shared her experience, stating that she had renovated a property a few years ago, unaware of the presence of the plant in the surrounding areas. When she attempted to remortgage the property, she faced rejection due to the proximity of the Japanese knotweed, which violates the mortgage approval criteria.
Japanese knotweed is notorious for its detrimental effects on buildings and structures, leading to its classification as one of Britain’s most despised pest plants. The plant’s presence within seven meters of a property must be disclosed during the sale, and its proximity can impact mortgage applications, as highlighted by Lisa’s experience.
Following the mortgage denial, Lisa was compelled to take immediate action to address the issue. She expressed her concerns, acknowledging the potential consequences and the uncertainty surrounding the property’s future. Despite the challenges, Lisa persevered and sought a specialist to resolve the Japanese knotweed problem, ensuring compliance with the mortgage requirements.
Lisa’s property, originally purchased for £72,500, has significantly appreciated in value, now estimated at £160,000. She has adapted to the situation by renting out the property, demonstrating resilience in the face of unexpected obstacles.
Her story serves as a cautionary tale for property owners and investors, emphasizing the importance of thorough assessments and awareness of regulatory constraints related to Japanese knotweed. The incident underscores the significance of proactive measures to address such issues, safeguarding property investments and financial plans.
