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  • Auction Tribe

    Japanese Knotweed - auction property!!

    I was the winning bidder on a property in auction recently.

    The lender's survey came back showing Rics category 4 knotweed!! The lender declined the mortgage.

    It was a tiny amount of knotweed, 6.5m from the property, but enough to get the mortgage turned down.

    Can anyone help with the following questions:

    1) Are there B2L lenders out there who will lend on Japanese knotweed?

    2) Are there any bridge lenders?

    3) Will lenders lend if the seller gets Japanese knotweed indeminty insurance in place? (could be a tricky process given the pressure to exchange quickly for auction property)

    4) Will I be able to get my 10% deposit back paid on the day of the auction? Is it a case of buyer beware or do they have a duty to tell the seller? The seller is a housing association.

    Thanks!

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    Hi

    1) Are there B2L lenders out there who will lend on Japanese knotweed?
    There are a few buy to let lenders who will lend on property where Japanese knotweed has been identified if there is a treatment programme in place (subject to other conditions on a case by case basis) 

    2) Are there any bridge lenders?
    Yes, possibly.

    3) Will lenders lend if the seller gets Japanese knotweed indeminty insurance in place? (could be a tricky process given the pressure to exchange quickly for auction property)
    The seller won't get idemnity insurance now the Japanese knotweed has been identified. 

    4) Will I be able to get my 10% deposit back paid on the day of the auction? Is it a case of buyer beware or do they have a duty to tell the seller? The seller is a housing association.

    This could depend on whether the knotweed was identified in the sellers pack. 

    I'm not a broker personally, but you could talk to my colleague Phil Riches of Keystone Property Finance on 07891 499274 who might be able to shed more light on the situation. Good luck. 

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