We have a small office building in the home counties which was purchased with the help of al loan from the Skipton BS eight and a half year’s ago.
Times have not been kind to the commercial property market since 2008 and we have not been immune to that although we have never been late with a payment on the loan.
After a period of some months of vacancy we are just now managing to get the building relet albeit at a lower rent.
As a part of this process it is a normal requirement to send the new lease(s) to the lender for their approval and this we have duly done.
I strongly suspect that it is the lease approval process which has triggered the sending in of the valuers as Skipton will have spotted the lower rent.
Unfortunately, Skipton have a bit of a reputation and I am very concerned that they will use this as an opportunity to obtain a very low valuation and call in the loan.
Is there anyway that I can stop them doing this?
Has anybody else had experience of Skipton with this and if so how did it go?