Secured loan on flat already - Valuation charges .in relation to change of deeds and renovation

jones19671

I have a secured loan of 45k . My flat has been valued between 250/300 k over the last 10 years . I have a third share of the freehold with 2 other flats that make up the house that I live in . The House has a basement which the freehold owners are selling to a developer it will mean they we have to change the deeds . In the deeds we had a space in the basement for storage about 15 ft x 5 ft so will lose that . The mortgage provider have not made an issue out of this .
The secured  loan company insist we pay for a  new valuation in case if affects the value of our flat . Do I have to do this ? Any advice . Thanks 

MovingForwards

Post further down the forum in the home buying section as you will get the appropriate opinions.

jones19671

Thank you .

HobgoblinBT

Have you checked the terms of the legal charge and loan agreement for the 2nd charge?  

I suspect if you don’t agree to cover the costs of the 2nd charge holder assessing their security, ie paying for a valuation and possibly an admin fee, they will not consent to the sale of the freehold which in theory could reduce the value of their security.