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No, I wanted to check my ground first.
I'm conscious we've been singled out for bullying treatment, maybe because I challenged the lender on a valuation issue. The valuation wasn't as much as we'd hoped, but was more than the lender liked.
No one can tell me why the lender has invented a new high rate just for me
The original facility letter dated the 20th May didn't have the clause
The facility letter had to be amended and was resent on the 26th May. But still did not include the clause.
On the 29th May we were due to complete. At the last minute the lender asked for greater indemnity for the works and also then introduced the letter we were asked to sign in relation to this new clause.
The letter was dated 20th May, but the clause was not introduced in the rewrite of the 26th May, and was not sent to us until the 29th May. Thus I believe it was fraudulently dated so as to appear that the lending condition was always intended. There is no reference on the letter, and no referral to the lenders normal rates.
There was no explanation - just a demand
We accepted the offer within the facility letter sent on the 26th May, which didn't include the clause. As stated before, this was a rewrite, and thus if the additional rate had genuinely been part of the offer on the 20th May could have been inserted at this time. So having had agreement, they backdated the letter. I pointed out to their solicitors that changing the terms after the event isn't necessarily legal.
The indemnity is a side issue...We had refurbished the property and the lender had asked for professional sign off - our professional had £500k PI but due to the value (£995k) the lender decided at the last minute that they wanted the Professional Indemnity to be for £1m.