The storm over missing commission payments shows no sign of abating and Mortgage Strategy continues to be deluged with tales of brokers’ frustration as they attempt to get networks to pay them the commission they are owed.
Neil King, principal of King’s Mortgages, says he is owed commission by Network Data dating back to last September. The lenders and providers involved have confirmed to him that the money has been paid to the network.
He says: “These delays are in breach of Network Data’s agree-ment. I am willing to pay three months’ worth of membership fees in lieu of my three-month notice period.”
But Alex Cotton, chief executive of Network Data, says: “We have to impose an exit period as other networks do, so we can work out broker liabilities and the administration process can run smoothly.”
Cotton adds that she does not feel there has been a breach of contract over non-payment as brokers have been kept updated.
A written response from Network Data was sent to King last week.
Meanwhile, Network Data’s head-quarters, Botleys Mansion, appears to still be up for sale with estate agent Knight Frank.
Runnymede Borough Council says that although there was a planning application to change the property’s use, this is no longer valid as it is awaiting outstanding information.
Richard Griffiths, chief executive of Network Data Holdings, says: “The sale of Botleys Mansion is going through but until exchange it remains up for sale. Knight Frank has been the agent from the start of the process.
“Regarding the application to change the property’s use, that’s to do with the buyer.”