Shared Ownership Remortgage Fees from Freeholder

ljs_1985

Hi there

Can i have some advice regarding my shared ownership property. The freeholder is Bellway Homes and their management company are Gateway Management. In August my fixed term mortgage with Leeds ended and i shopped around and started the remortgage process to Nationwide. 3 months later, the remortgage has still not been completed as the solicitors are having trouble with my housing association (West Kent housing) returning the completed agreement which Nationwide require.

I've chase WKHA and they've advised that they are waiting for Bellway to confirm their fees for a remortgage, I queried this and they have advised that as Bellway are the block freeholder they have to be served notice for any new mortgage as it's classed as a 'charge' and that both Bellyway and Gateway will be charging separate fees which must be calculated.

Now this is probably my own silly fault as i didn't consider this when looking or applying for a new mortgage. Given that the mortgage is only for my 40% share of the property i didn't think i needed to involve other parties however I still cannot understand why the freeholder and the management company would be able to charge me to remortgage?

Can anyone shed some light on this? Whether this is normal procedure, and how much i can expect to pay?

Thanks alot

Lauren

spidereyes

ljs_1985 wrote: »

Whether this is normal procedure, and how much i can expect to pay?

Yes, this is normal. If you stop paying your ground rent/service charge your management company want to know who to contact to pay on your behalf. And yes, that does happen.


As to fees, it could be anything. There's no regulation, some management companies may charge nothing, some £30, some £240.
I've had clients before paying over £1000 just on management company fees when buying a property etc.