Those unaware of how the system works can be left stumping up thousands despite paying off a mortgage
Icylyn Goddard, 86, has lived in her maisonette in Wembley, north London, for more than 40 years. She finished paying off the mortgage on it 20 years ago, but still does not own her own home and was recently told she would need to spend more than £200,000 to ensure she can spend the rest of her life there.
Goddard is a leaseholder and has 11 years left on her lease. In July, lawyers for the freeholder of her building told her that she needed to pay £212,000 plus valuers’ fees to extend it for 125 years. She was told that if an agreement was not completed within three months, the terms offered to her would be revised.
