What is freehold and leasehold?

Freehold means that you own the property and the land upon which it is built outright. There is no time limit as to your ownership. The property remains yours until you sell it or transfer it to someone else.

Leasehold means that you own the property but not the land upon which it is built. The land is owned by the Landlord or freeholder. You will be granted a lease of the property for a set period of time after which time the property reverts to the Landlord. Leases vary in length but are usually 99 years or 125 years from the date they are granted. They can be transferred from person to person (this is called assignment) and can also be extended either by agreement or by law.