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What does Freehold and Leasehold mean?

April 26, 2017Freehold leasehold mean

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What does Freehold and Leasehold mean?

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If you buy a house with no communal services, you will buy the freehold and will own the property outright. If you buy a flat or maisonette you will usually buy a long lease, this allows you and your successors to live in the property for a fixed time, usually 125 years. This means you are buying the right to occupy part of a larger building. This type of ‘ownership’ is called leasehold.