What does Leasehold mean?

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What does Leasehold mean?

Owning a leasehold means you have the right to occupy a property for a fixed period. The freeholder (sometimes called the landlord) owns the land and the building itself, while the leaseholder has the right to use the property for the duration of the lease, which can range from a few decades to 999 years.

Leaseholds are very common when buying a flat or maisonette that sits in a larger building. It means that, while you own your individual unit, you won't own any part of the building’s structure or shared areas, like hallways and staircases. 

Some houses are also sold as leaseholds, particularly if they've been bought as part of a shared ownership scheme or directly from the developer where they may retain the freehold. When the lease runs out, ownership of the property returns to the freeholder, unless the lease is extended.

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