Leasehold

A leasehold is a type of property tenure where you have the right to occupy and use a property for a specified period, as defined in a lease agreement with the freeholder (landowner). During this period, you typically pay rent and may be responsible for maintenance. Once the lease expires, ownership reverts to the freeholder unless the lease is renewed. Leaseholds are common in apartments and some houses, with lease lengths varying from short to long terms, often 99, 125, or 999 years. It's important to understand the lease terms, including any ground rent and service charges, before purchasing or renting a leasehold property.