Leasehold Property

Leasehold property refers to a type of real estate ownership where you purchase the right to use a property for a specified period, typically decades, but don't own the land it stands on. Instead, the land is owned by a "freeholder," and the leaseholder pays rent to the freeholder. At the end of the lease term, ownership rights revert to the freeholder unless the lease is renewed. It's common in flats and certain homes, and lease terms can affect property value and mortgage options, making it important for buyers to understand the lease conditions before investing.