Jargon Buster: Leasehold – When you buy a property that is leasehold, this means you own the property but you do not own the land it is built on. Flats & appartments are often sold as leasehold whereas houses are usually freehold. Freehold means you own the land as well as the property itself.
As a leaseholder you will pay ground rent to the owner of the freehold, this is usually an annual charge. In addition to ground rent, a service charge fee is also payable by all residents towards the upkeep of the building
With a leasehold property, you will rent the home until your lease expires.