What is the difference between a freehold and a leasehold property?
Freehold means that you fully own the property and the land. Usually it is a house. A leasehold property is usually a flat or maisonette and you own it for as long as is specified in the Lease. You are granted the right to live there by the freeholder and the Lease provides for an annual ground rent (usually modest in the case of residential property) to be paid to the freeholder, specifies the rights and obligations of the freeholder and the leaseholder and any rules and regulations applying to leaseholders and occupiers and sets out who is responsible for insuring, repairing and decorating different parts of the property and how the cost of expenses incurred by the freeholder is to be shared between the leaseholders and when the contributions (service charge contributions) are due.
