Is My Property Leasehold or Freehold?
Leasehold ownership simple refers to a lengthy tenancy (the right to own, occupy and use the property for a prolonged period.) This is known as the terms of the lease. Terms can range from a few years to 999 and within that period units (for instance, apartments within a building) can be bought and sold.
Freehold ownership means that the property owner has unequivocal ownership of the land and all the buildings on it. Freehold property owners are subject to fewer development restrictions, providing that they comply with planning guidelines and restrictions.