Is It Freehold or Leasehold?
Freehold properties are defined as any estate that is ‘free from hold’ of any entity besides the owner. Freehold estates enjoy free ownership for perpetuity and are able to use the land for any purposes (provided that the purpose complies with regulations.) Also, freehold properties are not fixed-term and they are therefore more favourable to buyers.
A leasehold estate is ownership of a temporary right to hold land or property in which a lessee or tenant holds the rights of ‘real property’ with a title from the landlord or ‘lessor.’ Leases can run for short or longer period of time, for example 99 or 999 years.