What is the difference between freehold and leasehold?

23rd February 2018

If you own a freehold property you own the property outright and do not have to pay maintenance costs or rent to a landlord under a lease. If you own a leasehold property and this particularly applies to flats you own the property for a fixed number of years under a lease which expires at some point in the future. It may be possible to extend the lease before that time.