What is Leasehold?
A leasehold property is rented from the freeholder for fixed time period, providing the leaseholder with a temporary right to occupy the land or property. A common example of a leasehold property is a flat where the tenant effectively owns the property for a fixed term but not the land on which it stands. When the lease expires, ownership of the property reverts back to the freeholder. Most flats are owned leasehold, particularly in London, whereas in Scotland there are very few leasehold properties.