If you find it difficult to understand leasehold and freehold, you’re not alone.
Research has found that leasehold is the UK’s most confusing property term, with the term generating over 160,000 Google searches in the last year. Freehold was second on the list, accounting for 114,000 searches.
Most flats are sold as a leasehold, meaning that you own the property for a fixed period, but not the land it sits on. The lease will have a fixed term, usually between 90 and 999 years.
With freehold property, you own the building and the land. Most houses are freehold, although there are some that are leasehold, often through Shared Ownership schemes.
Most people generally prefer freehold, but it means that you are responsible for maintaining all aspects of the land and property.
Sources:
https://www.propertyreporter.co.uk/leasehold-tops-the-list-of-most-confusing-property-terms.html
