Why Freehold and Leasehold?

With freehold, you own the property and land. With leasehold, you own the property for a fixed period of time but not the land it is built on.

Why would anyone buy a leasehold property?

After separating or divorce, others want to live in a smaller space. This is the same for older people, who want to avoid the extra hassles and costs of owning a house that they're entirely responsible for. It's also common to own leasehold properties for those working in city centres to save on commuting times.

Why does a freehold have a lease?

The Share of the Freehold element essentially gives the leaseholders the power to make collective decisions in regards to the freehold of the building (for example in regards to insurance, gardening, decorating or parking).