Leasehold

A leasehold property means you own the property for a fixed period (the lease term) but not the land it sits on, which is owned by the freeholder.. Flats are almost always leasehold. Lenders typically require a minimum remaining lease length (often 70–85 years) and will not lend on short leases

Leaseholders pay service charges and ground rent to the freeholder.. The lease can be extended, usually at significant cost.