What is Freehold vs Leasehold?

Freehold and leasehold are the two main forms of property ownership in England and Wales. A freeholder owns the building and the land it stands on outright, with no time limit. A leaseholder owns the right to occupy a property for a fixed term (often 99 to 999 years) but not the land, and pays ground rent and service charges to the freeholder. Most flats are leasehold while most houses are freehold. Leaseholders can sometimes extend the lease or buy the freehold collectively.