Leasehold
mortgage glossary
Holding a 'leasehold' gives you the right of possession, but not ownership, of a property for an agreed period of time.
Ultimately, ownership remains with the freeholder. The duration of the right of ownership is usually a fixed term granted by the lease.
The lease will set out details of rents and obligations such as repairs, and maintenance, rights to access etc. Leasehold is in direct contrast to Freehold where ownership is absolute.
A problem can arise with mortgages where the lease has less than say 25 years left to run.
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