What does 'Freehold' mean when buying a property?
Find out what Freehold means when you are buying a property. 'What does Freehold mean?' plus over 150 other property related terms and jargon in plain English
Legally speaking the part of the building that includes the ground it was built on and the structure of the building (bricks and mortar, roof, etc.
Most houses are freehold but there are a large number of leasehold houses as well.
This is not to be confusing with a tenant renting. The time period is usually decades and the leaseholder buys the right to live there for that time as a one off payment and has substantially greater rights than a standard tenant renting.
Most blocks of flats in England and Wales operate on a system whereby the flats are leasehold while the freehold of the block (the land and the building) remain the property of the freeholder.
Its popular for leaseholders to get together and buy the freehold of their building, especially when the freeholder is seen as failing in their responsibilities to maintain the structure.
To learn more about freehold and how it works in the property world pick up a copy of my ebook How to Really Buy a Property.