What is leasehold?

Leasehold is a type of long-term tenancy and it is not the same as outright ownership. When you purchase a leasehold property you are not the owner of the property you acquire the right to occupy it for the amount of time that is remaining on the lease. If the property you are interested in is leasehold this means you as the buyer will be signing a contract which grants you the right to occupy the property for a fixed number of years. This length of time should be specified in the contract which is called a lease. The building structure and any common parts will be owned by the freeholder who is likely to be your landlord.