Leasehold is rather different. You effectively lease ownership of a property for a specific period. This tends to be over a long period but can vary from anywhere between 40 to 999 years.
You will have a contract with the freeholder of your property, which sets out precisely what you are responsible for. There are likely to be certain annual costs you will be required to pay, such as ground rent, while you will also be required to contribute towards maintenance and service charges.
Generally, you will need to get permission from the freeholder if you want to carry out any major works to the property, while there may also be limitations on things like keeping pets.
Should the lease expire then the full ownership of the property will revert back to the freeholder?
Leasehold is usually reserved for flats and apartments, however, this is not always the case and many older properties are on leaseholds, but recent years have seen a number of new-build homes sold in this way. The Government has now banned this practice, ensuring that all new build homes are sold as freehold.