Freehold
What is a Freehold?
Freehold is the complete and indefinite ownership of both a property and the land it stands on. This means you own the building, grounds, and land outright, and you are responsible for all maintenance, repairs, and insurance. Unlike leasehold, there is no time limit to ownership, and you don't have to pay ground rent or get permission from a landlord to make changes.
Key aspects of freehold ownership
Outright ownership:
You own both the building and the land it is on permanently.
Complete control:
You are responsible for the maintenance and insurance of the entire property. You can also make changes to the property, provided you have the necessary permissions.
No time limit:
Your ownership is not restricted by a lease that will expire.
No ground rent:
Unlike leaseholders, freeholders do not have to pay ground rent to a landlord.
Responsibility for all work:
You are responsible for all maintenance, including any communal areas that may not have been adopted by the local council yet, although sometimes a service charge is still payable in these cases.