The land on which the property is built
that is not owned directly by the property purchaser but is held under a lease
for a fixed period. You will find leasehold properties range in duration from 6
months to 999 years.
The type of property that transacts at full property value, ie as if you were
buying the freehold, normally has a lease of more than 50 years. Anything less
than 50 years starts to have an effect on the residual value of the purchase.
It is commonplace to find flats on a leasehold basis, in fact it is generally
recommended only to buy a flat on a leasehold basis due to the complex problems
posed if the freehold is purchased rather than the lease but you can by any
property on a leasehold basis.