This introduction concerns property ownership in England and Wales and was reviewed on 16 October 2026. The original archive date has been preserved. Different arrangements apply elsewhere in the UK.
Freehold and leasehold
A freehold interest covers ownership of the property and land within the title. It does not remove the need to check boundaries, shared arrangements, restrictions or responsibility for upkeep.
Leasehold gives rights for the period set out in a lease. The remaining term matters: buying an existing lease does not normally restart its clock. The document also sets out the relationship between the leaseholder and freeholder, including obligations and restrictions.
Before committing, ask a conveyancer to explain the remaining term, service-charge arrangements, any ground rent and restrictions relevant to the intended use. Do not assume that every lease has identical charges or permits the same alterations.
How commonhold differs
Commonhold allows individual units to be owned as freehold interests. The commonhold association owns and manages shared parts, and unit owners can participate in that association. The arrangement therefore combines individual ownership with collective responsibilities.
Shared maintenance still has to be organised and funded. The absence of a lease expiry date does not make communal repairs cost-free.
Read the documents, not just the description
A listing's ownership label is a starting point. Obtain the title information, lease or commonhold documents and the relevant financial information before deciding whether the arrangement suits you.
Keep proposed reforms separate from rights that already apply. This guide does not promise that an existing lease has disappeared or that a particular conversion or extension is available without conditions. Get advice on the actual property and transaction.