When buying property in England and Wales, you'll come across two main forms of ownership: freehold and leasehold. The difference affects what you actually own, your ongoing costs, and your freedom to make changes — so it's one of the first things to check on any property.
If you buy the freehold, you own the property and the land it stands on outright, with no time limit. You're responsible for maintaining everything, but you don't pay ground rent or service charges, and you have the most freedom over the property. Most houses in the UK are sold freehold.
With leasehold, you own the right to live in the property for the length of the lease (often very long originally — 99, 125 or 999 years — but counting down), while someone else (the freeholder) owns the land and building. Leasehold is common for flats. You typically pay ground rent and service charges, and there may be rules about alterations, pets or subletting set out in the lease.
Scotland uses a different system. This is general information, not legal advice — your conveyancer will check the detail. Our first-time buyer guide covers the wider process.