The freeholder of a property owns it outright, including the land it’s built on.
If you buy a freehold, you are responsible for maintaining your property and land, so you’ll need to budget for these costs.
Generally, most houses are freehold properties although some might be leasehold – usually through shared ownership schemes.
Benefits of having a freehold
You don’t have to:
- Worry about the lease running out, as you own the property outright.
- Deal with the freeholder (often known as the landlord).
- Pay ground rent, services charges and any other landlord charges.