A type of property ownership where the owner (the "leaseholder") possesses the property itself for a fixed period (the "lease term," typically 99 to 999 years), but not the land it stands on, which is owned by the Freeholder (or Lessor).Leaseholders typically pay Ground Rent and often Service Charges to the freeholder or a management company.Leasehold properties involve additional legal complexities and costs in conveyancing due to the need to review lease terms and management information, and ongoing obligations.