If you opt for a leasehold, you’ll be the owner of your new home for a specific period of time, known as the lease. After this, your home will belong to the freeholder again.
Leaseholds are most commonly found on apartments, and last around 99 years or more. They work in a similar way to lettings, only for a longer period of time, and usually require a one-off payment up-front.
During your leasehold, you will be able to extend it by speaking to a solicitor who will provide the service for a fee.
If you don’t extend, ownership of the property and land will be transferred back to the landlord.