If you own a freehold property, you are the sole owner of both the building and the land it stands on. However, if you are the owner of a leasehold property, you have the right to live in the home for a set number of years as specified on the lease, but you will not own the land it stands on. Under this arrangement, you are known as a ‘leaseholder’. Most commonly, flats are owned on a leasehold basis and houses are normally freehold properties.
If you are the owner of a leasehold property you will generally be responsible for the maintenance and improvement of the property itself, however the communal areas surrounding it , in the case of flats, will normally be the responsibility of the freeholder.