The freeholder of a property owns the property and the land it stands on outright. You are responsible for all maintenance of the property and land. A leaseholder owns the property for the length of the lease agreement, at the end of the agreement the ownership reverts back to the freeholder. Leasehold properties are usually flats. The length of the lease can have an effect on the property value, anything under a 70 year lease can sometimes be difficult to mortgage. You have the right to extend a lease if you have owned it for 2 years, providing the original lease was over 21 years, the cost of this will depend on the property. As well as the length of the lease you will also need to consider the cost of the service charge (maintenance of communal areas, repairs), ground rent, building insurance and any administration charges from the freeholder.