Leaseholder and Freeholder of property

Freehold Property

A freehold is property, including buildings and land, over which you have complete control and are free to use and alter as you wish, as long as you stay within the boundaries of the registered property. Freeholds include fixtures on the land, landscaping features, walkways, patios, pools and all other artificial and natural features. 

Leasehold

A leasehold property is one in which you buy the right to live within a building but do not own the land or surrounding property on which it stands. You may be restricted in any decoration, alteration or maintenance of this land as well as your own dwelling unit, and must secure the permission of the owner to undertake any such activities.

Freehold Obligations

A freehold resident owns the house as well as the land and has responsibility for maintenance and all repairs.

Leasehold Obligations

A leaseholder may be free of obligations to maintain and repair surrounding land, but may be imposed fees for such activities as specified in the sales contract, as well as ground rent that is shared with the other leasehold owners on the property.

Leasehold Expiration

A common term is 99 years, after which the leaseholder will have to negotiate terms to continue the right of leasehold ownership or convert the leasehold to a freehold.