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What's the difference between freehold and leasehold?
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- and what is "shared freehold" when you buy a flat?
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For more on marking an answer as the "Best Answer", please visit our FAQ.freehold - you own the property
leasehold - someone else owns the property but you own the right to occupy it for n years at a (usually) small rent; alternatively you own the property but someone else owns the site it's built on (and gets the property when the lease runs out)
shared freehold - means you and the other flat owners own the whole building between you. That is you don't own 'your' flat but have a say 1/12th share in the whole block
leasehold - someone else owns the property but you own the right to occupy it for n years at a (usually) small rent; alternatively you own the property but someone else owns the site it's built on (and gets the property when the lease runs out)
shared freehold - means you and the other flat owners own the whole building between you. That is you don't own 'your' flat but have a say 1/12th share in the whole block