What does Leasehold mean?

Being in a leasehold it means that you have rights over a property such as a flat for example (most common in England), but the title ownership is excluded. Typically, leaseholds are being contracted for ’99 years’, but it may vary and this is subject to the freeholder’s will. After the expiration of the leasehold contract, the freeholder gets his property back.

A leasehold contract involves the lesser and the lessee, where the first is the person who is the equivalent of the landlord, and the second the equivalent of the tenant. In the contract there will be certain duties of the tenant annotated, such as the payment of the monthly rent or any other obligations which must be supported like renovation of the property for example.