What is the difference between Freehold and Leasehold?

Simplistically, freehold ownership means that you own the land and the building(s) outright. Owning the leasehold interest in a property means that you own just the building(s) and not the land it/they is/are on and that your ownership is for a fixed number of years.

While there is a perception that freehold is better than leasehold a long leasehold is a perfectly good title.