What happens when my lease runs out?
If you have a long residential lease (more than 21 years when granted) and the lease comes to an end...
Owns the freehold of a property which can include a building and other property or land.
In a block of flats, for example, the freeholder would own the land and the actual building. A leaseholder will own a flat within that property on a lease for a fixed length of time, but the freeholder will own the property outright. The freeholder is usually responsible for the repair and maintenance of the exterior and common parts of the building. At the end of the lease, the flat ownership reverts to the freeholder.
A freeholder is also commonly referred to as the landlord.