In England and Wales, the title of a property refers to the legal rights an owner has on a property. The two most common titles in England and Wales are freehold and leasehold titles, as defined by the Land Registration Act 2002.
Freehold title is the ownership of land and all immovable objects attached to that land, for an indefinite term.
Leasehold title is the ownership of temporary rights to a property, typically apartments. Leases are generally sold for 99, 125, 250 or 999 years. Properties with leasehold titles are sold predominantly for estate management reasons, however, leaseholders are protected by law and have the right to extend their leases although this can involve additional costs. Owners of a leasehold property usually pay an annual ground rent to their landlord and a management charge.
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