If you're a freeholder, you own the building and land that your property is built on outright. Whereas a lease is for a fixed period, a freehold interest in the land, gives you the maximum interest that can be held in England and Wales, and it will never expire unless you decide to sell or transfer.
It's your name that will be in the land registry as “freeholder” who owns the “title absolute”.
If you are a freeholder, you:
- Will not have to pay ground rent. Ground rent is rent that must be paid by the owner of a building to the owner of the land on which it is built)
- Will have the responsibility of maintaining the structure of the building including the roof and the outside walls.