A lease is an agreement whereby the owner of a freehold grants ownership of a property (eg a flat) to a leaseholder for a fixed term. The fixed term for residential leases in England is usually 99 or 125 years. The freeholder retains ownership of the land, and the building and common parts in the case of a flat.
The lease agreement usually contains obligations for the leaseholder to pay a service charge and ground rent to the freeholder, and may retain other restrictions and obligations.
Leasehold Advisory Service – definition