When purchasing property, it is important to understand the distinction between freehold and leasehold ownership. Both leasehold and freehold ownership have different rights and responsibilities associated with them. Under a freehold property, the purchasing individual obtains full rights to the property and the land it sits on. There are no time constraints on property ownership, and one has full discretion regarding its usage, development, and selling, according to local regulations. One of the factors why freehold properties are more sought after than other property options is that they are less legally complicated and involve no charges, such as ground rent. On the flip side, a leasehold property implies that the purchaser has possession of the property for a specific number of years that range from 30 to 99 years; nevertheless, it remains with the freeholder. In addition to that, the leaseholders have an obligation to pay charges and follow specific rules set by the owner of the property. As the years come to an close, it tends to lower its market value.