A leasehold property is a type of real estate where a person, known as the leaseholder, rents the property from a landlord, known as the freeholder, for a specific period. This arrangement typically involves a long-term lease, often lasting 99 years or more, during which the leaseholder has the right to use and occupy the property. However, the freeholder retains ownership of the land. At the end of the lease term, the property and land revert back to the freeholder unless the lease is extended. Leaseholders may have to pay ground rent and service charges, which cover maintenance and other costs associated with the property.