If you buy a leasehold, you are buying the property for a period, hence the ‘lease’. Unlike a freehold, you are not buying ownership of the property or the land the property stands on. Most flats in England and Wales are leasehold. They are subject to ground rent and service charges, which are payable to the freeholder. In general terms a leasehold property is a wasting asset as the value will decrease as the term of the lease also decreases over time.