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Freehold is the legal right to hold land/property as the absolute outright owner, free of payment or any other duty owed to another party.
As a freeholder, you can then offer to rent your land/property to parties with whom you'll have a legal agreement. In other words, you may create leaseholders.
Most houses are sold as freehold properties but most flats are sold on a leasehold basis.
See also flying freehold.
Last Updated: July 2007 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.