What's the difference between freehold and leasehold?

[Joolee1980]

- and what is "shared freehold" when you buy a flat?

[dzug]

freehold - you own the property
leasehold - someone else owns the property but you own the right to occupy it for n years at a (usually) small rent; alternatively you own the property but someone else owns the site it's built on (and gets the property when the lease runs out)
shared freehold - means you and the other flat owners own the whole building between you. That is you don't own 'your' flat but have a say 1/12th share in the whole block

[Joolee1980]

thanks, that's very helpful - i think I've got it now.

it's that owning 1/6th or 1/12th or whatever bit rather than 'your' flat that slightly concerns me as i wonder if it could lead to problems and disagreements

[Ethel]

Better than having a single freeholder who rides roughshod over the wishes on the flat owners.
Or fails to maintain the roof or common areas.

[dzug]

Yes it can lead to problems and disagreements - as can any form of shared property. But as Ethel says, better than the alternatives