If you’re in possession of the property freehold, you have the full legal ownership of the building and the land it stands on. It also means you have full responsibility for the maintenance and repairs to the property.

This is different from a leasehold property where you buy the right to live there from the freeholder (for example, to occupy a flat, but not the building itself). At the end of the lease, the property again becomes the possession of the freeholder.

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