Short answer:
Not in the way most people think.
If your flat is leasehold, you own the right to live in the property for a fixed number of years, not the land it sits on and not the building itself.
What leasehold ownership really means
A leasehold flat is a time-limited property right.
When you buy it, you are purchasing:
- The right to occupy the flat
- For a set number of years (often 99, 125, or 999)
- Under the conditions written into the lease
You do not own:
- The land
- The structure of the building
- The common areas (stairs, roof, external walls)
Those are usually owned by the freeholder.
Why this feels confusing
Estate agents often say things like:
“You own the flat, just not the freehold.”
That phrasing is misleading.
A more accurate description is:
You own a long-term rental right that can be bought and sold.
It feels like ownership because:
- You paid a large upfront sum
- You can sell the flat
- You may live there indefinitely if the lease is long
But legally, it is still a declining asset unless the lease is extended.
Why leasehold exists at all
Leasehold flats exist for one main reason: shared buildings need central control.
Someone has to:
- Own the structure
- Arrange insurance
- Maintain the roof and external walls
- Enforce rules consistently
The lease system was created to make that manageable at scale.
Over time, additional charges and obligations were added:
- Ground rent
- Service charges
- Permissions and fees
That layering is why the system now feels opaque.
What actually matters in practice
If you own a leasehold flat, three things determine its real value and risk:
1. Remaining lease length
As the lease shortens, the flat becomes harder to sell and mortgage.
Below 80 years, extension costs rise sharply.
2. The lease terms
The lease controls:
- What you can change
- What fees can be charged
- How costs are split
- What permissions are required
Two flats in the same building can have very different leases.
3. The freeholder or managing agent
How the building is run affects:
- Service charge levels
- Responsiveness
- Dispute risk
- Overall stress
This has nothing to do with the flat itself, but it affects daily life.
Are leasehold flats being phased out?
For new houses, largely yes.
For flats, no — not yet.
While reforms are ongoing, most flats in England and Wales are still sold as leasehold, and that is unlikely to change quickly.
The practical takeaway
If you own a leasehold flat, you should think of it as:
A long-term, sellable right to occupy a home — governed by a contract — rather than permanent ownership of property.
That framing makes decisions clearer and reduces surprises later.
One simple next step
If you own or are buying a leasehold flat:
Check the remaining lease length.
That single number tells you more than the asking price.
Understanding how the system works does not mean you have to like it.
It just means you can navigate it with fewer surprises.