Owning a freehold property means that you own the whole of that property including the land it is built on and any rights which come with it (like access or parking for example), for an unlimited period of time. You are also free to enjoy and do with the property as you wish (within reason and things like planning regulations)
Owning a leasehold property means you only own the property itself and not the rest of the building around it or the land it sits on. The building and the land are owned by the landlord. Leases are also usually only for a limited amount of time, for example 99 years, and you will likely have restrictions on what you can do with your property during that time.
Ongoing costs and charges
Although in some cases there could be estate charges
attached to a freehold property, freehold properties are not generally subject to additional fees or charges other than your usual household bills and mortgage if you have one.
On the other hand, leasehold properties often carry obligations to pay service charges
to a management company and in a number of cases also ground rent
to the landlord.
There are additional considerations with Leasehold properties which depend on the each individual lease and property which we would discuss with you as relevant and applicable during a leasehold purchase.