This is the top end of the purchasing scale. Bought outright, you are in total control of the business and the property and responsible for all repairs and renewals. Main pitfall is the high cost of a good outlet and continued cost of repairs. This is the mid-range in the money market place. These are available in either tied or free of tie formats from Brewers and Property Landlords.
Most leases are fully repairing and insuring, so the condition is important.
The value of the lease is gauged by the business profit and length of unexpired period of the lease. Main benefits are accurate knowledge of the business prior to taking over, whilst main pitfall is high rents and continued repairing costs like the freehold properties. Although the cheapest of the three styles of property, there are definite advantages to the tenancy. This makes them cheaper, yet equally as profitable if run well. All three styles of pub are attractive in their own right.