A type of property ownership in which the tenant, known as a leaseholder, holds a lease or rental agreement for a specific period of time and has the right to occupy and use the property during that time. The property is still owned by the landlord, known as the freeholder, and at the end of the lease term, possession of the property reverts back to the freeholder. Leasehold estates are common in situations where a tenant rents a property for a long period of time, such as a 99-year lease on a flat or condominium. In these cases, the tenant has the right to live in the property for the duration of the lease, but they do not own the property outright and they don’t have the same rights as a freeholder.