Freehold property means that the owner of the property is the full owner of the land and the buildings constructed on it. The owner can use it for any purpose. Unless he/she decides to transfer it to someone else. It is different from leasehold property. This concept is frequently used by homeowners of apartments in buildings or bungalows. What happens in this type of transfer is that the transferor owns a particular building like an apartment or a shop but not the land on which it is built.
A leasehold or lease is where the property owner pays the owner a certain amount of rent each year for the use of the premises. The land reverts to the transferor at the end of the lease period. Therefore, this type of ownership is limited to a period of time previously agreed between the parties.