What does 'freehold' mean in real estate?

Question

I am looking at flats on the outskirts of London to get an idea of where I'd like to spend a year or more and possibly move there. Some listings say "might be freehold". We don't have that term in the U.S. What is it? Is it better or worse than NOT freehold? And would it be different for someone buying a flat vs. a detached house?

Update:

Thanks Mike. I THINK I understand. So, what would the opposite be, for example? You buy something but can NOT sell it? That's weird....

Cynthia T · Accepted Answer

Mike is right on with that.  A freeholder is considered to be the absolute owner of the land and buildings comprised in his title; he has the right to occupy, use and enjoy his property forever ("in perpetuity") or until he transfers the title to a new owner, and his heirs are entitled to inherit his title upon his death

The opposite would be if you owned property that more then one person owned:
Joint tenants share legal title to the property. Each of the owners has an equal share in the value of the property as a whole. TransferProperty held in joint tenancy automatically becomes the property of the other joint tenant(s) when one joint tenant dies.

Tenants in common each have separate legal title to the property. Their ownership rights may be equal or unequal, but they apply to the property as a whole, not to identified parts of the property. Property held by tenants in common goes to the heirs of the estate, determined by a will or the laws governing heirs, when one of the tenants dies

Mike · Answer

Freehold is another (less common) way of saying fee simple. It is a type of land tenure, or ownership, that is the most common method of land ownership, and is an absolute ownership that you may hold for your entire life, and sell at anytime, and will to your estate.

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What does 'freehold' mean in real estate?

2 Answers