Leasehold ownership is simply a long tenancy, giving you, the leaseholder, the right to occupy and use a property for a long period – known as the ‘term’ of the lease.
Leasehold ownership of a property usually means you own everything within the four walls, including plaster, floorboards, walls and ceilings, but does not usually include the external or structural walls. The structure of the building and the land it stands on is still owned by the landlord, Portsmouth City Council.
A lease is a private contract between the leaseholder and the landlord. It sets out the contractual obligations of the two parties: what the leaseholder and the landlord are bound to do.