Leasehold is a property which was held by a person by virtue of a lease agreement between themselves and the owner, permitting them to hold the property for such a period as said in the lease agreement for a consideration payable to the owner of the property. It differs from the freehold property to the extent that it is returnable after the expiry of the period.
As compared to a freehold the leasehold property is a one which is bound by a certain agreement between the owner of the unit and the tenant for a specific period.
The leasehold can be short term (from 1 year to 2 years) or can be long term (from 10 years to 99 years).
These properties are rented out for specific amount as agreed between the landlord and the tenant. They have to be returned to the owner once the lease period expires.