A leasehold property is one where there is limited ownership for example a person can have a property for 99 years only or 125 years and some leases are as long as 999 years. These are generally flats and maisonettes. They have a lengthy document called a ‘lease’ which states in detail what a person can do with a property and what he cannot. For example it may state whether pets can be kept in the flat, whether the floor must have carpet, how often the flat must be painted. Leases can also limit the period for which a flat can be rented.