A freehold property allows the owner to enjoy the land in perpetuity and is the most popular in England and Wales. It is usual for a house to be freehold and flats or apartments to be leasehold.
As the owner of a freehold property you can leave your land to your family or transfer by way of a gift. You also have the right to adapt the land according to your personal preferences although this is subject to national and local laws. Ultimately you are responsible for the upkeep of your land including maintenance or repairs.
In contrast leasehold gives you the right to occupy the land for a specified period of time in exchange for a nominal ground rent and this right can be transferred to subsequent buyers.
With many leases the duration is 99 to 999 years and provided the expiry date is a long time in the future leasehold is as good as freehold. If the lease on a property is less than 70 years it may it more difficult to arrange a mortgage from a lender. Once the lease expires the property rights revert to the owner of the freehold.
Apart from the nominal ground rent, to maintain the communal areas of the block you would pay a service charged. In addition if the block is old there may be expensive renovations required over and above other charges. Another potential cost for a property with a short lease remaining would be the cost to extend the lease and to do this there would be a charge from the freehold owner.