Originally Posted by
Christian
Think of it this way...all the flat owners might collectively own the freehold, but if there was no lease that regulated the ownership of the flat each owner could effectively do what they wanted...the lease sets all those conditions that you have to abide by. eg. pet ownership, noise, putting up satellite dishes, knocking down walls, communal areas...etc
It will have a set term, but when the collective owners own the freehold, its a much simpler, less costly exercise to extend it out to 999 years.
Usually the freeholders will form a company and have elected directors, who then appoint a management company.