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The term freehold is used as shorthand for the tenure of an estate in land which exists in “fee simple absolute in possession” and identifies the ultimate owner of a property. Such ownership usually includes not only the surface land or building, but also the sub surface of a property and all the air space above.As part of the aim of simplifying the conveyancing process, the Law of Property Act 1925 set out two estates or interests in land, namely the “fee simple absolute in possession” or ‘freehold’ and the “term of years certain” or ‘leasehold’.