Freehold vs leasehold

What is the difference between a freehold and leasehold property / transaction? There are two types of property that you can own in England and Wales, freehold or leasehold.

– Houses are generally freehold whilst flats are generally leasehold.
– A freehold interest is owned in perpetuity (forever) whereas a lease is for a term of years.
– If you own the freehold, you own the land whereas a leasehold interest means you own the property but not the land.