ABSTRACT
When an organization purchases the freehold of a piece of land, it becomes the outright owner. With certain exceptions, it then owns everything beneath the surface and all the airspace above. If the value of the property rises, the freeholder benefits; if it falls, the freeholder may have to sell at a loss. Because they cost such a lot, and because owners are vulnerable to fluctuations in the property market, land and buildings require very careful management.
