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Jeff Nicholson discusses the upcoming leasehold reforms in the UK, which will significantly impact leasehold property owners, particularly those with flats. He explains that owning a leasehold means you possess a property for a specific duration, unlike freehold ownership, where you own the property indefinitely. In leasehold scenarios, the freeholder owns the land and surrounding property. Leases typically range from 99 to 999 years. There are businesses focused on buying freeholds, taking advantage of situations where leaseholders need to extend their leases, which can be costly for the latter. This reform aims to address issues faced by leaseholders in the housing market.