It’s not incorrect, either. I phrased it carefully, to indicate that I don’t know for sure. It describes my grandparents’ house, in Liverpool (I assume it was a “leasehold.” I never knew the official name). I know that my mother did not inherit their house, but there may have been other factors, involved.

Technically, I guess I don’t “own” my own land, either, but I pay (significant) taxes on it (because I “own” it, according to the taxing authorities. They don’t tax the bank; they tax me). The taxes are assessed on the total value of the land and the building, and location^3 is a fairly significant coefficient.

Land is a weird (but frequently lucrative) investment. You can’t lock it in a safe, and, if your neighbors start a hog farm, you can’t just pick it up and move away.