Is it smart to buy a leasehold property?

Is it smart to buy a leasehold property depends on location, lease length, and financial goals, with pros and cons. Leasehold property, which is property where you own building but not land, with land owned by freeholder and lease for fixed term like 99 to 999 years in UK, Australia, and other countries, common in UK for flats and some houses, with leasehold meaning you pay ground rent and service charges to freeholder. Buying leasehold property can be smart if price significantly lower than freehold equivalent, often 10 to 30 percent cheaper in UK, with lower upfront cost and access to desirable locations like city centre flats where freehold not available, with leasehold flats common in London, and if lease length long over 80 years remaining, as mortgage lenders require at least 70 to 80 years lease, with long lease over 150 years similar to freehold for practical purposes. However leasehold may not be smart if lease short under 80 years as value drops sharply and extension costly around 10,000 to 30,000 pounds plus legal fees, and ground rent escalating with doubling clauses causing high costs, and service charges around 1,000 to 3,000 pounds per year plus restrictions on alterations and pets. So buying leasehold property smart if lease long over 150 years, price discount significant, location desirable where freehold unavailable, and you check ground rent and service charges, but not smart if lease short under 80 years with high ground rent doubling and high service charges, requiring careful review of lease terms and future extension costs.