# Freehold to Leasehold Conversion
The “Freehold to Leasehold” and “Leasehold to Freehold” conversion tools give users the possibility to choose comparables with different tenure types while gathering market data information on properties. If comparable evidences are scarce, the last resort option may be to select a comparable property with a different tenure than your target property, and adjust it to arrive at the appropriate estimate of value (capital or rental).
Freehold to Leasehold
1. **Leasehold & Freehold information:** Information about the lease or the freehold interest is displayed.
2. **Effective Rent & Headline Rent:** Calculations are always performed using the effective rent. If the rent type is a headline rent, then further calculation steps are required (See Headline to Effective Rent conversion tool).
3. **All risk Yield:** The All Risk Yield (ARY) is either used to capitalise the annual effective rent and determine the capital value, or retro-engineer the monthly rent from the comparable capital value.
4. The final converted value is displayed with the calculation details for ease of understanding.
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