It’s kind of complicated. The thing is that, in feudalism, almost no one actually owns anything outright in the sense that we think about it; rather property is distributed in various leases and use-rights and tenancies, all the way up and all the way down

And while in our 21st century capitalist mindset leases, use-rights, and tenancies sound like precarious second-class statuses that fall fall short of true ownership, that wasn’t the case in medieval societies. These statuses were backed up by tradition, law, and the willingness of very touchy mounted soldiers to go to war to uphold them against infringement from on high. Thus, even if something was de jure “owned” by the king, once noblemen felt that they had a right to inherit the fiefdom, de facto it became owned by those noblemen (save in the case of felony).