That price is good value for two years. I assume it is ex VAT; if it's inc VAT, that's even better value.
You do not own a domain name; you lease it. You will have to make prompt payment at the end of your first term in order to maintain it.
All hosting providers and most decent ISPs offer domain leasing. I use F2S just for convenience, if I'm not going to have it hosted right away. If you intend to have it hosted immediately, arrange it while arranging the hosting. For which I use F2S, Heart and Streamline.