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Jargon Buster - L

A B C D E F G I J L M N O P R S T U V Y

Land Registration

The process of registering the legal title of an area of land with the Land Registry, typically handled by a solicitor.

Land Registry Fee

The fee payable for the above.

Lease

A legal document by which the Freehold (or Leasehold) owner of a property lets the premises or a part of it to another party for a specified length of time, after the expiry of which, ownership may revert to the Freeholder or superior Leaseholder.

Leasehold

A type of ownership in which a person owns a property, but not the land upon which it is built. The owner of the Freehold will grant a lease on the property for a specified length of time.

Legal Charge

A mortgage on the property.

Lender

The party, typically a bank, building society or mortgage company, offering the loan.

Lenders Arrangement Fees

A charge made by the lender for arranging a loan.

Listed Building

A listed building is a building or structure which is considered to be of special architectural or historic interest., which cannot be demolished or altered without prior local government approval.

Loan To Value (LTV)

A financial term used by commercial lenders to express the ratio of a loan underwritten to a value of an asset purchased.

Local Authority Search

A search carried out by the solicitor to find out if there are any Local Authority Notices, with respect to the building itself (e.g. has it been condemned?), and the surrounding area (e.g. have plans gone through to build a motorway next to the house?).

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