Jargon Buster
Understand property related jargon.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
-
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 on 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.
-
Lender's arrangement fees
Charge passed on to the buyer by the lender for arranging a loan.
-
Listed building
A building officially listed as being of special architectural or historic interest, which cannot be demolished or altered without prior local government approval.
-
Loan to value (LTV)
The proportion of the value of the property on which the lender is prepared to loan.
-
Local authority search
Procedure whereby a buyer's solicitor checks with the local council regarding any outstanding enforcement or future development issues that might affect the property or immediate area.
