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
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Land registration
The process of registering the legal title of an area of land with the land registry, typically handled by a solicitor.
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Land registry fee
The fee payable for the above.
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Landlord
The owner of property that is rented.
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Landlord's reference
A reference given by a previous landlord, which confirms an applicant's history of payment of rent and previous conduct as a tenant.
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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.
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Lease agreement
The formal legal document entered into between a landlord and a tenant that reflects the terms of the negotiations between them. It constitutes the entire agreement between the parties and sets out their basic legal rights.
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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.
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Legal charge
A mortgage on the property.
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Lender
The party, typically a bank, building society or mortgage company, offering the loan.
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Lenders arrangement fees
Charge passed on to the buyer by the lender for arranging a loan.
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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.
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Loan to value (LTV)
The proportion of the value of the property on which the lender is prepared to loan. This can be up to 100%.
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Local authority search
Procedure whereby a buyer's solicitor checks with the local council regarding any outstanding enforcement or future development issues which might affect the property or immediate area.
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Long let
A long let is a property that is typically let for a period of six months and more.
