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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 acting for the buyer.

Land registry fee

The fee payable for the above.

Landlord

The owner of property that is rented.

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.

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.

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.

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 or other financial loan secured on the property.

Lender

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

Lenders 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. This can be up to 100%.

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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