Land certificate
A document available from the Land Registry that confirms the ownership of the land and/or property.

Land Registration
A process of making an application to the Land Registry to transfer the ownership of land and/or property into the current owners? names. This process is usually undertaken by the solicitors.

Land Registry
A department set up by the government to keep up to date records of all the registered land and/or properties.

Land Registry Fee
A sum of money paid to the Land Registry Department for their services in registering the new owners or new charge on the land and/or property.

Landlord's Reference
A document (usually in a form of a letter) from a previous landlord confirming prospective tenants? rent payment history and conduct.

Late Charge
A type of fine imposed by lenders for the late payments on a loan, credit card, etc.

Late Payment
A payment in respect of the loan, credit card, etc that is paid after the agreed date.

Lease
A type of land and/or property ownership whereby a freehold or leasehold owner lets part or all of his property to another party for an agreed period of time in exchange for the annual ground rent. Upon the lease expiry date, ownership may revert to the original owner.

Leasehold (England & Wales only)
A type of property ownership where a person owns he property and not the land it is built on. The land is to be leased to the property owner for a fixed period. Examples of typical leasehold properties are flats, maisonettes, etc. However, there also exist conventional properties that are leasehold.

Legal Charge
A legal document, original of which, is held by the Land Registry. It sets out the details of the lender.

Legal Completion
See also Completion.
A date when the remaining balance for the property is transferred to the sellers solicitors by the buyers solicitors, thus making buyers new property legal owners.

Legal Fee
A sum of money payable to conveyancing solicitors for dealing with legal aspect of property purchase and/or remortgage.

Legal Mortgage Fee
A sum of money payable to conveyancing solicitors by the lender for dealing with legal aspect of registering their claim against the property with the Land Registry.

Lender
A financial body, such as bank, building society, etc that offers a range of mortgage loan products.

Lender's Arrangement Fee
A sum of money paid to the lender by the applicant for arranging their financial product.

Lender's Fee
Same as Lenders Arrangement Fee.
A sum of money paid to the lender by the applicant for arranging their financial product.

Lender's legal fees
Same as Lenders Arrangement Fee.
A sum of money paid to the lender by the applicant for arranging their financial product.

Lessee
A person who is granted the lease.

Lessor
A person or company (freehold or leasehold owner of the property to be leased) who grants the lease.

Let-to-buy
Let to buy is an arrangement where the borrower borrows money to buy their new home, while their existing property is let out to tenants.

Letting Agent
An agent or agency that provide services to landlords in finding suitable tenants, maintaining properties and managing the same on behalf of landlords in exchange for an agreed fee.

Level Term Assurance
A type of life insurance cover whereby upon the death of the borrower before the completion of mortgage period, a lump sum is paid out. This some of money remains the same through the whole of the mortgage period whether it is paid out in the first or twentieth year of mortgage period.

Liabilities
Person?s financial responsibilities pertaining to various debts, such as mortgages, loans, etc.

LIBOR
Also known as London Inter Bank Offered Rate (LIBOR).
A interest rate, linked to the Bank of England base rate that High Street lenders use to borrow money from each other.

LIBOR Linked Mortgage
A type of mortgage with interest that tracks LIBOR.

Lien in Property
A legal term pertaining to a right of one party to have an interest in another party?s property to secure the payment of outstanding debt.

Life Company
A life assurance company.
Sometimes referred to as Life Assurance Company.
A company that offers various types of life cover.

Life Insurance
A type of cover that guarantees a payment of a lump sum upon the policy holder?s death. Often referred to as Assurance.

Listed building
A building that is recorded in official register as one having special historic, architectural or other value. Such building cannot be altered and/or demolished without seeking approval from the local authorities.

Loan
A sum of money that is to be borrowed.

Loan Application
A special form that needs to be completed when applying for a loan.

Loan Application Fee
A sum of money payable to the lender for arranging a particular financial product.

Loan Consolidation
A large loan is taken to help pay for smaller loans held elsewhere. See Debt Consolidation
A type of loan that is taken out with the sole purpose of repaying outstanding loans, store and/or credit cards.

Loan Illustration
Also see KFI A document that sets out an example of the mortgage loan monthly payments and expenses in connection with arranging the loan.

Loan to Value (LTV) Ratio
The value of the mortgage expressed in terms of a proportion with the amount borrowed against the market value of the property. For example, a 75% LTV is where the property is valued at ?100,000 and the value of the mortgage applied for is ?75,000.

Local Authority Search
A search undertaken by the local authority department to ascertain whether there is anything affecting a property and/or land in question. For example, the search will establish if there are any restrictions affecting right of access or right of use of the property, reveal any planning permission or tree preservation orders, etc. Various local authorities charge various fees.

Local Authority Search Fee
A sum of money paid to the Local Authority department for undertaking the local search. This fee varies from one Local Authority to the other.

Local Search
Same as Local Authority Search.
A search by one of the Local Authority Department to established any restrictions, orders and/or planning permissions affecting the property that is searched against.

London Inter Bank Offered Rate (LIBOR)
A rate of interest used by High Street lenders to borrow money from each other.

Loyalty Bonus
A type of bonus that lender may pay to reward the account holder for maintaining their account or payments over a period of time. Or a type of bonus offered by lender to its existing customers who stay with them for their new mortgage. In this case it could take a form of reduced set up costs or some of money (cash back) paid on completion.

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