The Property Guide
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Background

Property Knowledgebase and Glossary

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ItemDescription
Loan To Value (L.T.V.) Expresses the size of loan you can borrow as a percentage of the value of the property.
Most lenders only lend 95% but a few will lend 100% probably at a higher rate of interest to allow for the 'higher risk' involved if you default on your payments.
Land Certificate. Land document issued by the Land Registry to the owner of registered land as proof of ownership. It includes a copy of the register and the plan showing the extent of the land.
Land Registry A government organisation that holds records of all registered properties in England and Wales.
Land Registry Fee A fee paid to the Land Registry to register your details if you have bought a property or changed mortgage lenders.
Land Search A formal application for an inspection of the Land Registry register. A certificate is issued showing the current situation of the land in question.
Landlord The owner of a property being let to a tenant.
Leasehold Ownership of the property but not the land on which it is built. (often applicable to flats)
Lender The company or institution that provide the money to buy the property.
Lessor Person responsible for granting a lease - normally the landlord.
Life Assurance Insurance which pays out on the death of the policy holder. Policies can run alongside your mortgage and will pay off all or part of the outstanding debt in the event of your death.
Listed Building Building or other structure of special architectural or historic interest.
Listed Building Consent A permission required for the alteration or demolition of a listed building.
Local Authority Search Part of the conveyancing process when you buy a property, carried out by your conveyancer. It gives details of any matters which, from the local council's point of view, affect the property.
It reveals any proposed changes to the local area, such as road improvements, and details any planning permission given for the property.
Local Plan Statutory development plan prepared by a local planning authority setting out detailed policies for environmental protection and development.
Local Planning Authority The local authority or council that is empowered by law to exercise planning functions. This is normally the local borough or district council, but in National Parks and some other areas there is a different arrangement.
Local Search A questionnaire sent to a local Authority by a purchaser's solicitor to verify whether a property is affected by planning proposals, tree preservation orders, etc.

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