Land Registry: Central repository of records of property, their ownership and the mortgages secured to them at HM land registry.
Land Registry Fee: A fee payable to the land registry to alter an entry in their records following a transaction involving registered land. This can be following a change of land ownership, for example.
Late Charge: A fee imposed by a lender for a late payment on a loan.
Late Payment: A loan payment received by a lender after the due date has passed.
Leasehold: Land on which a property is built that is not owned by the property purchaser and is held under a lease for a fixed time period.
Legal Charge: The legal documentation recorded at the land registry that is used by a lender to enforce their right to a property. There are various types of legal charge. A primary mortgage will normally be secured by a first charge.
Legal Mortgage Fee: Fee charged by the solicitors acting for the lender in creating the legal charge over the property.
Lender: A financial provider that offers mortgage and other loan products.
Lender’s Arrangement Fee: Fee for arranging a loan passed on by the lender to the borrower.
Lessee: Individual to whom a lease is granted.
Lessor: An individual or company that grants a lease.
Liabilities: Debts and outgoing payments that a borrower is legally responsible to pay.
Life Company: A life assurance company.
Life Insurance: A policy payable upon the death of the insured.
Loan: The amount to be borrowed.
Loan Authority Search Fee: Fee payable for the local authority search.
Loan Consolidation: A single loan taken out to payoff two or more smaller loans.
Loan Illustration: Example of the total monthly cost of a mortgage. It includes the other expenses associated with the loan such as set-up costs.
Loan To Value (LTV): The ratio of the loan amount to the property value. For example, if a borrower applies for a loan of £150,000 on a property worth £300,000, it has a 50% LTV rate.
Local Authority Search: A search of local authority records to verify the status of a property. Local authority searches are undertaken to reveal any proposed changes in the area, the details of the planning permission for the property and whether any enforcement notices have been served by the local authority.
Loyalty Bonus: A concessionary bonus (for example, of a temporary reduction in interest) payable for maintaining an account with a financial provider for a period of years.