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Land Certificate: a certificate issued by the Land Registry as proof of ownership.

Land Registry: a Government department where details of properties with a registered title are recorded along with any charges e.g. mortgages.

Lease: ownership of property by way of a leasehold interest for a fixed term, usually with an annual ground rent.

Leasehold: ownership of land (normally for a fixed period – 99 years 999 years etc) subject to an annual payment of a ground rent to the owner of the freehold.

Lien: the legal right of one person to hold the property of another as security for a debt.

Lender’s Arrangement Fees: this is an amount charged by the lender to the borrower for the arrangement of a loan.

Lender’s Legal Fees: these are the legal fees that the lender is required to pay when arranging a mortgage. The cost of the fees is passed on to the buyer of the property.

Lessor: the person / company who grants a lease – the landlord.

Listed Building: this describes a property that has been included on a statutory list of buildings of special architectural or historic interest. Such buildings cannot be altered or demolished without (local) government consent.

Loan to Value (LTV): this is the amount of an outstanding mortgage expressed as a percentage of the property’s value.

Local Authority Search: this is the procedure whereby a conveyancer approaches the local authority to ascertain whether there are any outstanding enforcement or future development issues which have the potential to affect a property or its surrounding area.