Jargon Reference Guide



 

Land Registry Fee


Paid to the Land Registry to register ownership of a property.

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 specific length of time, after which point ownership may revert to the freeholder or superior leaseholder.

Leasehold


Denotes that ownership of a property is by way of a lease.

Lender's Arrangement Fees


Charges passed on to the buyer by the lender for arranging a loan.

Lender's Legal Fees


The fees incurred by the lender when arranging a mortgage. These costs are passed on to the buyer.

Listed building


A building listed as being of special architectural or historic interest, which cannot be demolished or altered without local government consent.

Loan To Value (LTV)


The size of a mortgage quantified as a percentage of the property's value.

Local Authority Search


A procedure whereby a buyer's solicitor makes an enquiry to the local council regarding any outstanding enforcement or future development issues which might affect a property or immediate area surrounding a property.