GLOSSARY - J
Joint Tenants |
This refers to two or more people whom own the property as co-owners. |
GLOSSARY - L
Leasehold |
The property is owned not the land it stands on. |
Lender's Administration Charge |
Fee charged by the lender to cover the administration expenses. |
LIBOR Rate |
London Inter Bank Offer Rate is the interest rate at which banks lend to each other. |
Licensed Conveyancer |
Firms involved in buying and selling of houses as an alternative to using a solicitor. |
Land Registry |
A government department liable for updating and maintaining the register of all properties with registered titles in England & Wales. |
Land Registry Fee |
The fee paid to the Land Registry following a transaction to amend in the records involving land registered with them. |
Landlord's Reference |
A reference from a borrower's previous landlord stating if the rent payment record and general conduct would be a suitable lending risk for a lender. |
Large Town Allowance |
A part of payment to an employee because of extra expense earned from working in a more costly area of the country. |
Libor-linked mortgage |
A mortgage in which the interest rate is linked to the London Inter-Bank Offered Rate. |
Loan to Value (LTV) |
Loan To Value refers to the sum of a mortgage as a percentage of the value of purchase price of an asset. |
Local search |
Part of the home buying process that is taken care by the person who handles conveyancing. |
Low Start Mortgages |
An offer promising a discount off the prevailing variable rate of interest. |