L

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

Leasehold

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

Lender’s arrangement fees

Charge 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

One officially 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 the mortgage as a percentage of the property’s value.

Local authority search

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