Definitions - L

Land Certificate
An official certificate issued by the land registry where a property is registered detailing the ownership and interests in the property where there is no legal charge.
Land Charges Search
A search at the land charges registry to see if a person has any bankruptcy proceedings pending or if the property is unregistered to see if there are any mortgages or interests registered against the property.
Land Registry
A government organisation maintaining a register of properties and their ownership in England and Wales.
Land Registry Fee
The fee payable to the Land Registry to register any change affecting the property including a change of ownership.
Land Registry Search
A search at the land registry to check that no undisclosed charges or interests are registered against the property.
Landlord
See Lessor
Lease
Where a property is leasehold this is the document giving the lessee the rights to possession of the property for the lease term and setting out all the rights and obligations.
Leasehold
Where the ownership of property is for a limited period only. For example 99 years or sometimes 2000 years. Possession of the property will be subject to the payment of an annual ground rent.
Leasehold Property
The owner of a leasehold property owns the property for a term of years, for example 99 years or 999 years. The purchase does not own the land where the property is built and once the term of the Lease expires then the property will revert back to the ownership of the freeholder (Landlord).
Leaseholder
See Lessee
Legal Charge
See Mortgage
Lendor
See Mortgagee
Lessee
Where a property is leasehold the lessee means the current owner of the leasehold property as opposed to the freeholder or landlord whos interest is subject to the lessees right of occupation until the lease term has come to an end.
Lessor
The person granting the Lease (or sometimes a Sublease). This usually means the landlord or freeholder who owns the freehold title and is entitled to the ground rent under the lease and possession of the property at the end of the lease term (not applicable for Subleases).
Licensed Conveyancer
A qualified property lawyer who holds a license granted by the CLC.
Limited Title Guarantee
This is the title guarantee given by a seller where because of their limited knowledge of the property the full title guarantee cannot be given (e.g. a personal representative of a deceased owner or a mortgagee in possession).
Listed Buildings
Listed Buildings are protected by the Local Authority. Properties that are listed are subject to planning restrictions.
Local Search
A search carried out at the local authority to check whether there have been any notices registered affecting the use of the property or any proposals for the neighbourhood which may directly affect the property.