Leasehold Definitions - Jargon Buster

25 definitions for letter L:

Land Registry fee

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

Landlord

The property's Head Lessor or freeholder is the Landlord.

Lands Tribunal

The Tribunal is a court of law, and appeal from its decisions lies to the Court of Appeal. Cases are usually heard by a single Member, but they may sometimes be heard by two Members (where substantial issues of both law and valuation arise, a lawyer and a valuer) or, in exceptional cases, by three members. The Tribunal has its own hearing rooms in London, at Ludgate Hill, but it sits wherever in the country the proper disposal of the case requires. Decisions are given in writing.

Lease

A legal document by which the freehold or leasehold owner of a property lets the premises to another party for a specific length of time, after which point it may revert to the freeholder or superior leaseholder.

Leasehold

Leaseholds show that the ownership of a property is by determined in a lease.

Leasehold Property

A property governed by a Lease.

Leasehold Reform, Housing and Urban Development Act 1993

This Act of Parliament allows those Lessees who meet the necessary qualification criteria to acquire an extension to their lease.

Leasehold Valuation Tribunal

The Leasehold Valuation Tribunal ("LVT") is the formal name given to the body appointed to make decisions on various types of dispute relating to residential leasehold property. The LVT is an independent decision making body which is completely unconnected to the parties or any other public agency. The Tribunal will look at the matter of the Leasehold Dispute for the property following an application to the Tribunal.

Leaseholder

A lessee is a person who holds a lease (i.e. the tenant).

Lender's arrangement fees

The Lender's fees to the Buyer for arranging a loan are known as their arrangement fees.

Lender's legal fees

The Lender's legal fees for arranging a mortgage are borne by the buyer.

Lessee

A lessee is a person who holds a lease (i.e. the tenant).

Lessor

A person who grants the lease (i.e. the landlord).

Lintel

A horizontal beam above a door or window opening, used to support the brickwork above. These could be made of either timber, concrete or steel.

Lintel, lintol

A small beam over a door or window head, usually a carrying wall load alone.

Listed building

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

Loan Offer

A Loan offer is the Lender's formal approval of the Buyer's request for a mortgage. It notes all the applicable terms and conditions.

Loan to value (LTV)

LTV show the mortgage loan as a percentage of the property's value.

Local authority search

A search made at the local council office by a buyer's solicitor to check whether or not the property is affected by such matters as any outstanding enforcement or future development issues which might affect the property, or the immediate surrounding area.

Long Lease

A long Lease is a Lease granted for more than 21 years to a property.

Landlord's Gas Safety Certificate

A certificate that every person who lets a property under a tenancy which does not infer rights of maintenance and repair on the tenant (usually a tenancy as opposed to a lease) must have carried out annually. Such certificate must be carried out by Corgi registered gas fitter and must be provided to the tenant if requested.

Lease assignment

A transfer of a lease, ie, to convey a lease from the assignor (person currently holding the lease) to the assignee (person who wants to buy the lease

Leasehold Valuation Tribunal (LVT)

A tribunal that has due restriction over matters such as reasonableness and recoverability of service charges, premiums for statutory lease extensions and freehold enfranchisement

Listed Buildings

A listed building is a building, object or structure that has been judged to be of national historical or architectural interest. It is included on a register called the Statutory List of Buildings of Architectural or Historic Interest, drawn up by the Department of Culture, Media and Sport (DCMS): www.culture.gov.uk Department of Culture, Media and Sport.

Lawful Development

How do I obtain a legal document confirming that planning permission is not required?
If you think that planning permission is not required you can make an application for a lawful development certificate. Applications may relate to:

• existing or proposed uses of a building
• building works you are about to carry out
• building works that have already been carried out

It is your responsibility to supply us with all the information that will show that permission is not required.
We can agree or refuse an application for a lawful development certificate. There is a right of appeal against a refusal of a certificate.