Jargon Buster

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Glossaries

Term Definition
Land Registry
Official registry of property titles. The world's largest property database, listing
Landlord
Person, group or company that has the right to let that property to a tenant (person or business).
Landlord Accreditation
A growing number of local authorities are introducing voluntary private landlord accreditation schemes, as are universities for student lets, and landlord associations.

Generally landlords who belong agree to adhere to given standards in return for being able to say they are accredited
Landlord Insurance
Building and Contents insurance that is specific to the rental of property by a landlord rather than for normal residential living.
Landlord's Energy Saving Allowance
Tax allowance originally introduced for Individual Landlords in April 2004 and which now covers loft insulation, cavity wall insulation, solid wall insulation, draught proofing, hot water system insulation, and floor insulation.

The allowance was extended to Corporate landlords in 2008.
Lease
A document which defined the agreement between an owner and tenants. It lists all the conditions which the leaseholder must abide by and also what the Landlord responsibilities are.
Lease Option
A lease and an Option combines. The option provides the opportunity but not the obligation to buy a property or piece of land within a certain time. A down payment is required but maybe as low as
Leasehold
This is normally described as ownership of Land/property for a fixed period of time. This ownership is subject to the annual payment of ground rent to the owner of the freeholder.
Legal Fees
Fees charged by a solicitor or other qualified individual to carry out the legal work associated with buying a house.
Lender
Company or person who lends you money for a agreed time period. There will normally be interest charged and they will expect their money back within this period plus the interest.
Let To Buy
Obtaining a mortgage to purchase a new property to move into, whilst a previous property is let out to tenants. Retains original property as an investment with mortgage paid by tenant.
Leverage
To use a small amount of money to control a large amount of money/asset. In the UK this is normally referred to as Gearing.
Libor
The London Inter Bank Offered Rate: the rate at which banks lend money to each other. LIBOR changes daily and a LIBOR linked mortgage will normally be adjusted every three months
Licence to Occupy
A shorter and more simple type of tenancy agreement that a standard commercial lease.

This type of tenancy does not create an interest in the property and so the tenant will have to accept that the Landlord can themselves enter the property at any time. The terms could also be extended to allow the landlord to occupy the property at the same time.
Lien
A charge against income or a property making it security for the payment of debt.