L
LAND CERTIFICATE
An official certificate issued by the land registry where a property is registered
detailing the ownership and interest 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
interest registered against the property.
LAND REGISTRY
A central body that retains records of who owns the land, and under what conditions.
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 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.
LEASEHOLDER
See
Lessee
LEGAL CHARGE
See
Mortgage
LEGAL TRANSFER
This is the document which actually transfers the legal title to the property from
one person to another and is signed shortly before completion.
LENDER
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 whose interest is subject to the
lessees right of occupation until the lease term has come to an end.
LESSOR
This 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.
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).
LOCAL AUTHORITY SEARCH
This represents a list of questions about the property which are sent to the local
authority. It covers item such as, whether the road serving the property should
be maintained by the council, whether there have been any planning applications
on the property, and a number of other things.