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Land Registry Fee

This is a fee charged by the Land Registry to record a change in the registered title of Registered Land. The change will normally be notified to the Land Registry by the solicitor acting in the house purchase (or remortgage) and as such the Land Registry fee will normally be payable to the solicitor and accounted for in his final account.

Leasehold

This means you own a property rather than rent the property for a set number of years. When the lease expires, the property returns to the freeholder. Shops and business premises and flats are commonly sold on a leasehold basis.

Legal Completion

This refers to the time at which the legal ownership of the property changes hands. This date will usually be agreed upon at exchange of contracts. This will also be the date at which the mortgage becomes effective (sometimes the mortgage completion date may be a couple of days before this to ensure that the solicitor has funds on the due day).

LIBOR Linked Rate

LIBOR is the London Inter Bank Offered Rate and is 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. LIBOR linked rates are usually quoted as X% above LIBOR. (Similar to Tracker Mortgages).

Local Authority Searches

Your conveyancer, usually a solicitor, carries out when you buy a property the Conveyancing process. This search is based on assessing how your local council's plans or services may affect the property. Such as proposed road improvements, and details of any planning permission given for the property or any nearby property.

Loan Consolidation

Also referred to as debt consolidation, this simply represents the policy of borrowing on mortgage in order to repay other loans or debts. This can be achieved as part of a UK remortgage.

Loan to Value - LTV

LTV is the term is used to describe the Loan to Value. The size of the mortgage you require compared to the value of the property. A £80,000 mortgage on a house valued at £92,000 would mean a LTV of 85%. You would then require a 15% deposit.