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Mortgage glossary - L

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Mortgage terms defined on this page:



Land Registry

The HM Land Registry is the government department responsible for maintaining a register of properties in England and Wales.
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Land Registry Fee

A borrower normally pays the Land Registry fee to his or her solicitor, who passes it on. The fee is charged by the Land Registry to make a change to the registered title of registered land.
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Leasehold (England & Wales)

This is a tenure that means the rights of the property are owned by the buyer for a fixed period of time, rather than the indefinite ownership afforded by a freehold tenure. The freehold is held by a third party. It applies to most flats and maisonettes in England and Wales.
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Legal Completion

This is the time in the house buying process at which the legal ownership of the property changes hands. This date will usually be agreed upon at the previous stage - exchange of contracts.
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LIBOR Linked Mortgage

This mortgage type is linked to the London Inter-Bank Offered Rate (LIBOR), which is the rate at which banks lend to each other. A LIBOR-linked mortgage rate is usually adjusted every three months.
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Loan to Value (LTV)

This is a percentage that expresses the difference between the mortgage amount and the value of the property. For instance, a £70,000 mortgage on a £100,000 house is 70% LTV.
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Local search

This is part of the home buying process, and your solicitor will normally take care of it. A local search is an application to the local authority for information on the property – it will hopefully show that it is not affected by road building plans or planning permission for work to be carried out nearby.
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Low Start Mortgage

See Discounted Rate Mortgage
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THINK CAREFULLY BEFORE SECURING ANY DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.