Build up your knowledge by using our
mortgage glossary, here to help you
understand the sometimes confusing terms
used to describe mortgages and other
financial related products. We have
laid out our glossary in an easy to use A-Z
Format. If you have any additions you would
like to see, please feel free to contact us
with your ideas. If you are looking for
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| land registry fee |
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A fee paid to H.M. Land Registry to register changes to the title, e.g. new ownership.
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| landlord |
| A property owner who rents it to another party called a tenant. |
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| lease |
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A contract with rights and obligations between freeholders and tenant. The freeholder grants the tenant a leasehold interest in the land.
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| lease assignment |
| An agreement between the commercial property owner and the lender that assigns lease payments directly to the lender.
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| leasehold |
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A right to exclusive possession of land for a fixed term of years, where the freehold is owned by a third party. In Scotland this is usually known as Fuedhold.
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| lender |
| A person or company that offers to lend money to a borrower for a given period of time. The borrower is obliged to repay the loan either by instalments or single payment together with specified intere (More) |
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| lessee |
| Tenant in a building |
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| lessor |
| A person who grants a lease, known as a landlord. |
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| libor (london interbank offered rate) |
| London Interbank Offered Rate. This is the interest rate that London banks charge when lending to one another in order to manage their balance sheets. The LIBOR is the equivalent of the American Feder (More) |
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| lien |
| The right of an individual to retain possession of the goods of another until the latter fulfils his/her obligations such as the payment of an outstanding debt. |
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| loan |
| An advance of money from a lender to a borrower over a period of time. The borrower is obliged to repay the loan either at intervals during or at the end of the loan period together with interest. |
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| loan capital |
| That part of a company's capital structure which is raised by loans. Such loans (typically debentures) are usually over a stated period of time and pay fixed interest to the person making the loan. At (More) |
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| loan processing fee |
| The fee charged by a lender, to prepare all the documents associated with your mortgage.
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| loan to value (ltv) |
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Expressed as a percentage, the Loan to Value is the percentage of the value of the property which the borrower is looking to borrow.
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| local authority search |
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A search made by the purchaser's solicitor at the local authority for the area in which the property is situated. This search would reveal detail such as the maintenance responsibility of roads an (More) |
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