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Leasehold

A form of land tenure where a person has rights over a piece of land for a specific period. Most residential leases have long terms and are usually set initially at 99 years or 999 years.

Licenced conveyancer


An alternative to using a solicitor. They specialise in property ownership transfer.

Life assurance


A policy taken out by most borrowers to help repay the outstanding mortgage debt in the event of death.

LTV


Loan To Value. This refers to the size of the mortgage in relation to the value of the property. For instance a mortgage of £75,000 on a property of £100,000 value is said to be 75% LTV.



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