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Abacus-money Jargon

L

Land Registration

The process of registering your title to an area of land with the Land Registry, typically handled by a solicitor.

Leasehold

This is where you own the property for a number of years and then it reverts to the freeholder.

Legal Charge

A document held by the Land Registry detailing who had first claim on your property. Typically the owner will have first claim.

Level Term Assurance

A life insurance policy that pays out a lump sum should the borrower die during the term of a mortgage. Level term refers to the fact that this sum will remain constant throughout the term of the mortgage.

Licenced Conveyancer

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

Life Assurance

An insurance policy taken out by most borrowers to, at least, repay the outstanding mortgage debt should they die. It means their dependants/relatives/partner/ spouse can now inherit the property with no mortgage on it.

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.