A lease is a contract between the leaseholder and the landlord giving a legal interest in the property for a fixed period of time, usually in return for rent.
Leasehold ownership is simply a long tenancy, the right to occupy and use the property (often a flat) for a long period. This will usually be for 99 or 125 years and the property can be bought and sold during that term. The term is fixed at the beginning and decreases year by year.
A Government department that records registered land in the UK (or ownership), along with details of that land such as mortgages or sales.
This provides 24 hour access to personal legal advice over the phone and cover for legal costs up to £50,000 for help with employment disputes, property disputes, personal injury claims, contractual disputes, motoring prosecutions and tax protection. You also have cover for the irrecoverable loss of your salary or wages if you attend jury service.
Legal Costs (mortgage)
There will be legal costs involved in the purchase or remortgage of a property. For more information on these, please speak with your solicitor or us.
Someone who has a financial interest in your property such as a mortgage provider.
Legal tender varies by country – it is the money recognised in that country as valid tender/currency to buy goods and services. In the UK, the legal tender is Pound Sterling.
Lending Into Retirement
When the mortgage term exceeds beyond the customers retirement age.
These are the debts you owe to creditors, which may include your mortgage, car loan, credit card debt, etc.
Also known as life insurance, it is a type of insurance that will pay an amount to your estate when you die. This can be arranged to pay out a set lump sum or a decreasing amount that reduces in line with a mortgage.
Lifetime Allowance also Standard Lifetime Allowance
A limit set by HM Revenue & Customs on the combined value of all pension schemes held by an individual upon the realisation of pension benefits (before a tax charge applies).
Lifetime Annuity and Annuity
An annuity is bought with the fund built up in a money purchase pension scheme, and is a product that guarantees an income for life.
Loan to Value (LTV)
The loan to value represents the amount you are looking to borrow (or the remaining amount of your existing mortgage) as a percentage of the value of the property. For example, if a property is valued at £100,000 and you have a £80,000 loan, the LTV is 80% (80,000/100,000 x 100 = 80%).