| LTV |
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| Loan to value in reference to a mortgage or other borrowings. |
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| Title deed |
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| A deed or document proving a legal right to land or property. |
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| Land registry fee |
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This is the fee paid to the Land Registry to record a change in the records following a transaction involving land registered with them. The change is usually notified to them by the borrower?s solicitor. |
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| Leasehold (England only) |
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If a property has a tenure which is Leasehold then the land is not owned by the property purchaser, and is only leased to them for a certain fixed period. |
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| Lender |
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The organisation offering the mortgage loan. |
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| Loan consolidation |
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See Debt Consolidation. |
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| Local authority search |
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This is carried out by the purchaser?s solicitor to check the status of the property. This search reveals whether any proposed changes in the area are taking place, details of planning permission for the property and whether enforcement notices have been served by the Local Authority on the property. |
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| Local authority search fee |
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This is the fee payable to the Local Authority for the search. |
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| Low cost endowment |
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This is the most usual form of endowment used to repay a mortgage. It provides life cover which would pay off the mortgage if the policy holder dies. As long as the investment assumptions are met the endowment should provide a lump sum sufficient to repay the mortgage at the end of the term. If the assumptions are not met then there will be a shortfall ? as many policy holders have discovered after the bear market in the early years of the new millennium. |
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| Low start low cost endowment |
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Also known as Low Start. This is a low cost endowment where the premiums are lower to start with and build up gradually, usually over the first five years. As the premiums are initially lower the total paid over the term is greater than a low cost endowment to make up for the loss of growth. |
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| Legal Completion |
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| This refers to the time at which the legal ownership of the property changes hands. This date will usually be agreed upon at exchange of contracts. This will also be the date at which the mortgage becomes effective (sometimes the mortgage completion date may be a couple of days before this to ensure that the solicitor has funds on the due day). |
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| Libor |
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London Inter Bank Offered Rate, the rate of interest offered on deposits with commercial banks operating in the London market. |
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| LIBOR Linked Rate |
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LIBOR is the London Inter Bank Offered Rate and is the rate at which banks lend money to each other. LIBOR changes daily and a LIBOR linked mortgage will normally be adjusted every three months. LIBOR linked rates are usually quoted as X% above LIBOR. |
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