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Land Registry: This is a government authority which registers the transfer of all property in England, Wales and Northern Ireland. Every transfer must be forwarded to the Land Registry after completion. Once the registration has been completed the Land registry will issue a Land Certificate or a Charge Certificate depending on whether there is a mortgage involved. If there is a mortgage this Charge Certificate will be sent to the lender for them to keep, but if there is no mortgage then the Land Certificate can be forwarded to the buyer for them to keep.
Law Society: The professional body that governs solicitors.
Lease: This is one of two legal estates created by the Law of Property Act 1925. The lessor grants the lease to the Lessee for a specified period of time (e.g. weekly, 10 years, 999 years). The lessee is granted exclusive possession, subject to the terms of the lease.
Legal Executive: A person who has become a Fellow of the Institute of Legal Executives, having passed membership examinations, and having a required number of years of qualifying employment.
Lessee: Tenant.
Lessor: Landlord.
Licence: There are different types of licences, but basically this is a consent or permission to enter land (e.g. a theatre ticket). Superficially, a licence may sometimes appear similar to a lease: the distinction between the two is of crucial importance because whereas lessess often qualify for statutory protection in the form of security of tenure and perhaps rent control, al licensee has no such protection.
Licensed Conveyancers: Those authorised by the Council of Licensed Conveyancers to practice conveyancing.
Lien: A right which one person may possess over the property of another to secure payment. For example, if a seller of land is not paid in full, he has a lien over the land in respect of amount due.
Local Authority Search: This is a list of questions which the buyer’s lawyer will send to the Local Authority where the property is situated. It covers such matters, as whether the road is adopted, what planning and building regulation consents exist, whether there are any orders or regulations which affect the property. This could help identify if a road is about to be build near the property. You will always be informed of any items revealed in the search which may affect the future value of your property.
