Glossary

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There are currently 9 names in this directory beginning with the letter L.
Latent Defect
Latent Defect - Defect in a building that exists well after completion of a building project but has yet to become apparent. Defects could be in design, structural and/or materials used. Insurance can be taken out to protect against Latent Defects.

Lease Agreement
Lease Agreement - The legal lease document between the owner and the leaseholder, outlining the terms and conditions under which the leaseholder occupies the property.

Lessee
Lessee - The person or company who is signing/taking the lease.

Lessor
Lessor - The person or company who is offering the lease.

Licenses
Licenses - a simplified lease taken over a short period of time. A contractual right, falling short of what is recognised as a legal tenancy, to use or occupy property of another.

Loan note debt
Loan note debt - A financial instrument outlining the terms of a loan between and borrower and the lender. Also referred to as a debenture.

Loan Quantum
Loan Quantum - The amount that you borrow.

Long Leashold
Long Leasehold - There is no statutory definition. Normally a lease is in excess of 70 years.

LTV
Loan to Value (LTV) - The percentage of the amount of lending provided to the customer against the value of the property.