Land bank.
A supply of potential development plots purchased and retained by builders, which allows them to trade and construct on a continuous basis by moving on to the next plot as completion occurs on the current one.

Land certificate.
A document issued by the Land Registry giving details of who owns the land. However, a land certificate should not be accepted as absolute proof of ownership as it may be out of date. 'Office copy entries' are accepted by solicitors to prove ownership.

Land-locked.
A plot of land with no independent route providing access onto it and no obvious means of creating one. Examples include surplus areas of an owner's private garden.

Land Registration Fee.
A fee paid to verify legal title and rights over the property and to register ownership of the property with the Land Registry.

Lath.
A long slender piece of economical timber.

Lath and plaster.
Old-fashioned method of plastering a wall or ceiling using slen- der timbers to construct a narrow gauge frame as a base for the wet plaster.

.Leaf.
The inner or outer wall of a cavity wall construction.

Leasehold.
Land ownership restricted to a number of years and with conditions written in a lease.

Legal charge.
This is the same as a mortgage.

Legal Completion.
This is the day the property becomes yours. For most transactions Legal Completion and Lender’s Completion are on the same day.

Lender's Completion.
This is the day funds are released by your lender to your solicitor. Interest is charged from this day. This may make your first months payment higher than normal.

Lessee.
A person who takes a lease (i.e. the tenant), and to whom the lease is granted.

Lessor.
A person who grants a lease (i.e. the landlord).

Level term assurance.
Life assurance that pays out a lump sum if you die during the term. The amount of cover stays the same throughout the term, which makes it suitable for interest-only loans where the amount you owe stays the same to the end of the mortgage period.

Licensed conveyancer.
People who specialise in the legal side of buying and selling property and who are an alternative to solicitors.

Lien.
The legal right of one person to hold the property of another as security for a debt.

Link detached.
A detached house with an attached garage that is itself attached to another adjoining building.

Line-boards.
Timber boards laid on the ground and used to mark out the widths and position of inner and outer walls and the foundations (setting-out), prior to excavating.

Lintel.
Horizontal section of timber, concrete or metal, installed to the top of a door- way or window opening, designed to support the structure above.

Listed Building.
A building must be at least 10 years old before it can be listed for architectural or historical reasons. Consent is required for any changes.

Loan to Value (LTV).
This is the size of the mortgage as a percentage of the value of the property.

Local search certificate.
An application made to the local authority for a certificate providing certain information about a property and the surrounding area.

Lock-out agreement.
The buyer has the opportunity to carry out essential checks and to secure funding, within a set period, without the threat of someone else purchasing the property.