Property Jargon Part 4
Have you been brushing up on your property jargon? We’re continuing our property jargon series this week with letters J – L.
- Joint and Several Liability – Joint and several means more than one person takes responsibility to abide by the obligations of the tenancy agreement.
- Joint Tenants – This is when a property is purchased by two people, usually a married couple. This is incase one of the owners die, then their share will automatically pass to the survivor.
There are currently no property terms beginning with K.
- Land Certificate – A document that is issued by the Land Registry, certifying the proof of ownership.
- Landlord – A person who has the right to let a property
- Lien – This is the legal right to continue possession of a property that belongs to someone else, until an owed debt has been repaid
- Loan to Value (LTV) – This is the ratio of the value of your mortgage to the value of your house, expressed as a percentage.
- Listed Building – A listed building is usually a building of historic interest and may have certain restrictions concerning what the building can be used for, repairs and maintenance.
- Liquidated Damages – This is the agreed sum of money that has to be paid as compensation for a breach of contract.
You may have noticed that there are no property terms beginning with K. Do you know of any? Let us know in the comments below and we’ll add it to this list!
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