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JARGON BUSTER

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Land Registry

The Land Registry is the State institution responsible for maintaining and updating the register of all properties in Ireland with registered titles. A solicitor registers the buyer as the new owner of the property, which can cost between €100 and €850.

Leasehold

A leasehold title is a right of possession, but not ownership, of a property under the terms of a lease, for an agreed period of time, with the payment of rent.

Letter of Offer

When a mortgage application is approved the buyer will receive a formal loan offer that sets out the conditions of the loan. The solicitor will receive a copy of the Letter of Offer with a request to proceed to the legal formalities.

Lien

A legal claim against an asset which is used to secure a loan and which must be paid when the property is sold. This is generally cash deposits offered.

Listed Building

This is a building that has specific architectural or historic interest which in general has a lot stricter planning criteria for alterations than a non-listed building.

Letter of Indemnity (LOI)

In order to clear the funds for a mortgage your lending institute will require evidence that your home is insured, this is known as a letter of indemnity.

Letter of Serviceability (LOS)

An institution will lend funds to a self employed applicant on the basis of a letter of serviceability completed by their accountant. A letter of serviceability basically states that the borrower can afford to repay amount he wishes to borrow over the term requested.

Loan to Value (LTV)

This expresses the mortgage as a percentage of the value of the property.


WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY LOANS SECURED ON IT.