Glossary
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| Land Registry | Land Registry is a government department responsible to the Lord Chancellor. It is responsible for keeping and maintaining the Land Register of England and Wales. The department registers title to land in England and Wales and records dealings, such as sales and mortgages, with registered land. Searches will be requested from the Land Registry by conveyancers as part of any property transaction. |
| Leasehold | The right to occupy a portion of a building for a given length of time. Leaseholds generally occurs in buildings that comprise more than one unit. |
| Leases | Leases can appropriately be classified into finance leases and operating leases. The distinction between a finance lease and an operating lease will usually be evident from the terms of the contract between the lessor and the lessee.
An operating lease involves the lessee paying a rental for the hire of an asset for a period of time which is normally substantially less than its useful economic life. The lessor retains most of the risks and rewards of ownership of an asset in the case of an operating lease and this category would apply to most property rental situations. (see Rent).
A finance lease usually involves payment by a lessee to a lessor of the full cost of the asset together with a return on the finance provided by the lessor. The lessee has substantially all the risks and rewards associated with the ownership of the asset, other than the legal title. |
| Lessee | A party to whom a property has been let. |
| Lessor | The party letting the property (ie the landlord). |
| Local authority | Public body responsible for calculating business rates bills, issuing them and collecting payments. Also referred to as billing authority, local council. |
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