Property investment glossary

Land and Buildings Transactions Tax (LBTT)


Land and Buildings Transaction Tax (LBTT) replaced UK Stamp Duty Land Tax (SDLT) in Scotland from 1 April 2015. LBTT is a tax applied to residential and commercial land and buildings transactions (including commercial purchases and commercial leases) where a chargeable interest is acquired.Revenue Scotland will administer LBTT with support from Registers of Scotland (RoS).

Landlord


The legal owner of a buy-to-let property that is then let out for tenant occupation.

Lease


The length of time a tenant occupies their rental accommodation, after which time the lease reverts back to the owner. The length of a rental lease is usually agreed between the tenant and landlord in the form of a signed contract at the start of a tenancy.

Leasehold


The act of purchasing lease on a property from the freeholder, whereby the leaseholder will pay a designated annual ground rent to retain ownership of said property.

Licensed Conveyancer


A specialist property lawyer regulated by the Council for Licensed Conveyancers (CLC).

Lifetime Allowance


Although you can save any amount into your pension, there is a limit to the amount of pension savings on which you can receive tax relief over your lifetime. The lifetime allowance (LTA) is currently set at £1.25million and £40,000 per year.

Listed Building


A building or structure on the “Statutory List of Buildings of Special Architectural or Historic Interest”, which are generally buildings of historical or architectural importance. Listed buildings are not allowed to be demolished or altered without permission from a local planning authority.

Loan to Value (LTV)


A lending risk assessment used by mortgage lenders to express the ratio of a loan to the value of a purchased asset.

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