Land Registry 

The public body that records land ownership in England and Wales. The registry also records the sale of land and charges (or loans) against all registered land. 

Late Fees

Late fees are charges that may be added to your account if you make a payment after the date you originally agreed.

Lease

A contract granting use or occupation of property during a specified period in exchange for a specified rent. 

Leasehold

The right to an estate or interest held under a lease 

Legal Charge

A form of security (such as a mortgage) to ensure payment of a debt 

Lender Forbearance 

Where a creditor is willing to treat a debtor with leniency and consider alternatives to enforcing terms of the contract 

Level Term Assurance

Level term assurance is a type of life insurance. If you die within the term it pays out a lump sum. The amount you will be paid remains the same throughout the whole term.

Levy

The power to levy is what lets bailiffs seize & sell goods.

Liability

Liability is when you’re responsible for paying something. For example, making repayments on a credit agreement, utility bill or tenancy agreement.

Liability Order

An order made in the Magistrate Court for non-payment of council tax that enables the council to legally enforce the debt, such as using bailiffs (now called enforcement agents).

Liable

Legally responsible for 

Life Cover

Life cover is a type of insurance. It pays out a lump sum if you die during the term of the policy.

Liquidation

Also known as 'winding up'. The liquidation of an insolvent business involves the selling off of assets in order to pay remaining debts.