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Lease
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A document by which a landlord
grants a tenant the right to occupy property for a fixed period, usually in return
for a capital sum or payment of rent.
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Leasehold Property
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Property held under a lease.
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Legal Executive
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Qualified and regulated legal
advisers who specialise in a particular area of law, particularly conveyancing.
Legal executives are employed in lawyers’ practices and cannot practise
independently of lawyers.
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Lessee
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The tenant granted a lease.
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Lessor
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The landlord who grants a lease.
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Licensed Conveyancer
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A person who holds a licence
from the Council of Licensed Conveyancers entitling him to provide conveyancing
services.
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Life Assured
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The person whose life is
insured under a life insurance policy.
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Limited Title Guarantee
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A seller of land who uses
these words will be confirming that, among other things, he has the power to sell
the property, but the covenant that the property is free from charges, incumbrances
and third party rights is not as extensive as that given by someone who is purchasing
with the benefit of full title guarantee.
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Local Search Delay Insurance
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An insurance policy which
enables exchange of contracts, completion or remortgage to occur without a local
search result. The policy provides an indemnity against losses that arise due to
an unknown adverse entry found to be registered before the date of inception of the
policy.
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Local Search Validation Insurance
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An insurance policy which
enables exchange of contracts, completion or remortgage using an existing local
search result which is not more that 6 months old at the date of completion and
which has not been used on a previously completed sale. The policy provides an
indemnity against any unknown adverse entry registered between the date of the
existing local search result and the date of exchange of contracts.
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