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Legal Definitions by Ford Banks Irwin Solicitors - The Property Lawyers in Manchester

Please note: Not to be used or relied upon without legal advice. These notes are for illustrative purposes ONLY

Land Certificate  (see also Title Information Document)

A document issued to Property Law Solicitors and Conveyancers providing evidence of the Ownership and Title to Property or an interest therein such as a ground rent.   


Lease

An Agreement between the Landlord and Tenant where the Landlord grants the Property to the Tenant for an agreed period in return for rent and a capital sum.  Commercial Property Law Solicitors and Lawyers prepare Leases and will go through all the options and clauses that are suitable for the Property and the Landlord and Tenant. 

Letter of Credit

A Commercial Agreement used by Commercial Law Solicitors and Lawyers that guarantees payment on production of certain documents. The Customer's Bank agrees to pay the Seller / Supplier on production of say a receipt / bill of lading or some other document.  Compare this to a post dated cheque issued by the Bank and not issued by the Customer.  A useful tool for Business clients to guarantee cash flow.   



Letters of Administration (see also Grant of Probate)

When someone dies without making a valid Will they are said to have died intestate.  The family then need to consider using a Solicitor. Probate Law Solicitors and Lawyers will apply to the Court for Letters of Administration which then gives the Administrators the legal authority to distribute the Estate of the deceased. 

Licence  

Land Law Solicitors and Lawyers use Licence documents to give clients control and protection over people who use their Property.  The Solicitor will discuss the options available and clauses that may be included in the Licence. 

Limited Liability Partnership (LLP)

A Legal Business Entity . . . this is a business structure which is similar to a Limited Company and Partnership.  You should liaise with your Accountant and Solicitor to find the best business model / structure for your business.    

Listed Building

The Listed Building is of historic or architectural benefit to the Area. These are Buildings which cannot be altered without the consent of the local Planning Authority.  The Solicitor and Conveyancer will be able to explain the implications of buying a Listed Building.  You may also find a Tree Preservation order nearby.    

Litigation Friend (also known as Next Friend)

See also Guardian ad Litem. In Litigation the Claimant may have a mental disorder or may be under age.  The Claimant can still issue Court Proceedings by using a Litigation Friend.  The Litigation Solicitor and Lawyer will explain the obligations imposed on the Litigation Friend.        

Lock-out Agreement

This is an Agreement between the Seller and proposed Buyer of a Property where the Buyer pays the Seller money to take the Property off the market for a fixed period to allow the Buyer to arrange his survey, mortgage and Exchange of Contracts.  This is an ideal way to avoid Gazumping or Gazundering although to enforce the Agreement you may need to issue Court Proceedings.  Property Law Solicitors and Conveyancers will be able to explain to you the full implications and use of Lock-out Agreements.