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Legal Expenses Insurance

insurance to cover legal expenses often purchased or supplied in conjunction with motor or household insurance or which may be purchased after the event to specifically cover legal expenses in a particular claim

Letter of Claim

one of the initial mandatory steps within the Pre -Action Protocols

Legal aid

limited facility for the fees and expenses of counsel and solicitors retained by those of modest means paid from a fund administered by the Legal Services Commission

Limitation period

the period of time available to a Claimant to bring an action against a Defendant.

Litigation

contesting an issue at law through Court proceedings

Litigation Friend

the person who conducts the claim on behalf of a Minor or other person who lacks the mental capacity to conduct the claim themselves

LPA Receiver (Law of Property Act 1925 receiver)

a person appointed to take charge of a mortgaged property by a lender whose loan is in default, usually with a view to sale or to collect rental income for the lender

Lien

right to retain possession of assets or documents until full settlement of a debt

Liquidation

the procedure whereby the assets of a company are gathered in and realised, the liabilities met and surplus, if any, distributed to members

Liquidation Committee

a committee of creditors who receive information from the liquidator and sanction some of his actions

Liquidator

the person appointed to deal with the assets and liabilities of the company or partnership once the resolution to wind up has been passed or a compulsory winding up order has been made

Legacy

a gift left in a will (also see pecuniary legacy)

Life interest

the right to enjoy for life (or until a specified time period has elapsed or an event has occurred) an asset which will eventually revert to the original estate on the expiry of the term

Land Registry

a government department 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

Leasehold

the right to occupy a portion of a building for a given length of time

Landlord/Lessor

the party letting the property

Lessee/Tenant

a party to whom a property has been let.

Lessee/Leaseholder

the person to whom a lease is granted

Lessor/Landlord

the person who grants a lease

Local Search

a search carried out at the local authority to check whether there have been any notices registered affecting the use of the property

Legitimate interests

an employers right to have certain interests protected by law

Lump sum

payment of a capital sum of money

Licence

a legal agreement granting a person (the licensee) permission to use something for certain purposes or under certain conditions

Letter of consent

letter from one party consenting to the use or registration of another partys trade mark

Libel

the publication or broadcast of an untruth about a person that will harm their reputation by fostering the ridicule, hatred, scorn or contempt of others. Libel is distinguished from slander, which is oral defamation (see defamation)

License

agreement granting a person (the licensee) permission to use a work for certain purposes or under certain conditions

LPA

Lasting Power of Attorney

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