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Glossary
Glossary of 7847 Property Development Terms
L
L Cut - A piece of tile cut or shaped like the letter L.
L Shaped Angle - An L-shaped steel member.
L Shaped Steel - An L-shaped steel member.
Laboratory - A room or building equipped for physical or chemical testing, experimentation, or analysis.
Laboratory Cabinet - A case, box, or piece of furniture with sets of drawers or shelves, with doors, primarily used for storage, used in a place or area for scientific studies or commercial and institutional laboratories and testing facilities.
Laboratory Centrifugal - A laboratory apparatus using centrifugal force for separating substances of different densities, for removing moisture, or for simulating gravitational effects.
Laboratory Counter - A level surface in a laboratory where equipment is placed and kept and where work may be performed.
Laboratory Table - A surface on which laboratory materials and devices are kept and used.
Labour And Material Bond - A bond secured by the general contractor which guarantees that the costs for labour and materials for the project will be paid.
Labour And Materials Bond - A bond, secured by the general contractor, which guarantees that the costs for labour and materials for the project will be paid.
Labour Union - A trade union.
Lac - - A natural resin secreted by certain insects which live on the sap of trees in India and other Oriental countries.
- Marketed in various forms, such as seed lac, button lac, and shellac.
Laches - Undue delay in asserting ones legal rights, resulting in loss of the rights.
Lacunar - A ceiling made up of vaults or recessed panels.
Lacunaria - A recessed panel in a ceiling.
Ladder - A frame consisting of two parallel side pieces connected by rungs at suitable distances to form steps on which persons may climb up or down.
Ladder Bar - - A prefabricated reinforcement designed for embedment in the horizontal mortar joints of masonry.
- Parallel deformed side rods connected in a single plane, by cross wires, thus forming a ladder like design.
Ladder Cage - A, usually wall mounted, ladder that has, for safety, a surrounding structure to prevent the climber from falling off.
Ladder Fixed - A ladder which is permanently attached to a building.
Ladder Pool - A ladder used for climbing in and out of a swimming pool.
Ladder Rung - A horizontal round member used as a step on a ladder.
Ladder Step - A horizontal flat member used as a step on a ladder.
Lag - - Delay in response.
- A period of time between two specific events or functions.
Lag Rod - A large diameter rod with a square or hexagonal head.
Lag Screw - A large diameter wood screw with a square or hexagonal head.
Lag Screws - Large, heavy screws, used where great strength is required, as in heavy framing or when attaching ironwork to wood.
Laid Off Plastering - A method of plaster placement characterized by application in successive operations with no setting or drying time allowed between coats.
Laid On Plastering - A method of plaster placement characterized by application in successive operations with no setting or drying time allowed between coats.
Laitance - A layer of weak and nondurable material containing cement and fines from aggregates, brought by bleeding water to the top of overwet concrete, the amount of which is generally increased by overworking or overmanipulating concrete at the surface by improper finishing or by job traffic.
Lake Asphalt - - Asphalt occurring in nature which has been derived from petroleum by natural processes of evaporation of volatile fractions leaving the asphalt fractions.
- The native asphalt of most importance are found in the Trinidad and Bermudez Lake deposits.
- Asphalt from these sources is called Lake Asphalt.
Lake Pigment - Pigment made by putting an organic dye on a base of fine particles of inert or translucent pigment.
Lake Sand - Sand consisting predominantly of fine, rounded particles.
Lally Column - - A Tradename for a type of column.
- A hollow steel column.
- A column sometimes filled with concrete.
Lamella - A unit of a surface network of closely spaced uniform ribs or beams, usually arranged in two or three intersecting diagonal lines; curved vaults and domes have been built of wood, steel, and concrete lamellas.
Lamina - The layers of material in a laminate.
Laminar Scale - Rust formation in heavy layers.
Laminate - The product of bonding layers together as in beams or plywood.
Laminated Beam Glued - A structural beam composed of wood laminations or lams. The lams are pressure bonded with adhesives to attain a typical thickness of 1". (It looks like 5 or more 2 X 4's are glued together).
Laminated Glass - Two or more lights of glass permanently bonded together with one or more inter-layers.
Laminated Paper Base - A multilayer panel made by compressing sheets of resin impregnated paper together into a solid mass.
Laminated Plastic - - Sheet material manufactured of multiple layers of paper with top layer of plastic usually 1/16 inch (1.59 mm) thick with decorative finish.
- Laminate Plastic may be used in flat sheets or heat formed, bent, and adhered to single curved base material.
- Commonly referred to by the brand name of Formica.
Laminated Rubber - Several layers of rubber bonded together with adhesive under pressure.
Laminated Shingles - Shingles that have added dimensionality because of extra layers or tabs, giving a shake-like appearance. May also be called - architectural shingles or three-dimensional shingles.
Laminated Timber - An assembly made by bonding layers of veneer or lumber with an adhesive so that the grain of all laminations is essentially parallel.
Laminated Wallboard - Two or more layers of gypsum board held together with an adhesive.
Laminated Wood - A product made by bonding layers of veneer or lumber with an adhesive so that the grain of all layers is generally parallel.
Laminating - Bonding together two or more layers of materials.
Laminating Compound - A cementitious material, usually regular joint compound, used to adhere two or more layers of gypsumboard together.
Lamination - - The uniting of layers of material using adhesive.
- The application of two or more layers of gypsum board.
Lamp Steri - - Lamp with a high intensity ultraviolet ray used to kill bacteria.
- Used in food storage cabinets and in air ducts.
Lampback - - Pigment made by burning coal tar distillates without sufficient air.
- Not quite true black.
Lampholder - A device to support an electric lamp mechanically and connect it electrically to the circuit conductors.
Lanai - A veranda or roofed patio often furnished and used as a living room.
Lancet - A window or arch coming to a narrow point and used very much in Gothic architecture.
Land - - The surface of the earth and all its natural resources.
- A portion of the earths solid surface defined by boundaries or ownership.
- Land can be privately or publicly owned.
Land Charge Registry - A government department for England and Wales which keeps a register of certain charges on land, the title of which is unregistered. The register is open to public search and is quite distinct from the land registry, which deals with properties where title is registered.
Land Charges Search Fee - Fee charged by a solicitor or conveyancer for checking the validity of the title on a property and whether the 'owner' is in a genuine position to sell.
Land Contract - A contract for sale of land where title does not pass to the purchaser until all, or a certain number, of the payments have been made, also called Contract of Sale.
Land Plaster - Coarsely ground natural gypsum used agriculturally as a soil conditioner.
Land Registry - Carried out by the Solicitor to register buyer as the new owner of the house.
Land Registry Certificate - This is a copy of the property entry in the land registry database concerning a property transaction or ownership.
Land Registry Fee - Fees paid by the buyer to register evidence of ownership with the Land Registry. There is a scale of fees set by the government.
Land Registry Fees - A charge incurred when buying a home for registering the title of a property under your name. This is usually dealt with by your solicitor / conveyancer.
Land Residual - A real estate appraisal technique where a reasonable return on the improvements is first dcted from the income, the balance being attributable to the land.
Land Surveyor - A person who surveys land.
Land Title - Ownership documents pertaining to the land.
Landing - A platform between flights of stairs or at the termination of a flight of stairs.
Landing Stair - A platform between flights of stairs or at the termination of a flight of stairs. Often used when stairs change direction, normally no less than 3 ft. X 3 ft. square.
Landing Terrazzo - A staircase landing with terrazzo tile mounted on its surface.
Landlord - Either the person who owns a property which you are renting and to whom you pay rent, or the freeholder of a property for which there is a leasehold tenure.
Landscape - - Natural scenery.
- To improve a site by modification of the terrain, the planting of trees, shrubs, and ground cover, and the addition of hardscape.
Landscape Architect - One whose profession is designing the arrangement of land for human use involving vehicular and pedestrian ways and the planting of groundcover, plants, and trees.
Landscape Timber - Large and treated lengths of lumber used to decorate and act as soil erosion barriers and retaining wall members.
Landslip - The movement of soil following a prolonged period of rainfall or underground erosion.
Lane Joint Cracks - Longitudinal separations along the seam between two paving lanes caused by a weak seam between adjoining spreads in the courses of the pavement.
Langley - A measure of solar radiation; equal to one calorie per square centimeter
Langly - A measure of solar radiation, equal to 1 calorie per square centimeter.
Lantern - - A raised structure on a roof, glazed to admit light.
- An instrumnet that produces light.
Lap - - The overlap of two roofing plies.
- The length by which one bar or sheet of fabric reinforcement overlaps another.
- The length of the overlap of two reinforcing bars, also called Lap Splice.
- The amount of extension of one brick or any other masonry unit over another.
Lap Bar - The amount steel reinforcing bars must lap in order to develop sufficient bond to transfer their full load capacity.
Lap End - The amount or location of overlap at the end of a roll of roofing felts in the application.
Lap Joint - Two boards that overlap one another and joined or nailed together at the point of overlapping.
Lap Joist - Two joists that meet and overlap one another over a support beam or girder and are joined or nailed together at the point of overlapping.
Lap Siding - Wedge shaped boards used as horizontal siding in a lapped pattern. This siding varies in butt thickness from ½ to ¾ inch and in widths up to 12 inches. Normally used over some type of sheathing.
Lap Spice - The length of the overlap of two reinforcing bars.
Lapped Joint - In wallpapering, a joint made by trimming one selvedge and overlapping the other.
Lapping - Smoothing a metal surface to high degree of refinement or accuracy using a fine abrasive.
Laquer - A sometimes colored liquid made of shellac dissolved in alcohol, or of synthetic substances, that dries to form a hard protective coating.
Large Calorie - - Used by engineering science.
- The amount of heat needed to raise the temperature of one kilogram of water one degree Celsius.
- A kilocalorie equals 1,000 calories.
Laser Plub Bob - Improves on one of the world’s oldest tools by emitting a laser light that indicates exactly where to mark, with no guesswork involved.
Latch - A bevelled metal tongue operated by a spring-loaded knob or lever. The tongue's bevel lets you close the door and engage the locking mechanism, if any, without using a key, contrasts with dead bolt.
Latch Bolt Anti Friction - A latch bolt designed to rce friction when the bolt starts to engage the lock strike.
Latch Mortice - A latch for fixing in a mortice cut into the closing edge of a door or window.
Latch Mortise - A latch for fixing in a mortise cut into the closing edge of a door or window.
Late Completion Certificate - Similar to a Letter Of Comfort in that work done on a property that should have been done with approval and/or under warrant can be rectified and permission granted after the fact with an application and granting of a Late Completion Certificate.
Latent Defect - Defects found and/or that surface late into a development process.
Lateral (Electric Gas Plumbing Telephone Sewer And Water) - The underground trench and related services (i.e., electric, gas, telephone, sewer and water lines) that will be buried within the trench.
Lateral Movement - The horizontal movement or shifting of a structure.
Latex Bonded Cushioning - Rubber or latex cushioning adhered to the carpet at the mill.
Latex Cushion Bonded - Rubber or latex cushioning adhered to the carpet at the mill.
Latex Cushioning - Rubber or latex cushioning adhered to the carpet at the mill.
Lath - A building material of narrow wood, metal, gypsum, or insulating board that is fastened to the frame of a building to act as a base for plaster, shingles, or tiles.
Lath Ceiling - Sheets of expanded metal, gypsum or in older structures, wood lath, which are attached to a ceiling to provide a plaster base.
Lath Wall - Expanded metal, gypsum sheets, or thin strips of wood attached to stud walls, acting as a foundation for plastering.
Lathe And Plaster - Strips of wood and plaster forming a wall.
Lathe/Plaster - Strips of wood and plaster forming a wall.
Lattice - An open framework of criss-crossed wood or metal strips that form regular, patterned spaces.
Lattice Window - A window with diamond-shaped leaded lights or glazing bars arranged like an openwork screen.
Lavatory Cabinet - A case, box, or piece of furniture with sets of drawers or shelves, with doors, primarily used for storage, used in a place or area for scientific studies or commercial and institutional laboratories and testing facilities.
Lavatory Wall Hung - A sink or lavatory mounted on brackets attached to a wall.
Lawful Development Certificate (LDC) - This is a certificate issued by a local planning authority to a developer that addresses two areas: - A proposed development that does not need local planning authority permission to progress with the development.
- A proposed development that has already taken place that either did not need local planning authority permission or took place so long ago that it is immune or exempt from current planning permission regulations.
LBW (Load Bearing Wall) - Includes all exterior walls and any interior wall that is aligned above a support beam or girder, normally, any wall that has a double horizontal top plate.
LCC (Life Cycle Cost) - The sum of all the costs both recurring and nonrecurring, related to a product, structure, system, or service during its life span or specified time period.
LDC (Lawful Development Certificate) - This is a certificate issued by a local planning authority to a developer that addresses two areas: - A proposed development that does not need local planning authority permission to progress with the development.
- A proposed development that has already taken place that either did not need local planning authority permission or took place so long ago that it is immune or exempt from current planning permission regulations.
Leaching Bed - Tiles in the trenches carrying treated wastes from septic tanks.
Lead - A malleable metal once extensively used for flashings.
Lead Blue - A basic sulphate of lead containing small amounts of lead sulphide and carbon that impart a bluish gray color, used primarily for its rust preventive value.
Lead Carbonate Base - A type of white lead pigment.
Lead Contractor - A person or company that agrees to furnish materials or perform services at a specified price and within a timeframe, especially for construction work. Also leads the construction work and may use subcontractors for specific areas of the construction process.
Lead Sulphate Basic - A type of white lead.
Leaded Window - A window decorated by artistic inserts of lead.
Leader - The metal pipe used to drain water from a roof.
Leader Downspout - A pipe for conducting rainwater from the roof to a cistern or to the ground by way of a downspout.
Leading Edge - The closing edge of a door which meets a doorframe or casing.
Leaf Aluminium - Aluminium hammered into very thin sheets.
Lean To Roof - The sloping roof of a building addition having its rafters or supports pitched against and supported by the adjoining wall of a building.
Lease - Document in which the owner of a freehold property lets out their premises to a named party at a certain price and for a specified time.
Leasehold - Land held under a lease for a fixed number of years. This is a fixed period contract giving the owner to occupy a property.
Leasehold Valuation Tribunal - This is the equivalent of a court used by leaseholders to challenge their landlords if they are unhappy with the level of service they are getting for the cost of the service charges. It never costs more than £500 no matter how many leaseholders are involved. You can no longer be served notice for refusing to pay high maintenance costs unless these have been ruled as fair by the LVT. You can even request that the LVT orders a new managing agent for the building if they are found to be incompetent or acting unscrupulously. The main difference to going through the courts is that neither side will be required to pay for the other side’s legal costs.
LED (Light Emitting Diode) - A small electronic device that lights up when electricity is passed through it. LEDs are quite energy-efficient and have long lives. They are usually red, but white, green, and other colors are now available.
LED Devices - A small electronic device that lights up when electricity is passed through it. LEDs are quite energy-efficient and have long lives. They are usually red, but white, green, and other colors are now available.
Ledge Brick - The jutting portion of a foundation that the exterior brick will be placed on.
Ledger - A horizontal timber used in building a deck.
Ledger Strip - A strip of lumber nailed along the bottom of the side of a girder on which joists rest.
Ledger Structural Floor - The wooden perimeter frame lumber member that bolts onto the face of a foundation wall and supports the wood structural floor.
Leech Field - A method used to treat/dispose of sewage in rural areas not accessible to a municipal sewer system. Sewage is permitted to be filtered and eventually discharged into a section of the lot called a leech field.
Leeward - The side or sides of a house which face away from the prevailing winds.
Legal Stationers - These are specialist stationers who deal primarily with legal documents and who therefore are an excellent source of the forms you will need to undertake Conveyancing work, become a landlord and so on.
Lender Arrangement Fees - Charge passed on to the buyer by lender for arranging a loan.
Lender Legal Fees - The fees incurred by the lender when arranging a mortgage. These costs are passed on to the buyer.
Lender Valuation - A valuation of the proposed property carried out by the lender before agreeing to give out a mortgage. This is only a valuation survey, separate and full structural survey is needed by the buyer.
Lessee - The person to whom a lease is granted.
Lessor - The person who grants the lease.
Let - The process of renting out all or part of your property to someone else.
Let In Brace - Nominal 1 inch-thick boards applied into notched studs diagonally. Also, an L shaped, long (@ 10') metal strap that are installed by the framer at the rough stage to give support to an exterior wall or wall corner.
Letter Of Comfort - A letter from the Council or Local Authority advising that no enforcement action will be taken on alterations or extension works which did not conform to regulations.
Levek Contractors - A simple form of transitlevel for measuring and setting levels on a construction site, also called a builders level.
Level - True horizontal, also a tool used to determine level.
Level Bench - Designed primarily for machinists, it’s a highly accurate level used for all types of precision work
Level Builders - A simple form of transitlevel for measuring and setting levels on a construction site, also called a contractors level.
Level Carpenters - A hand tool consisting of a wood or metal bar with spirit levels attached, used for establishing plumbness and levelness of construction members.
Level Electronic - This tool makes use of blinking lights and a beeping signal to indicate level, plumb, pre-selected and unknown angles.
Level Grade - The level contour of the land.
Level Payment Mortgage - A mortgage with identical monthly payments over the life of the loan.
Level Tool - A tool used to determine if something is level.
Level Torpedo - No tool box is complete without one. Back-pocket size makes it ideal for work in restricted areas.
Level Water - A length of clear plastic hose, 3/8 to 1/2 inch in diameter and approximately 50 feet long, filled with water and used as a leveling device to check level in walls or structures.
Leveling Course Asphalt - A course asphalt aggregate mixture of variable thickness used to eliminate irregularities in the contour of an existing surface prior to a superimposed treatment or construction.
Levelling Rod - A rod with graduated marks for measuring heights or vertical distances between given points and the line of sight of a leveling instrument. They are longer than a yardstick and are held by a surveyor in a vertical position.
Liabilities - Basically, liabilities are debts that you have and the regular outgoing payments that you make. The reason you must show your bank statements is usually to help the underwriters identify anything in your current expenditure that may impinge upon your ability to repay the loan. They want to know about any other mortgages, debts, credit cards, HP agreements, loans, overdraft facilities, maintenance and court orders. You will normally have to show three to six months worth of bank statements to help demonstrate that the figures you provide them with are accurate.
Liabilities Accrued - Amounts representing liabilities incurred, but not paid, by a given date.
LIBOR (London Interbank Offered Rate) - The rate at which banks buy and sell money amongst themselves.
Lien - A legal claim against a property that would prevent that property being sold off until the lien (or charge) is paid off.
Lien Judgement - A lien or court-ordered monetary judgment against a current or previous property owner yet to be paid.
Life Assurance - An insurance policy that pays out a fixed amount, or a lump sum, upon the death of an individual. Life Assurance helps protect from financial difficulties.
Life Cycle Cost (LCC) - The sum of all the costs both recurring and nonrecurring, related to a product, structure, system, or service during its life span or specified time period.
Lifetime Cost - The cost of something, including purchase, operation, maintenance, and disposal costs
Lift Auto - - An Appartatus used to move heavy building equipment and materials.
- An apparatus for lifting automobiles in order to have access to the carriage underneath.
- An apparatus used to move automobiles up and down in a parking structure.
Lift Kick - A jacking wedge used to elevate or shift the gypsum board into proper nailing position on the wall during the application procre.
Light - Space in a window sash for a single pane of glass. Also, a pane of glass.
Light Emitting Diode (LED) - A small electronic device that lights up when electricity is passed through it. LEDs are quite energy-efficient and have long lives. They are usually red, but white, green, and other colors are now available.
Light Fixture - A complete lighting unit consisting of a lamp or lamps, housing, and connection to the power circuit.
Light Hopper - Inward opening sash hinged at the bottom.
Light Margin - A fixed often narrow glass window next to a door opening or window.
Light Pilot - A small, continuous flame (in a hot water heater, boiler, or furnace) that ignites gas or oil burners when needed.
Light Side - A fixed often narrow glass window next to a door opening or window.
Light Space - Space in a window sash for a single pane of glass, also, a pane of glass.
Light Switch - The switch mechanism to turn on electrical current to a light.
Light Transmittance - The percentage of visible light (390 to 770) nanometers) within the solar spectrum that is transmitted through glass.
Lighting Cove - Concealed light sources behind a cornice or horizontal recess which direct the light upon a reflecting ceiling.
Lighting Flourescent - The conversion of electric power to visible light by using an electric charge to excite gaseous atoms in a glass tube. These atoms emit ultraviolet radiation that is absorbed by a phosphor coating on the walls of the lamp tube. The phosphor coating produces visible light.
Lighting Incandescent - Using an electrically heated filament to produce light in a vacuum or inert gas filled bulb.
Lighting Phosphor - The conversion of electric power to visible light by using an electric charge to excite gaseous atoms in a glass tube. These atoms emit ultraviolet radiation that is absorbed by a phosphor coating on the walls of the lamp tube. The phosphor coating produces visible light.
Lighting Tube - The conversion of electric power to visible light by using an electric charge to excite gaseous atoms in a glass tube. These atoms emit ultraviolet radiation that is absorbed by a phosphor coating on the walls of the lamp tube. The phosphor coating produces visible light.
Lightning Arrester - A device connected to an electrical system to protect from lightning and/or voltage surges.
Lightning Branch Circuit - Circuits supplying energy to lighting outlets only.
Lights Venetian - Lights within a frame with 3 openings.
Lightweight Aggregate - Aggregate of low specific gravity, such as expanded or sintered clay, shale, slate, diatomaceous shale, perlite, vermiculite, or slag; natural pumice, scoria, volcanic cinders, tuff, and diatomite, sintered fly ash, or industrial cinders; used to produce lightweight concrete; aggregate with a dry, loose weight of 70 pounds per cubic foot or less.
Lightwell - An opening within or directly next to a building that allows for natural light to reach windows that would otherwise be deprived direct light.
Lime Building - A lime whose chemical and physical characteristics and method of processing make it suitable for ordinary or special construction uses; also called construction lime.
Limestone - A common sedimentary rock consisting mostly of calcium carbonate, CaCO3, used as a building stone and in the manufacture of lime, carbon dioxide, and cement.
Limit Switch - A safety control that automatically shuts off a furnace if it gets too hot. Most also control blower cycles.
Limits To Inspection - The areas which could not be viewed and evaluated for the purposes of a survey or homebuyers report.
Line Chalk - Useful for marking a straight line, this tool features a line that is reeled out from a chalk-filled canister, hooked at one end of the intended cut line, tensioned and snapped.
Lineal Foot - A unit of measure for lumber equal to 1 inch thick by 12 inches wide by 12 inches long.
Linear Foot - A length of 305 mm (12 inches) independent of area or volume.
Liner Flue - A liner used inside a chimney to extract smoke or gases from a property.
Lining - A panel of timber or material such as plywood or MDF that makes up or covers a wall. The reveal of a wall opening could be lined where a window is fitted and replacing plaster.
Lining - A jute, felt ,hair, foam, or plastic rubber underlayment installed under carpeting to increase underfoot comfort, to absorb pile crushing forces and to rce impact sound transmission, also called Cushioning or Underlay
Lining Carpet - A jute, felt ,hair, foam, or plastic rubber underlayment installed under carpeting to increase underfoot comfort, to absorb pile crushing forces and to rce impact sound transmission, also called Cushioning, Lining, or Underlay
Lining Flue - Fire clay or terra-cotta pipe, round or square, usually made in all ordinary flue sizes and in 2-foot lengths, used for the inner lining of chimneys with the brick or masonry work around the outside. Flue lining in chimneys runs from about a foot below the flue connection to the top of the chimney.
Linked Detached - A property attached to another property via a garage.
Linseed Oil - Is an amber-colored, fatty oil extracted from the cotyledon and inner coats of the linseed. The raw oil extracted from the seeds by hydraulic pressure is pale in color and practically without taste or odor. When boiled or extracted by application of heat and pressure, it is darker and has a bitter taste and an unpleasant odor.
Linseed Oil Bodied - Linseed oil that has been thickened in viscosity by suitable processing with heat or chemicals. Bodied oils are obtainable in a great range in viscosity from a little greater than that of raw oil to just short of a jellied condition.
Linseed Oil Boiled - Linseed oil in which enough lead, manganese or cobalt salts have been incorporated to make the oil harden more rapidly when spread in thin coatings.
Linseed Oil Raw - The crude product processed from flaxseed and usually without much subsequent treatment.
Lintel - A structural beam above an opening such as a door, window, fireplace or other open areas.
Lintel Brick - The metal angle iron that brick rests on, especially above a window, door, or other opening.
Lintel Built Up Steel - Lintel fabricated of two or more pieces of structural steel secured together to act as one member.
Lintels - A horizontal structural member, such as a beam or stone, that spans an opening, as between the uprights of a door or window or between two columns or piers.
Lipping - A cover strip usually to hide a cheaper or combined material that gives a better finish to an edge.
Liquated Damages - A monetary amount agreed upon by two parties to a contract prior to performance under the contract that specifies what a either party owes the other if that party defaults under the contract.
Liquid Applied Membrane - Generally applied to cast-in-place concrete surfaces in one or more coats to provide fully-adhered waterproof membranes which conform to all contours.
Liquid Boiling Point - - The temperature at which a liquid boils
- The point at which a liquid starts to change to gas; boiling temperature of a liquid under a pressure of 14.7 psia (760 mm)
- Water boils at 100° C or 212° F.
Liquid Bronzing - A vehicle especially formulated for use as a binder for aluminum, gold, or bronze powder.
Liquid Type Collector - A collector using a liquid as the heat transfer fluid.
Liquidity - The portion of an investment portfolio that is not fully invested but is represented by cash holdings. Also means the level of market demand for the shares which indicates the ease with which investors can buy and sell.
Lis Pendens - A dispute which is the subject of ongoing or pending litigation.
Listed Building - A building specifically and legally designated by the Government as to be of special architectural or historic significance or interest. There are three grades of listed buildings.
Listed Building Consent - Consent to carry out repair and/or renovation work on a listed building protected by Listed Building status.
Listing - A property available for sale through an Estate Agent.
Lite - Another term for a pane of glass. Also spelled light in industry literature.
Live Load - A load that is not derived from the actual structure, but from furniture, snow, people, or other weight placed upon surfaces.
Load - The amount of power or watts on a circuit or distribution panel.
Load Axial - Force directly coincident with the primary axis of a structural member such as a beam.
Load Bearing Wall (LBW) - Includes all exterior walls and any interior wall that is aligned above a support beam or girder. Normally, any wall that has a double horizontal top plate.
Load Electric - The amount of power or watts on a circuit or distribution panel.
Load Electrical - The amount of power or watts on a circuit or distribution panel.
Load Live - A load that is not derived from the actual structure, but from furniture, snow, people, or other weight placed upon surfaces.
Loader Backhoe - An excavation machine combining a bucket on a hinged stick on a boom on one end, and a bucket or scoop at the other.
Loan - The amount of money to be borrowed to purchase or finance a property purchase or renovation.
Loan Balloon - Balloon loan: A loan that comes due and must be paid off or refinanced because the final payment is much higher than the monthly payments.
Loan Bridging - A short-term loan to complete the purchase of a property while the buyer is waiting for the sale their home before selling your old home.
Loan Construction - A loan granted and specified for use in the construction of a building.
Loan Originating Fee - A charge imposed by a lender or broker in order to facilitate a loan.
Loan To Value (LTV) - A percentage expressing size to value calculation of a property. For example, House Value = £100,000, Mortgage Size = £90,000. Loan-to-Value = 90%. The remaining £10,000 would be referred to as Equity.
Local Authority Search - A search carried out by the Solicitor to find out if there are any Local Authority Notices, with respect to the building itself, and the surrounding area.
Local Housing Association - An organisation that provides local housing in the form of rental property. The Housing Corporation can sell rental properties to those with the right to buy and can also help purchase a home by owning a share of the property.
Local Housing Corporation - An organisation that provides local housing in the form of rental property. The Housing Corporation can sell rental properties to those with the right to buy and can also help purchase a home by owning a share of the property.
Local Planning Applications - These must be lodged by anyone wishing to build or extend a property to the local planning department of the council.
Local Searches - A local authority search is a check with the local authorities to establish if any new developments are planned in the vicinity of the property you are buying and to check the water drainage systems and other social infrastructure. This can highlight any public works such as a new motorway, waterworks or alterations to road systems, as well as anything else that is has had permission to take place immediately adjacent to the property. The local search will also tell you whether there are any planning restrictions that may affect your intentions to renovate or extend the property.
Location Accesibility - A location which can be reached by standing on the floor, platform, runway, or other permanent working area
Lock Air - Air trapped within a pipe which restricts or blocks the flow of liquid through the pipe.
Lock Backset - The distance from the centerline of a tubular door lock or cylinder to the edge of the door, measured on the high side of a beveled door.
Lock Bath Room - A non-keyed privacy lock that can be locked from the inside by push-button and opened from the outside by a small tool; a privacy lock.
Lock Bathroom - A non-keyed privacy lock that can be locked from the inside by push-button and opened from the outside by a small tool; a privacy lock.
Lock Block - A block of wood that is inserted into hollow core doors and providing a solid section of timber for a lock, latch and handles to be fitted to.
Lock Bolt - A lock bolt having no spring action nor bevel, and which is operated by a key or a turn piece.
Lock Bored - A door lock manufactured for installation in a circular hole.
Lock Dead - A lock that contains only a deadbolt.
Lock Key - A lock which is activated by a key.
Lock Mortice - A latch for fixing in a mortice cut into the closing edge of a door or window.
Lock Mortise - A latch for fixing in a mortise cut into the closing edge of a door or window.
Lock Sash - A lock that also operates a latch action with lever handles.
Locker Wardrobe - A clothes storage cabinet with a locking door.
Locking Joint - A rectangular slot that has been cut into a piece of wood in order for another piece of wood to be inserted and forming a locking joint, also referred to as mortise.
Lockout Agreement - A lockout agreement is similar to an exclusivity agreement in that it should prevent the vendor from accepting another offer. The difference is that the agreement will only run for a set period of time.
Loft - The space in between the ceiling and the roof of a property is sometimes converted into an extra room.
Loft Access - An opening in the ceiling that gives access to the loft area of a house. Also know as a scuttle.
Loft Ventilation - The process of ventilating loft or attic areas.
Loft Ventilators - Screened opening that provide ventilation to the loft or attic area.
Log Saw - Designed for crosscutting logs and large timbers, it comes with 15 sets of three teeth. The teeth are separated by deep gullets that remove sawdust quickly. Cuts on both the push and pull stroke.
London Interbank Offered Rate (LIBOR) - The rate at which banks buy and sell money amongst themselves.
Long Creditors - This is all liabilities that do not need to be paid for more than one year after a company's Balance Sheet date. This includes provisions, deferred taxation, loans and debt.
Long Tape - Measures extended distances accurately. Tape is made of tough fiberglass that resists stretching and won't rust, kink or conduct electricity.
Lookout - A short wood bracket or cantilever to support an overhang portion of a roof or the like, usually concealed from view.
Lookout Rafters - The short wood members cantilevered over a wall to support an overhanging portion of a roof.
Loose Laid - In roofing, a membrane laid loosely, i.e., not adhered, over a roof or deck.
Loss Adjuster - An official sent by your insurer in the event of a major claim to asses that you are in compliance with the terms of your policy and to check you are only claiming loss of possessions or damage to goods you actually own.
Loss Water - A measurement of the amount of free water evaporated from gypsumboard products during the drying stage in the manufacturing process, expressed in pounds per 1000 Square Feet.
Lot - A parcel of ground with boundaries determined by the county.
Louver - One of a set of parallel slats in a door or window to admit air and reject rain.
Louver Vent - An opening fitted with a series of sloping slats arranged to admit light and air but shed rain.
Louver Wall - Openings in walls for ventilating spaces.
Louver Window - A window that has a series of static or horizontal moving slats.
Louvre - One of a set of parallel slats in a door or window to admit air and reject rain.
Louvre Vent - An opening fitted with a series of sloping slats arranged to admit light and air but shed rain.
Louvre Wall - Openings in walls for ventilating spaces.
Louvre Window - A window that has a series of static or horizontal moving slats.
Low Cost With Profit Endowment - Endowment policy where you make interest payments on the full value of the loan until the investment element has accumulated enough to repay the whole mortgage amount. The investment policy will display an annual growth. While there is no guarantee that this will be enough to pay off the full mortgage loan, you may end up receiving a cash surplus. It has a guaranteed maturity value that starts as a fraction of the loan amount and rises during the course of the term as the annual bonuses are added to the guaranteed maturity value each year. The size of these bonuses depends on the performance of the investment fund. Your premiums are pooled with those of other investors and paid into a fund managed by a life company and has built in life assurance to cover the value of the loan if you die.
Low Performance Sealant (Caulk) - - The application of sealant to a joint, crack or crevice.
- A compound used for sealing that has minimum joint movement capability; sometimes called low performance sealant.
Low Start Endowment - This is essentially the same as a low-cost endowment, but premiums begin at a lower level and gradually increase over a number of years - usually between five and ten. The initial premium can be significantly lower than the full premium, but never lower than half (which is a common starting point). Premiums may, for example, increase from 50% to 100% of the final value by 20% per year for 5 years or by 10% per year for ten years. This is another product designed to make it easier to budget over the first few years of home owning, when money is likely to be tighter for many people. As with most products that work this way, you generally have to pay for it in the long run.
Low Start Mortgage - This is like a repayment mortgage, but with a difference. In the introductory period, only interest is paid back to the lender and not any of the capital outstanding. After this period, the repayments start in earnest. The total amount of interest and repayments over the life of the year are higher than with a normal repayment mortgage, but this sacrifice can be worth it if you need to severely restrict your outgoings during the low start period.
Low Voltage Secondary AC (Alternating Current) Automatic - A distribution system wherein the secondary means of an alternating current system are interconnected and supplied through transformers connected in parallel on the secondary side through fuses or automatic switching devices arranged to prevent the feeding of fault current on the primary side of the transformers through the secondary mains; such a system is also called an alternating current automatic low-voltage secondary network.
LTV (Loan To Value) - A percentage expressing size to value calculation of a property. For example, House Value = £100,000, Mortgage Size = £90,000. Loan-to-Value = 90%. The remaining £10,000 would be referred to as Equity.
Lug Cable - A connector for fastening the ends of cable to a terminal.
Lumber - The product of the sawmill and planing mill not further manufactured other than by sawing, resawing, and passing lengthwise through a standard planing machine, crosscutting to length, and matching.
Lumber Air Dried - Lumber that has been piled in yards or sheds for any length of time. For the United States as a whole, the minimum moisture content of thoroughly air dried lumber is 12 to 15 percent and the average is somewhat higher. In the South, air dried lumber may be no lower than 19 percent.
Lumber Boards - Sawn lumber less than 51 mm (2 inches) thick and 100 mm (4 inches) or more wide.
Lumber Dimension - Yard lumber from 2 inches to, but not including, 5 inches thick and 2 or more inches wide. Includes joists, rafters, studs, plank, and small timbers.
Lumber Dressed Size - The dimension of lumber after shrinking from green dimension and after machining to size or pattern.
Lumber Edge Grain - Edge grain lumber has been sawed parallel to the pith of the log and approximately at right angles to the growth rings; i.e., the rings form an angle of 45° or more with the surface of the piece.
Lumber Flat Grain - Flat grain lumber has been sawed parallel to the pith of the log and approximately tangent to the growth rings, i.e., the rings form an angle of less than 45° with the surface of the piece.
Lumber Fungi - Microscopic plants that live in damp wood and cause mold, stain, and decay.
Lumber Grade - A classification of lumber depending upon its suitability for different uses.
Lumber Green - Lumber which has been inadequately dried and which tends to warp or "bleed" resin.
Lumber Kiln Dried - Lumber that has been kiln dried often to a moisture content of 6 to 12 percent. Common varieties of softwood lumber, such as framing lumber are dried to a somewhat higher moisture content.
Lumber Matched - Lumber that is dressed and shaped on one edge in a grooved pattern and on the other in a tongued pattern.
Lumber Pressure Treated - Lumber that is treated in such a way that the sealer is forced into the pores of the wood.
Lumber Quartersawed - Edge grained lumber.
Lumber Rough - Any lumber that has been sawn but not planed.
Lumber Shiplap - Any lumber that is edge-dressed to make a close rabbeted or lapped joint.
Lumber Surfaced - Any lumber that has been planed after sawing.
Lumber Treated - A wood product which has been impregnated with chemical pesticides such as CCA (Chromate Copper Arsenate) to reduce damage from wood rot or insects. Often used for the portions of a structure which are likely to be in contact with soil and water. Wood may also be treated with a fire retardant.
Lumber Vertical Edge Grain - Edge grain lumber has been sawed parallel to the pith of the log and approximately at right angles to the growth rings; i.e., the rings form an angle of 45° or more with the surface of the piece.
Lumber Yard - All lumber of those grades, sizes and patterns which are generally intended for ordinary construction, such as framework and rough coverage of houses.
Lumens - Unit of measure for total light output. The amount of light falling on a surface of one square foot.
Lumens Per Watt - A measure of the efficiency of lamps. It indicates the amount of light emitted by the lamp for each unit of electrical power used.
Lunber Shiplap - Lumber that is edge-dressed to make a close rabbeted or lapped joint.
Luxury Villa - Detached, luxurious, residence with extensive grounds.
LVT - This is the equivalent of a court used by leaseholders to challenge their landlords if they are unhappy with the level of service they are getting for the cost of the service charges. It never costs more than £500 no matter how many leaseholders are involved. You can no longer be served notice for refusing to pay high maintenance costs unless these have been ruled as fair by the LVT. You can even request that the LVT orders a new managing agent for the building if they are found to be incompetent or acting unscrupulously. The main difference to going through the courts is that neither side will be required to pay for the other side’s legal costs.
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