I tend to read $\lim\limits_{x\to a}f(x)$ as
> 'The limit as $x$ approaches $a$ of the function $f(x)$ is . . .'
As for dealing with the ambiguity when verbalising a quotient like this, I find that the use of the word 'all' is helpful to distinguish between the possible numerators: $n - 1$ and $1$. I would say
> '$n$ minus one all divided by $n$ minus two'
There is still ambiguity as it is not clear whether $n - 1$ is all divided by $n$ or $n - 2$. This is usually avoided by the pacing of the sentence (I'd say '$n$ minus two' faster so that it seems like one object). If I wanted instead to refer to $n - 1$ all divided by $n$ and then minus two from that, I'd change the pacing, putting a little bit of a pause between the final '$n$' and the 'minus two'. You could avoid the ambiguity in this case by instead writing the expression as $-2 + \frac{n-1}{n}$.