Definitions - M
- Management Company
- An independent Management Company is normally appointed by the Landlord (Freeholder) to deal with all of the services charges and ground rent collection in respect of Leasehold property and the development/block of flats. The Management Company normally make a charge in respect of their fee for doing this work and this is passed onto each Leaseholder in the service charges.
- Mining Search
- A search to check whether the property may be affected by coal mining activity which may result in subsidence.
- Mortgage
- Most people purchase properties with the aid of a mortgage and this means that the lender has an interest in the property which is registered at the Land Registry. This in effect means that for you to be able to sell a property you will have to redeem the mortgage with your lender.
The Buyers Solicitors are in charge of checking the mortgage offer to ensure that all of the mortgage conditions can be complied with prior to proceeding to exchange of Contracts. - Mortgage Deed
- The document signed by the mortgagor to create a legal charge which the mortgagee can register at the land registry.
- Mortgage Offer
- A written offer to lend money on a property. The Mortgage Offer will contain all the terms of the Loan and the conditions upon which the money is loaned.
- Mortgage Valuation Fee
- The borrower generally pays a fee to the Lender to have the property valued for mortgage purposes. This enables the Lender to take a commercial view on whether the property is worth what the borrower says it is and whether it is suitable security for the Mortgage. The Mortgage Valuer will not necessarily inspect the physical condition of the property.
- Mortgaged
- Where a property has been charged by the owner or mortgagor to the mortgagee.
