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MARKET RENT

The rent that represents the full open market annual rental value (could also be referred to as a rack...

Mould

Generally our bodies have adapted to cope with mould spores.  Unfortunately, health problems can arise where mould spores occur in higher than normal concentrations.

Mortgage Payment Protection Insurance

Mortgage Payment Protection Insurance insures homeowners if they are unable to keep up with their mortgage repayments. This plan is only valid in the event that the homeowner loses income through ill health or unemployment. This type of insurance is usually valid for a specific period, which will...

Mutual Enforceability Clause

Also known as a "Mutual Enforceability Covenant"A  Mutual Enforceability Clause is a clause or covenant contained in the majority of residential leases. It enables the Leaseholder to demand that the Freeholder (Landlord) enforces other Lessees covenants or obligations contained within their...

Mortgage Deed

This is a document that must be signed by the borrower and must be in place when completion of the purchase happens. It is dated the day of completion. By signing the deed the borrower is agreeing to the terms of the mortgage offer and agrees for the lender to have a secured charge over the...

Memorandum of Sale

After an offer has been accepted on a property, the agent selling the property produces a 'Memorandum of Sale'. The memorandum of sale lists the Buyer, Vendor, Buyer's Conveyancing Solicitor and Vendor's Conveyancing Solicitor and confirms the price the Buyer has agreed to pay for...

Marriage Value

For a lease extension, the value of the leaseholder’s interest increases when they buy a lease extension while the value of the landlord’s interest falls. However, there will often be an overall increase in the total value of the two interests. The difference between the total value of...

Mortgage Application

Before you can get a Mortgage Offer you must have submitted such a mortgage  application. You must complete the necessary forms yourself, or through a broker, or online. Even if you are Porting an existing mortgage from the same lender from the house you are selling to the one you are buying,...

Managing Agent

Sometimes the landlord or the residents' management company carries out the management of the property direct; alternatively, a managing agent may be appointed to manage and maintain the building on behalf of the landlord, in accordance with the terms of the lease, current relevant legislation and...

Mining Search

A pre-exchange conveyancing search of the coal authority's records which shows any past mining use of the land which might result in the property being as risk of mining subsidence....