Definitions
A glossary list of definitions for conveyancing terms and abbreviations beginning with ‘M’ can be found below.
- Memorandum of Sale
A document prepared by an estate agent and sent to the seller’s solicitor and buyer’s solicitor. A Memorandum of Sale provides both parties with each others’ details so they may establish contact to start the legal process.
- Mining Search
A Search to check whether the property may have been affected by subsidence cause due to coal mining activity in the general area.
- Mortgage
A loan to buy a house or flat where the mortgagee lends the mortgagor money in return for a legal charge being registered against the property. This is to ensure that the loan must be repaid before the property can be sold.
- Mortgage Advance
The original amount of a mortgage loan on a property.
- Mortgage Deed
Also known as a Legal Charge. A Mortgage Deed is a document registered against the legal title confirming an obligation to repay a financial interest to another party, usually in relation to a mortgage or loan.
- Mortgage Offer
The document detailing the terms of the mortgage lender upon which they are prepared to loan the mortgagor money to buy the property.
- Mortgage Term
The length of time agreed for the repayment of the loan.
- Mortgaged
Where a property has been charged by the owner or mortgagor to the mortgagee.
- Mortgagee
Somebody who provides a mortgage, usually a bank or building society.
- Mortgagor
Somebody who takes out a mortgage. Otherwise known as a borrower.
- Mortgage Redemption
Any mortgage secured on a property being sold must be paid off (or redeemed) on the date of completion.