Leasehold Definitions - Jargon Buster

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21 definitions for letter M:

Maintenance charge (or service charge): The cost of repairing and maintaining external and / or internal communal parts of a building, which are then charged to the tenant or leaseholder.
Maisonette: Technically a maisonette is an apartment which is on two levels, with its own separate access. Although generally properties on two levels, with or without separate access, are referred to as maisonettes.
Marriage Value (in the context of Freehold Purchase & Lease Extension): Marriage value represents the increase in the value of the flats following the completion of the enfranchisement; their additional market value arising from the ability of the enfranchising leaseholders to grant themselves longer leases. In that this potential "profit" only arises from the freeholder's obligation to sell, the legislation requires that it be shared equally between the parties
Mastic (1): Resin from the Levantine mastic tree, that may be chewed or used as varnish when dissolved in alcohol.
Measured Survey: Also known as a Dimensional Survey, this survey involves measuring a building's dimensions in order to prepare accurate scale drawings. The reason such drawings are required must be agreed beforehand to confirm the level of detail required and any acceptable tolerances.
Memorandum and Articles of Association: The defining documents of the running of the Right to Manage Company
Mortgage: A sum of money lent by a bank or building society and repaid over a fixed (and usually long) period of time where the loan security is the property.
Mortgage deed: The Mortgage deed legal codifies the terms of the mortgage and the Lender's interest in the property.
Mortgage indemnity guarantee: An insurance policy that a mortgage lender may require the purchaser to pay if their loan is above a specified amount of the purchase price.
Mortgage indemnity guarantee (MIG): See Additional Security Fee.
Mortgage indemnity premium (MIP): See Additional Security Fee.
Mortgage payment protection (MPP): An MPP is an insurance policy that protects the Borrower against inability to work (through illness, redundancy, or disability) by paying the monthly mortgage payment for a fixed period of time.
Mortgage rate: The standard variable interest rate all mortgage lenders use as the basis for their discounted mortgage rates. This tends to vary according to the Bank of England base rate.
Mortgage term: The time over which the mortgage is to be repaid in regular payments, or the time at the end of which the mortgage is repaid in its entirety.
Mortgage valuation: A valuation carried out by a Chartered Surveyor for bank security purposes usually in connection with the purchase or remortage of a property
Mortgagee: The lender of a mortgage i.e. a bank or building society.
Mortgagor: The recipient of the mortgage.
MRICS: Member of the Royal Institution of Chartered Surveyors.
Mullion: The upright dividing section of a window.
Multiple agency: See joint agency.
Memorandum and articles: The documents that set out the legal constitution of a company or association together with the activities which are permitted by the company.