- Managing Agent/Factor
Apartment buildings usually have a management company responsible for maintaining the main structure, common parts (eg stairs and hallways) and landscaped areas. The roads, street lighting and open spaces on some developments may also be maintained by the Managing Agent/Factor. Costs are recovered by the Management Agent/Factor through a service charge from each owner.
- Missives
Missives are contracts which are two identical documents, one signed by the seller and the other by the purchaser. Both parties are legally bound to complete the transaction once these are concluded, ie signed by both parties.
- Mortgage
There are many different types of mortgages available to home buyers, and should you require to take out a mortgage or a loan your mortgage adviser will advise.
- Mortgage Indemnity Insurance/Guarantee
Your mortgage lender will usually require additional security if the loan is in excess of 70% or 80% of the purchase price. This involves a once-only payment which can normally be added to your mortgage. The amount of the payment varies with the amount borrowed and the term of the loan.
- Mortgage Protection Policy
An insurance policy often arranged in conjunction with a repayment mortgage, which is taken out to ensure that the loan will be paid off should the borrower die before the end of the mortgage term. Insurance may also be available to protect your repayments in the event of redundancy.
- Mortgage Valuation Survey
Prior to making a mortgage offer, your lender will have the property valued for “mortgage purposes”. You will pay a fee (variable on the purchase price of the property).
- Mortgagee
The lender.
- Mortgagor
The borrower (whose property is secure for the loan).
