Jargon Buster

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Glossaries

Term Definition
Managing Agent
A person/company appointed to act on behalf of the landlord, usually in collection of rents or maintenance of the property
Mandatory Grounds For Possession
Grounds that may be cited in possession proceedings which, provided the correct procedures have been followed and notices given, require the court to grant possession.

In brief the mandatory grounds cover situations where:
  • the landlord requires the property for personal occupation;
  • a mortgage lender is foreclosing the mortgage;
  • property let for a fixed period is required for return to holiday letting;
  • an educational institution requires return of a student let;
  • a religious body requires return of its property for an alternative tenant;
  • the landlord wishes to demolish, reconstruct or redevelop the property;
  • a landlord wishes to claim possession against the resident heir of a tenant who has died;
  • and the rent is in arrears by eight weeks or more (two months if it is paid monthly, or one quarter if paid quarterly).
Market Value
The value assigned to a property/land as driven by local, national and global economic forces. This is the maximum value a buyer is deemed willing to buy at and the lowest value a selling willing to sell.
Monetary Policy Committee
Bank of England committee that sets UK base interest rates or Repo rate, and a benchmark for other interest rates such as personal loan, mortgage interest rates.

The MPC meets monthly and comprises the Governor of the Bank, the two deputy governors, the Bank's chief economist, the executive director for market operations and four external members appointed directly by the Chancellor.
Mortgage
A loan used to purchase property. In reality it is a Deed pledging freehold or leasehold property as security for the loan (also called legal charge).

If payments are not maintain as agreed the mortgagor will be able to claim the property and sell it on to recover the outstanding amount.
Mortgage Advance
A mortgage advance is the total amount of loan actually provided to the buyer, by the lender.
Mortgage Approval
A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. The Mortgage Approvals released by the Bank of England is considered as a leading indicator of the UK Housing Market.
Mortgage Broker
An agent of one or more mortgage lenders. Brokers often have access to mortgage products unavailable on the open market. The broker may charge and/or receive a fee from the lender for this service.
Mortgage Offer
The offer from a lender to actually provide you a loan and sets out the conditions by which it is offered.
Mortgage Payment Protection Insurance
Covers all or part of your monthly mortgage payment, plus an extra amount to cover mortgage related expenses, for up to 12 months should you lose your income through an accident, sickness or unemployment
Mortgage Rate
The interest rate to be applied to the mortgage loan.
Mortgagee
The lender of the loan in a mortgage agreement.
Mortgagor
The borrower of a loan in a mortgage agreement.
MRICS