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Buy & Sell Jargon Buster M - Q

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Mezzanine - Intermediate floor usually in a multi-storey building, which does not extend to the full floor area of the whole building.

Mortgagee - The lender, ie the bank or building society.

Mortgagor - The borrower, ie the buyer.

Mortgage Broker - An intermediary who can source loans from a variety of sources.

Multiple Offers - Two or more offers made by different purchasers within a short space of time.

Multiple Agency - The choice of multiple estate agents to act on the seller’s behalf, incurring a higher fee than sole-agency


Negative Equity - When the value of a property is less than the amount owed to a mortgage lender.

Notice to complete - Notice issued by a developer’s solicitor to a purchaser’s solicitor requiring completion of the sale following practical completion.


Off Plan - New build property on which a sale or purchase can be agreed in advance of the physical completion of the property. The decision to proceed is made on the strength of plans and supporting documentation.

Open Market Value - An opinion of the best price at which the sale of an interest in the property would complete unconditionally for cash consideration on the date of valuation.


Part-possession - The term used when a property is being sold, where a tenant has legal right of occupation.

Practical Completion - The point at which new build property construction is completed and final building approval is issued.

Pre-contract Enquiries - These are enquiries made by the purchaser's solicitor to the vendor's solicitor requiring information relating to the property being purchased prior to exchange of contracts.

Private Treaty - Formal name given to the method by which most estate agents will undertake the sale of residential property. This term covers the whole range of services normally associated with the sale process, culminating in 'exchange of contracts' and 'completion' between vendor and purchaser.

Public Right of Way - A way where the public has a right to walk, and in some cases ride horses, bicycles, motorcycles or drive motor vehicles, which will be designated either as a footpath, a bridle-way, a road used as a public path (RUPP) or a byway.

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