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Mining Search: This could be a coal-mining search or tin mining search. It is carried out against the purchase property to find out whether there has been, or there are any future plans for any further mining that may affect the property.
Money Laundering: Using illegally obtained money in such a way as to block investigations into its past and making it look “clean”. For example, a drug dealer might seek to carry out money laundering by passing illegally obtained money through a seemingly legitimate series of transactions, using a solicitors’ client account.
Mortgage: Security over land for a loan. If the loan is not repaid, in addition to suing under the covenant to repay, the mortgagee has various rights against the land that can be used to attempt to collect the money owed: e.g. the mortgagee may be able to take possession of the land and sell it.
Mortgagee: Lender under a mortgage, e.g. bank, building society.
Mortgagor: Borrower.
Mortgage Advance: Another phrase to describe the mortgage loan.
Mortgage Instructions: A set of papers sent to the lawyer by the mortgage lender to confirm the terms upon which the lawyer may proceed to act in connection with the mortgage offer. The mortgage instructions include all papers that the lawyer will need from the mortgage lender during the purchase instructions.
Mortgage Offer: Issued by the mortgage lender to the borrower confirming the lender is happy to advance the borrower the money. The mortgage offer will only be issued once the lender is satisfied the borrower is credit-worthy and the property offers good security.
Mutual Deed of Covenant for Flying Freehold: A document which sets out the terms for repair and maintenance of a property which overhangs, or is overhung by the adjacent property.