Leasehold Definitions - Jargon Buster

8 definitions for letter N:

NAEA

The National Association of Estate Agents.

Negative equity

Occurs when the value of a property falls to less than the outstanding mortgage, so that despite having sold the property the owner will have a continuing debt.

Newel

A vertical post into which the side sections of a staircase are fixed

NHBC (National Housebuilding Council)

A non-profit making, independent body approved by the Department of the Environment, which lays down standards for housebuilders who are registered with them. The council issues 10 year certificates, which allow for the remedying of any serious defects developing during that time, on new-build properties. It is unlikely that a mortgage lender will grant a mortgage on a new property which does not have either an NHBC guarantee or an architect's certificate.

NHBC (National House-Building Council) scheme

Some newly-built properties are covered by this form of Guarantee whereby any defects occurring within a fixed period after construction are repaired.

Non-Residential

Any part of a Premises not used for residential purposes

Notice of Invitation to Participate - Section 78

After its formation but before its issuance of the Claim Notice, the Right to Manage Company can invite all Qualifying Flat Owners in the property to join it.

NICEIC

NICEIC is the industry's independent, non profit-making, voluntary regulatory body covering the whole of the United Kingdom. The NICEIC's sole purpose is to protect consumers from unsafe and unsound electrical work. The NICEIC is not a trade association and do not represent the interests of electrical contractors.