I have had a massive response from my Blog reading friends since I posted last weeks article on Jargon Busting. The thought had crossed my mind to do something different this week however, my readers have convinced me otherwise. So without further ‘ado’ here is part 2 (part 1 can be found here – just in case you missed it…)!!
Negative Equity – When the value of the mortgage which is outstanding on the property, is more than the market value of the property.
NHBC – National House Building Council. A warranty scheme for new properties providing cover against major structural defects for 10 years.
Non Resident Landlords – If you live overseas and are not a UK tax payer you can apply to receive rent without tax being deducted. For more information and details on how to apply for the Non Resident Landlords (NRL) Scheme – click HERE
Office Copy Entries – If the property has a registered title, the vendor’s (seller) solicitor will need to apply for office copy entries from the Land Registry before a draft contract can be prepared.
Ombudsman – An independent professional body which is set up by law to help settle individual disputes between consumers and firms, for example, estate agents, solicitors and insurance companies. There are now three ombudsman schemes.
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