Jargon Buster

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Term Definition
National Association Sale and Rent Back
National Approved Letting Scheme
A Government backed accreditation scheme which all letting and letting management agents can join.

In doing so they agree to meet defined standards of customer service, to maintain necessary insurances to protect clients' money, and to have customer complaints procedures in place offering independent redress.
National Association Of Estate Agents
The largest professional estate agency organisation in the Uk and committed to raising professional standards across all aspects of the property market.
National Federation Of Residential Landlords
National House Builders Council
Standard setting body and leading warranty and insurance provider for new and newly converted homes in the UK.

Their 18,000 registered builders agree to comply with its rules and standards. An NHBC certificate gives substantial protection against building faults for 10 years.
National Inspection Council For Electrical Installation Contracting
Long established, independent consumer safety organisation and the electrical contracting industry's voluntary regulatory body for electrical safety matters.
National Landlords Association
The largest UK association of private landlords, protecting and promoting their interests and providing membership benefits such as fact sheets, newsletters, insurance discounts, meetings and workshops, and favourable terms with selected suppliers of advice and services.
Negative Equity
When you owe more money to the lender than the actual market value of your property.
Negative Gearing
This is when there is a shortfall in the amount of income a property brings in in comparison to the cost of the mortgage etc.
Net Price Balance
Proportion of surveyors reporting a rise in prices minus those reporting a fall (if 30% reported a rise and 5% reported a fall, the unadjusted balance will be 25%). Reported by the Royal Institution of Chartered Surveyors on a monthly basis.
Net Yield
A way of determining the Return On Investment (ROI) of an investment.

Financial return after expense deductions = Annual rent after deducting all expenses divided by the capital value.

Formula: (annual rent - annual costs)/(Purchase costs))

Example: A property purchased at
No Money Down
When a property/land is purchased using a mortgage in a way that means no deposit it actually left in the deal.
Notice To Quit
Bringing a tenancy or a license to an end ( termination of the tenancy or licence ) requires that certain procedures are followed, depending upon the type of tenancy, for the action to be fully legal: