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National Conveyancing Protocol: A procedure, with its own package of documents, which may be used in a conveyancing transaction. It is referred to as the transaction scheme.
Negative Equity: The shortfall between the value of the borrower’s property and the total amount secured on it. (i.e. when the borrower owes more money that the house is actually worth.)
NHBC Guarantee: If a builder is registered with the National House Building Council (NHBC) the property will have the benefit of the NHBC guarantee. This means that the property has insurance against structural defects within the first ten years of being built.