NHBC (National House-Building Council)
A non-profit making, independent body approved by the Department of the Environment, which lays down standards for house builders 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.
National Approved Letting Scheme (NALS)
The National Approved Letting Scheme (NALS) is an accreditation scheme for lettings and management agents, offering landlords and tenants peace of mind that they are dealing with a firm that agrees to meet defined standards of customer service.
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.