Definitions
A glossary list of definitions for conveyancing terms and abbreviations beginning with ‘N’ can be found below.
- Negative Equity
A situation where the value of a property is less than the outstanding debt owed on a mortgage and/or loan. In order to sell a property in negative equity the seller will usually have to provide his/her solicitor with additional money so they hold sufficient money to redeem the mortgage upon completion.
- New Build Property
The process of buying a new property being constructed by a builder, rather than from an existing seller.