Holiday home glossary – definitions property terms-N

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Negotiation: Discussion, written or otherwise, between two or more parties of different sides, the aim being to reach a common agreement.

Non conforming use: The use of a property which does not conform to the allocation of the area for planning purposes. Such a property may have been built in conformity with the planning requirement at the time and a policy change ensued; more usually, the property was constructed before planning control was introduced.

Net present value method (NPV): A method used in discounted cash flow analysis to find the sum of money representing the difference between the present value of all inflows and outflows of cash associated with the project by discounting each at a target yield.

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