Bloody Germans!

[Whitelighter]

Or to be fair, it could well be bloody bank - but either way this whole boat buyig thing is really hacking me off!

Lombard (my financiers) are insisting that a standard clause is that for them to release funds (70% of purchase price) they must have the original ships documents in their possesion (VAT Certs, original invoice, registration). The German owner is saying he will not send them until he has the money, as once I have them I own the boat! I can see both sides of the arguement, and the german broker says it is normal in Germany, Spain and France for the money to be paid first.

Finally got the German owner to use a Notary in Germany to hold the documents pending payment to him but Lombard are having non of it. Got my bloke Ian working hard on it but it all seems a bit fraut.

Have now been forced to go cap in hand to my bank for £50k to bridge the gap as Lombard have said they will re-emberse me once the boat/papers are back in the UK.

I know there are some euro based brokers on here, so wat is the norm and do you have any way round it?

 

[totopalm]

Hello Jez,

As Lombard banking are an international bank

maybe they have branches in Germany where the

documents could be shewn, maybe saving the
German the worry of losing them in the post
possibly one of my mad muses. Good luck Tony

 

[JKay]

Jez they are Lots Of Money But Are Right Dickheads /forums/images/graemlins/smile.gif

cheers Joe

 

[Powersalt]

if no broker is invloved, why not use a solicitor and have the funds transferred across between solicitors.

 

[totopalm]

Hello again Jez,
re mad muses yup Lombard are very active
in Germany.click on to
www.fundslender.co.uk
I can't see why Lombard Germany cannot
transfer the deal from UK branch to Germany
standard currency Euros too
Worth putting it to the Jobsworth's in UK
My head hurts now! Cheers Tony

 

[byron]

Get your loan from someone else if Lombard cannot handle an international transaction.

 

[Whitelighter]

Yeah, I would do but Barclays and Bank of Scotland take the same stance, happy to provide a euro loan but must have ships papers befor payout. German wants money befor sending papers. I'm stucking in the <span style="color:black">fuc</span> <span style="color:black">ing</span> middle with no help from either party.

 

[Marsupial]

The broker is the problem, either he is earning his money or he isn't. If no money has changed hands I'd walk away - that would focus a few minds. After all in the long term YOU are providing all the DOSH -cap in hand? I should coco.

 

[Whitelighter]

Contracts are signed and deposit is paid. I think the owner wants me to walk as my feeling is he has a higher offer on the boat.

 

[Marsupial]

In which case HE owes YOU the difference - its a funny old world - you need a contracts lawyer. No thats not my job but I have "experience"

 

[AdeOlly]

If Lombard are determined to behave like plonkers, you seem to have no choice but to get the £50k elsewhere. Can you not extend your house mortgage for the £50k? Another option for £20k flex finance is this product: Cahoot

Hope you sort it...

 

[andyball]

Jez

having the said documents in your/lombard's hands doesn't mean the boat belongs to you/them - but would you hand over all your ships papers to a foreigner before you had the money? ( I wouldn't - just cos of the hassle if the buyer didn't proceed ).

Are WM handling this, as you previously mentioned? - surprised they didn't check with the owner/broker first that this wd be ok ( assuming it is std uk lender practice ).

Given that said papers don't bestow ownership - won't lenders accept a notarised copy? ( since there's a notary onboard already )

 

[Nick_H]

You need a German solicitor to hold the papers whilst the deal is done, and only release them when money has been paid. In Germany its not unusual for one solicitor to act for both parties. As Lombard is international they should have no problem with this. Fees should only be a couple of hundred pounds.

 

[benjenbav]

If you do go down the route of using a German lawyer there are plenty of UK firms which have German branches if you wanted to explain it all to someone in the UK first.

 

[ari]

[ QUOTE ]
If Lombard are determined to behave like plonkers...

[/ QUOTE ]

What, wanting to see (ie hold) title documentation before paying up? Can you blame them?

If they pay up and no papers then forthcoming then what?