broker arghhhhhhhhhhhhhhhhh

The bank 'clearance' system is not as most people magine it. A cheque can appear to 'clear', and then later - sometimes MUCH later, the bank can tell you it didn't really clear, and debit your account the amount that had long since been shown cleared. I asked both the banks I use what an absolute 'totally guaranteed cleared' time was. One said "..about two months usually" and the other "..up to six months".

I then went shopping for a new bank account, asking the same question, and could get no more satisfactory answer from anyone. For that reason in business I no longer accept big cheques - and insist on BACS or CHAPS transfers. I'm surprised your broker accepted a cheque for balance payment.
 
If you do take her away on a gentlemans agreement double check the insurance aspect of it.

You will look back and laugh about this eventually. /forums/images/graemlins/cool.gif
 
Nigel

I hope it gets sorted, but if time was of the essence aproaching a bank holiday and with an existing mortgage to clear, CHAPS should have been the only option. I have got bank managers to confirm cheques will clear via telephone/fax in similar situations in the past.

Fair winds with the new boat
 
Neil

If you can't get the funds transfer done in time, and you sail off on a handshake, it might be prudent to tell your insurers.

I am no expert, but I believe you can't insure something you have no financial interest in. I was told this when I tried to insure a friend's very expensive trailer that I wanted to borrow.

My suggestion might be irrelevant, but it's never a good idea to give insurers room to manoeuvre when the chips are down.

Good luck.

Little Knot
 
Agreed... i'll talk to them...

Although I suspect that it isn't a problem, as i'll have paid in full, and will be entitled to the Bill of Sale....

The only bit that won't have happened will be the payment of the previous lenders mortgage, and the payment of my marine finance.... which I will get written assurances from the brokers on their intention to pay from their seperate client account on Tuesday after Easter.... this may or may not make the bill of sale handover possible... i'll need to explore all these issues...

But, wise advice still I suspect... and as said above, i'll brief the insurers...
 
isn't hindsight wonderful....

However, the cheques were provided nearly a week ago to the brokers.... so its their failure that has created the problem.... if they had deposited them in a timely manner, the funds would have cleared today, and none of this would be a problem at all.....and we would have now had 3 days to deal with the clearing of the mortgage and payment of my loan... all of which would have been straightforward...

Frustrating when they knew my timelines from day one.....
 
To be honest even a week is a bit dodgy.

I work for one of the big clearers and what most people aren;t told is that if they paid it in say last wednesday, then your bank would have had until Lunch time Today to send it back.

As the cheque goes back first class post it could easily be wednesday before your bank gets it back. And thats assuming that it gets straight back.

I'm not sure if a legal time limit has ever been tested in a court of law over cheques delayed in the post but if it did get lost for a long time you could end up out of pocket.

You have 2 ways to deal with. If you receive a cheque you can have them specially presented - costs about £10. Doesn't clear for interest any faster but cheque doesn't go thro normal clearing cycle. Is posted 1st class to other bank on its own and then your bank ring the next day after 12 to get a guaranteed answer - (Assuming its in) If they say yes it's paid then its definite.

If you have to pay away then either send the cheque in in LOTS of time - 2 weeks minimum or pay for a CHAPs - £20 - £25 same day - guaranteed.

I hope this is the worst of the problems you have tho and that its always a F4 beam reach and sunny from now on. (there's a guarantee of rain and F7 on the nose for you
 
Thanks for that jac,

That pretty much captures the way i'd understood it...

I gave the cheques to the broker to give them 10 clear days, which I figured would be enough..... obviously not.... mainly due to them wasting 2 1/2 days in presenting them for payment...
 
Isn't thechnology wonderful?
Cheques in the 21st century /forums/images/graemlins/crazy.gif

And people wonder why I still keep a bank account in Belgium - went through far less hassle buying a boat in Holland last year than Neil's going through right now over here.

Transfer UK -> Belgium: 1 day (admittedly Citibank to Citibank)
Transfer Belgium -> Holland: same day (Citibank to ABN Amro)

Cost of all this: not a penny. /forums/images/graemlins/shocked.gif
 
Aren't computer based conversations wonderful...................I of course meant the BROKER should have given you the option of CHAPS. (It's in his clients interest too).

Calm down or I'll tell what you told me you almost considered buying! /forums/images/graemlins/grin.gif /forums/images/graemlins/grin.gif /forums/images/graemlins/grin.gif

The insurance point is a valid one that was raised earlier, but with the right paperwork from ALL parties should be ok.

Hope you are afloat at Easter.
 
Jac is right, and curiously banks seem to have longer to return cheques now, that they did when I first worked for a clearing bank over 40 years ago.

If your cheque has been debited to your account, get your bank to confirm to the collecting bank that it has been paid and will not be returned.
Harder to do now that bank branches do not have real managers anymore, and you will need to push them. You will probably need to talk to your bank, then get the payee of the cheque, or their bank, to phone your bank for confirmation.
 
[ QUOTE ]
I take it that's also a recommendation for citibank then ?

[/ QUOTE ]

Only mentioned this because Citibank don't charge you a fee if you transfer money from one Citibank account to another Citibank account where-ever in the world.
The Belgium to Holland transfer was free because there aren't (or shouldn't be) any transfer charges within the €uro area.

All in all, it was free, very fast, painless and I could do it all from my PC at home.
Seller happy, broker happy, me happy.
 
Neil,
my offer to go and camp out in their office, or wave banners outside until satisfaction stands. Or any other facility you feel approriate.
Having dealt with dissolute dealer/brokers, it is best not to allow them a peaceful lunch.
My keys are in hand.
 
[ QUOTE ]
The Sailors' Dictionary defines brokers as "somewhere between Amoeba and the cherry clam on the evolutionary scale".

[/ QUOTE ]

Hey Davies, thanks for the insult. How would you describe some of my clients who did the following, in just the last two weeks?

The one who made a definite but low offer, and in return promised to sign the document and produce a deposit later that day and would not "mess my client about". Then couldn't sign the document but would do it in the morning by fax. Then said his fax wasn't working. Then when it was sent by me to him registered next day post claimed not to receive it for three days, then when asked if he had posted by return as my client was about to cancel his mooring in the Hamble said he had. Then when it failed to show up, pretended not to be in when telephoned, then finally after seven days of cat and mouse emailed to say he was pulling out, but was sorry for the inconvenience. (Of one cancelled mooring and a week off the market in prime spring selling time)

The one who wanted a pre market viewing, then the boat to stay off the market for a week and to visit the boat and the owner the following weekend to make an offer, the owner then making a 200 mile round trip only for the buyer to cancel at the last minute.

The one who had a 20% discount on a display model at the boatshow who wanted a massive spec change,which was completed in time for him to have the boat 3 months before the current quoted new delivery date who then witheld over 200% of the cost of an option because it had to be specially made to order and would therefore take longer to arrive.

luckily in the same 14 days I had three completed transactions with very happy vendors and buyers. To those that post on here.......you know who you are /forums/images/graemlins/smile.gif

Perhaps Darwin just passed me by.
/forums/images/graemlins/smirk.gif
 
You must log in or register to reply here.

Other threads that may be of interest

Bouba
Keeping warm in bed on these cold nights
2
Replies
25
Views
709
Mr Googler
Mr Googler

Share this page

Top