buying a boat, through a brokers

[abbott013]

I am buying a boat and my offer has been accepted, i have just got to send the cheque off. At what point do i have to start paying yard storage charges for where the boat is kept now. The vendor is part 1 registering the boat before the sale, so there could be a delay here.

 

[SteamShipW]

Usually you don't start paying for storage until the completion of the sale.

 

[sailorman]

the broker will advise on the "completion date"

 

[Shanty]

Depends on what the cheque is for. If you have made an offer subjest to survey, and your cheque is your deposit, then the boat still belongs to the seller - so he should be paying yard dues.

Part 1 registration sounds like a good idea - means you can be sure of a good title. It used to be possible to get a copy of the registration from the Registrar General in Cardiff.

The boat becomes yours when you hand over a cheque for the balance in exchange for a bill of sale. Then you acquire the privilege of paying the bills. Don't forget to ensure that you have insurance cover from that date.

 

[abbott013]

Thank you everyone. i have just found out the boat is mine 5 working days after they have recieved the check.

 

[ralf2]

ive recently purchased a boat from a well known firm in harleyford and part of the deal was that the mooring ,leccy etc was covered until i remove the boat from their marina after approximately 4 weeks.

 

[CSFenwick]

I assume you mean the boat is yours 5 days after they've received the cheque for final payment - not the deposit? Keep in close communication with the broker (and hence the vendor) throughout the process and there'll be no surprises. You may or may not be able to negotiate free storage - depends on how long and who is in charge of paying the fee to the yard. If it's the broker’s yard then I'd expect they'll be OK with free storage for a reasonable period (i.e. some weeks whilst you sort out getting the boat moved to its new home). If you're after storage until the spring then I suspect you'll need to get that demand in quite early! If it's a private yard then at the end of the day someone has to pay the bill and if it's the vendor then he's essentially giving you an additional discount. My advice is to keep talking to the broker and be reasonable in your expectations. From your comments it sounds like the boat is out of the water? Bear in mind there’ll be costs associated with putting her back afloat as well as storage (welcome to the world of boat ownership!)

 

[Richard10002]

[ QUOTE ]
Thank you everyone. i have just found out the boat is mine 5 working days after they have recieved the check.

[/ QUOTE ]

If you are about to send a cheque for the whole of the purchase price, this would suggest that your offer is not subject to any conditions, like a survey.... but I am presuming that it is actually subject to it being part 1 registered?

Why arent you having a survey? (you may have good reason... I didnt have a survey).

I wouldnt want to own the boat until the Part 1 registration was completed.... for so many reasons.

Firstly... how can the seller register it in his name if the boat is yours.

If registration takes place after the date of the bill of sale, I'm guessing this could cause a problem with your transferring the registration.

At this time of year, why start paying charges which can be left with the seller for a while.

If there is a problem with the sellers' registration process.... you could be left having bought a boat at a price which includes the registration, and not get the registration.

I think I would be telling the broker that you will pay a 10% deposit, and that you will complete when they can show you the Part 1 registration certificate and a bill of sale ready for you to sign, preferably already signed by the seller, and witnessed. I would also like to be signing a contract which makes this clear.

Cheers

Richard

 

[GeorgeLlewellin]

I agree with Richard and I was an ABYA YBDSA yacht broker for a number of years. George

 

[Clyde_Wanderer]

Can someone take my b....y dog, he's just ate half my slipper.
While I am on, can someone tell me how to get a wee picture in the top left corner? /forums/images/graemlins/blush.gif

 

[BrendanS]

Click on User information at top left of screen (under your username) Then scroll down to 'Personal Information' Click on edit to the right of it.
You can then use the avatar commands to insert a picture

 

[PeterGibbs]

Throughout the above commentary, there seems to be too little emphasis on the importance of a contract. For the purchaser to protect his position, the sequence has to be;

a) Contract (preferably RYA version)- with storage and registration whatever - all laid out.

b) The deposit paid against and conditional on a satisfactory survey / trail run etc.

c) Full payment only made on vendor producing all papers showing clear title and VAT paid (original documents only) earlier bills of sale, etc to establish a clear line of ownership and freedom from all liens and debts.

Be wary of goods on offer "for sale as seen" - you are strictly on your own, I say.

Why is the vendor now going to the trouble of Part one registration, for this to be transferred on sale? Is this to cover for some gap in the provenance? Odd.

It strikes me that too often these deals, involving quite a sum of money, are done on the shake of a hand and a sort of understanding. This won't wash if something untoward comes up. It's all very well thinking of our sport as a gentleman's game, but when it comes to money, there is never a reason not to be totally commercial in one's approach.

PWG