Buying a boat without a broker. Advice?

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FrancisBa

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Hi, (y)

1) I'm interested in a 10m cruiser sitting in a marina in the UK. We don't want to go through a broker since they charge fees that we feel are a bit high. What other options are there?

The boat will not be surveyed, since the engines currently need a little work, but I'm a amechanic so it doesn't phase me. It does have a recent BSS though. We'd like to just go straight into a sale.

2) Are there any searches I should do?

3) And also - is anyone able to provide a link to a suitable contract template?

Thanks! ;)
 
No different really to buying a car privately.

Check that there is no finance owing and no charge over the boat (and make sure that's in the sale and purchase agreement).

...and before someone says "you can check a car's ownership with the DVLA, you can't. The registration document is no different to an SSR certificate. All is shows is who the registered keeper is.
 
FrancisBa said:
Hi, (y)

1) I'm interested in a 10m cruiser sitting in a marina in the UK. We don't want to go through a broker since they charge fees that we feel are a bit high. What other options are there?

The boat will not be surveyed, since the engines currently need a little work, but I'm a amechanic so it doesn't phase me. It does have a recent BSS though. We'd like to just go straight into a sale.

2) Are there any searches I should do?

3) And also - is anyone able to provide a link to a suitable contract template?

Thanks! ;)
Click to expand...
Welcome.

You don't have to go through a broker, although the seller may use one. There is no cost to you - the seller pays the broker. If the boat is advertised privately then you are dealing direct with the owner. So make your offer and then follow the guidance on the RYA site or their book on buying as selling boats. Use the RYA model contract and Bill of Sale. The two danger points are establishing that the seller has the right to sell and ensuring the security of payment. Unwise to buy a boat of any value without a survey as you will likely find it impossible to get insurance other than third party. I recently bought a boat without a survey at a significant reduction in asking price, paid for it and then had an insurance survey - which found little that I did not know about, but enabled me to get insurance.

If the owner is selling through a broker then you have no option but to deal through the broker but it also means you will have the security of knowing that he will have established title to sell and your money (for the deposit for example) is secure.
 
Tranona said:
The two danger points are establishing that the seller has the right to sell and ensuring the security of payment.
Click to expand...

A third is that there could be outstanding debts (e.g. boatyard fees) that follow the boat. If I remember correctly in the RYA full standard bill of sale the seller warrants the vessel is free of such 'encumbrances' and indemnifies the purchaser against claims for previous debts, but it may be easier to make your own assessment of the likelihood of such debts, and whether the seller has the sort of money to settle them if they exist, before you buy than try to enforce the terms of the bill of sale through the courts afterwards.
 
FrancisBa said:
"Establish exactly who owns the boat, it could be a finance company" :oops:

How would I do that?
Click to expand...
All you can really do is to ask the seller, and then to have a line in the contract that says something like "I am the legal owner of the boat and confirm that it is sold free of any liens or charges over it".
 
I've bought & sold most of my boats privately and only ever used the bill of sale form, never felt the need to use the contract but I guess depends on the value of the boat and the individuals buying & selling. Survey doesn't cover engine(s), you might want to reconsider that because you may well require one to get insurance anyway. Or if it's a cheap old boat do your own inspection and have 3rd party insurance, again all depends how much you know what you're looking at, value of boat, etc. Good luck with it...:)
 
Payment is easily resolved by the use of a £30 card reader from Amazon. That and a debit card allows instant and visible transfer of funds.
 
No harm in speaking to the marina staff, explain the situation. If the present owner is a long-term client I expect they will tell you so. If they are reluctant do so, or if the boat has only been recently moved there to sell it would ring alarm bells for me & would certainly warrant further enquiries re. title & possibility of outstanding debts.
 
We bought a project for £12.5K, market value in good condition £50K. We priced in risks totalling ~£25K, engine, electronics, batteries, running and standing rigging, keel bolts etc. Most of the risks became costs and we spent the full amount estimated.
It looks like we saved £12.5K but this doesn't take into account the hours spent working on the project.
The engine was only about £7K of the £ 25K spend.
During the strip down we referred to £100, £500, £1000 days. £100 days were good days.
Our project had three people working on it with all the skills needed to complete all the jobs without payed assistance.
If you're new to boats then a survey could save you a lot of money and grief, any surveyor can price in duff engines. It's difficult to offer any further advice without details of expected purchase price but if its a project boat and you don't have a good idea of its condition then you could be looking at loosing all of your purchase price. Also bear in mind that you will be paying yard fees that make the cost of a survey look cheap.
 
Seller not buyer pays the brokers fees, tho ' price may be raised to offset this.
Join the RYA, use their Bill of Sale , they have specialist legal advice , should you need it.
 
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