Buying a s/h stock boat - mortgage question

I'm sure that's right. I've been speaking to brokers in Majorca re selling my boat and they all report that there is activity in the market but only top condition boats are selling and then only if the owner is willing to sell at below market price (whatever that means these days). One broker keeps a detailed analysis of offer, asking and selling prices and he told me average offer prices are coming in at 30% below asking presently. If the owner doesn't bite then the buyer moves on to the next boat and so on
 
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Jimmy, did you ask them yet, i'm not the biggest fan of boat brokers, but I think most would just tell you.

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Sometimes, the simplest answers are the best. The dealer in question is Essex Boatyards; I went up there this afternoon, and did exactly as suggested: I asked them. The answer was yes - they have finance on the boat, with Lombard, who are holding the top copies of the boats papers as security. Very straightforward; there is a process for clearing the finance, and they will provide evidence of the finance being cleared before I remit to them. (If I want, they will provide authority for me to speak directly to Lombard).

Really straightforward and open - I was very impressed. (I did ask if they would be happy for me to put this info into the public domain, and they said yes, of course - which tells you something in itself).

So having cleared that point up, it was very easy to sort out the other questions that I had relating to the purchase; the contract was typed up while I was there, and we signed it and were on our way. All done.

Thanks everyone for all the helpful advice, all very useful.

Cheers
Jimmy
 
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Get a lawyor to draft an agreement whereby the boat is sold to you free of all liens. I once bought an ex repo boat and was very glad I did this as the previous owner had used it as security for various unregistered loans. You could consult a marine lagal co like Ward & McKenzie who should be able to help

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Ok so you do that and a month later the dealer goes pop and two weeks after that Grabbit Finance slap a writ on your boat cos the dealer had finance on it that wasn't cleared.

No problem you think, I've got a written agreement with the dealer that the boat was sold clear of all liens, I'll go straight round to the dealer and...

Oh bugger. /forums/images/graemlins/mad.gif
 
Er, so what? You have an agreement enforceable in law so Grabbit Finance have no lien on the boat. It's way better than doing nothing and trusting in God that the dealer pays off any debts on the boat, finding out later than he hasn't and losing the boat. Or are you saying that all dealers are so trustworthy that my suggestion isn't necessary?
 
I'm not following. You're proposing that Grabbit Finance be a party to this agreement, right? If seller is prepared to lie and sell you a boat with Grabbit's loan still oustnading, he's hardly likely to tell you the Grabbit loan even exists. In which case, how are you going to make sure Grabbit is a party to the agreement?

Anyway, the lending departments of banks just wont sign up to a bespoke contract. They only deal in standard forms. Committing the bank to a bespoke set of contractual obligations would need high level approval, which would not be forthcoming I'd expect. you'd have zero negotiating power vis a vis the bank
 
It's a Fairline Targa 40. My original shortlist this time around was the Targa 40, the Khamsin 34, and the Superhawk 40. I ruled the Superhawk 40 out after I physically got on one for the first time - too small all round. Really liked the Khamsin, but couldn't find the right one, despite trotting off to the SoF last weekend and viewing four. When I got back from Nice on Saturday evening I had a quick look at the EBY site, and they had just listed a Targa 40.

Spec looked good, so I went and had a look at it Sunday, agreed a price Monday, paid a holding deposit Tuesday, and went up to Essex this afternoon and signed the contract. Can't wait!

Cheers
Jimmy
 
That'll please Roger.
So thats two of you now that couldn't manage the pace of an FB - both moving to T40s /forums/images/graemlins/smile.gif /forums/images/graemlins/smile.gif

Hope my congratulations aren't too previous - well done - great choice.
 
Great stuff, congratulations. Hope it gets through survey etc. with no probs.

Its an excellent choice, still fast and fun with a great hull, but comfortable for a few days on board. I assume it's D6's, so should run really well, which means gjgm and I won't have to wait that long for you to catch up when we go on a cruise somewhere /forums/images/graemlins/grin.gif
 
Nope, I'm proposing that the seller ie the dealer signs a letter of agreement to the effect that the boat is sold to the buyer free of all liens ie the dealer is imdemnifying the buyer to that effect. I've posted this before but I bought a secondhand Princess 435 in 1993 from a finance co who had repo'd it from their borrower. During the course of my investigations into the boat and it's history, I became concerned about the fact that the boat had been used as security for loans other than the finance co mortgage so I consulted Ward & McKenzie who proposed that the finance co provide me with a letter confirming that the boat was sold free of liens. I can't remember the exact wording but it was a form of legalese. After I bought the boat, I was in fact contacted by a bank who claimed that the boat had been used as security for a business loan taken out by the previous owner (obviously fraudulently as the boat was already secured against the mortgage). I sent them a copy of the letter and referred them to the finance co who had sold me the boat and I heard nothing more. I'm no marine law expert and I don't know whether the law has changed such that my position would be different today but it certainly protected me in 1993
 
Yeah, but you got a "no liens" inndemnity from the bank that was selling the boat to you as a repo. The bank had good credit and wasn't going to abscond. In contrast, if you got such a letter from an ordinary Joe Public, whom you think is capable of defrauding you else you wouldn't need the letter, you are in exactly the positon Ari describes in his "Oh bugger" post. Ie, the indenity is worth Jack Schitt and you're £3k down on legal fees.
 
Congratulations Jimmy. Great boat. You'll have a no-nonsense job completing the purchase thru EBY becuase they're so good

Looking forard to pictures

I like your "I went up to Essex this afternoon". Very modest! Remind me again, how do you start in Brighton, buy a boat in Essex, get back to Brighton, all in about 3 hours :-)
 
The only frisson JtB needs when he takes delivery of his new boat is when his SWMBO/mistress suggests they christen it appropriately /forums/images/graemlins/smile.gif

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My money is on the mistress /forums/images/graemlins/wink.gif
 
My desk in central Brighton to JB's desk at Essex Marina in 45mins dead .... a solid 125 mph the whole way, is the answer! /forums/images/graemlins/blush.gif

Cheers
Jimmy
 
Another vote for EBY and the Targa 40.

Can't have that "Windy" crowd taking over the forum /forums/images/graemlins/tongue.gif

Goos stuff JTB - we look forward to the piccys /forums/images/graemlins/cool.gif
 
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I assume it's D6's, so should run really well, which means gjgm and I won't have to wait that long for you to catch up when we go on a cruise somewhere /forums/images/graemlins/grin.gif

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/forums/images/graemlins/grin.gif Dream On Baby! /forums/images/graemlins/cool.gif

Jimmy, don't worry about a lien on the boat. Essex Boat Yards know what they're doing, you really can't go wrong, even if the boat does they'll stand by it.

'EBY' and 'JD Yachts, Weymouth' both excellent from personal experience. I'd deal with either of them again happily. (Which might be sooner than you think) /forums/images/graemlins/blush.gif /forums/images/graemlins/wink.gif

Good choice, you'll love it! /forums/images/graemlins/cool.gif
 
I think I can guess


BTW
jfm refers to you as "Jimmy Le Constructeur" - Is this name a French thing?
We will have to think of a Spanish one next week as well.

Maybe after this run from Brighton to Essex it souuld be "Jimmy Le Superman"
 
You are aware the Targa 40 doesn't have a flybridge aren't you Jimmy!

Just go steady otherwise everyone on here will think you're trying to re-live your youth /forums/images/graemlins/wink.gif

Enjoy the boat /forums/images/graemlins/smile.gif

Henry
 
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I think I can guess


BTW
jfm refers to you as "Jimmy Le Constructeur" - Is this name a French thing?
We will have to think of a Spanish one next week as well.

Maybe after this run from Brighton to Essex it souuld be "Jimmy Le Superman"


[/ QUOTE ]

I've got a photo if you really want... /forums/images/graemlins/grin.gif

Cheers
Himmy (el constructor)
 
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